The global electrochromic materials market is estimated to witness a healthy growth, at an estimated CAGR of over 8%, over the forecast period. The major factor driving the growth of the market studied is growing demand from aerospace and consumer electronics.
Key Market Trends
Increasing Usage in the Automotive Industry
Asia-Pacific Region to Dominate the Market
Competitive Landscape
The electrochromic materials market is partially consolidated in nature. Some of the major players in the market include GENTEX CORPORATION, Saint-Gobain, View, Inc., ChromoGenics, and EControl-Glas GmbH & Co. KG, among others.
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- Strong foothold of conventional materials and their low cost is likely to hinder the markets growth.
- Increased defense spending by the government of United States is also likely to augment the market growth in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Usage in the Automotive Industry
- Automotive sector is a significant market which holds potential for growth in terms of the demand for electrochromic glass and films. Smart glass is used in the form of doors, windows, sunroofs and rear mirror.
- Smart glass is extensively used for sunroofs that offer cost-saving benefits and provide superior control over light and heat emission, reducing the consumption of the air-conditioning unit by maintaining the car’s cabin temperature. This reduces the cooling and lighting costs of the vehicle.
- In 2019, the automotive production witnessed a decline owing to trade war pf US-China and other political reasons. This is expected to continue in the first half of 2020, owing to the weak sales in second half of 2019. However, the automotive industry is likely to recover by the end of 2020.
- In addition, the development of electric vehicles may continue to gain momentum in the upcoming years especially in Europe, China. and United States, where many government programs are promoting a move away from fossil fuels owing to the various environmental concerns.
- Owing to all these factors, the market for electrochromic materials is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for electrochromic materials in the region is expected to have a steady growth during the forecast period.
Competitive Landscape
The electrochromic materials market is partially consolidated in nature. Some of the major players in the market include GENTEX CORPORATION, Saint-Gobain, View, Inc., ChromoGenics, and EControl-Glas GmbH & Co. KG, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Changzhou Yapu Smart Variable Color Optics
- ChromoGenics
- EControl-Glas GmbH & Co. KG
- GENTEX CORPORATION
- Hitachi Chemical Co., Ltd.
- Nikon Corporation
- Ningbo Miro Electronic Technology
- Ricoh
- Saint-Gobain
- View, Inc.
- Zhuhai Kaivo Optoelectronic Technology
- Zhuzhou Kibing Group
Methodology
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