In the rapidly evolving sustainable construction and automotive landscape, the global window films market brings a unique proposition of versatility, energy efficiency, and improved security that cannot be overlooked. This comprehensive report presents an in-depth examination of the thriving window films market that is poised for notable growth, driven in part by rising focus on reducing carbon footprint, escalating safety and security concerns of consumers, and growing concern for Ultraviolet (UV) protection.
The report offers a nuanced understanding of how window films have become instrumental in the construction sector due to their ability to control solar heat, hence providing a pleasant indoor ambiance. Furthermore, the burgeoning construction industries in the Asia-Pacific region, primarily China and India, promise bountiful opportunities for market growth. By investing in this market research report, you can gain invaluable insights into this promising market and create robust strategies to capitalize on the emerging trends and opportunities.
- The COVID-19 pandemic adversely affected the construction industry. The industry faced challenges due to logistics and raw materials' unavailability. However, the upsurge in the automotive industry in terms of production and sales post-pandemic has propelled the industry growth.
- Over the medium term, the major factors driving the market's growth are increasing emphasis on reducing carbon footprint and increasing safety and security concerns among consumers. However, some technical expertise is required to install window films, and the technicality and installation issues need to be improved to increase the growth of the window film market.
- Furthermore, the growing concern for ultraviolet (UV) protection is projected to create new growth opportunities for the industry. The Asia-Pacific region is expected to dominate the market and will likely witness the highest compound annual growth rate (CAGR) during the forecast period.
Window Films Market Trends
The Building and Construction Segment to Dominate the Market
- Window films are majorly used in the construction sector for solar control, due to their ability to reflect the heat coming from solar radiation and maintain a comfortable ambiance, in terms of the temperature inside the structure or building. Window films are majorly used in the construction sector for solar control, due to their ability to reflect the heat coming from solar radiation and maintain a comfortable ambiance, in terms of the temperature inside the structure or building.
- In the construction sector, window films, such as decorative, ultraviolet (UV) block, privacy, anti-glare, anti-graffiti, insulating films, and safety and security films, are used. The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries like India, China, and the United States.
- China is in the midst of a construction mega-boom. The country has the largest building construction market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- In India, Foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) up to September 2022 stood at USD 26 billion. The United States' spending on private construction grew in 2022 and was nearly four times larger than construction spending in the public sector. The United States holds a significant share of the construction industry, which recorded an annual expenditure of over USD 1,793 million in 2022.
- According to the US Census Bureau (USCB), spending on private construction was at a seasonally adjusted annual rate of USD 1,427.1 billion, 0.4 percent below the revised November estimate of USD 1,432.9 billion. Therefore, the aforementioned developments are expected to drive the demand for window films in the construction industry through the years to come.
The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market, with China and India accounting for the largest share. In the region, China is the largest economy in terms of GDP. China is one of the fastest emerging economies, and it 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. China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP.
- Demographics in the country are expected to continue to spur growth in residential construction. Rising household income levels combined with the population migrating from rural to urban areas are expected to continue to drive demand for the residential construction sector in the country. Increased focus on affordable housing by both the public and private sectors will drive growth in the residential construction sector.
- India is the largest market for the construction industry, with an increase in the real estate and urban development segment. According to the Indian Brand Equity Foundation (IBEF), the Indian real estate industry will likely reach USD 1 trillion by 2030 and contribute approximately 13% to the country’s GDP by 2025. This will increase the demand for the window film market and propel its market in the region.
- Although the demand for the construction industry is looking good, the automotive sector in the country is also increasing with an increase in market demand after the pandemic. Automotive production witnessed 30% of growth in 2021. The volume of automobiles increased from 33.94 million units in 2020 to 43.99 million units in 2021. Moreover, in 2022, over 13 million units of two-wheelers were sold domestically across the south Asian country. The Indian government has set a target to electrify a major proportion of the two-wheelers within the nation.
- Furthermore, in China, the total volume of automobile industry sales reached 26.2 million units in 2021, around 21.5 million units of which were passenger cars. The leading automobile manufacturer in China was SAIC Motor Corporation, with around 2.76 million units sold in 2021. In April 2022, approximately 9.65 million units of passenger cars and 2.16 million units of commercial vehicles were sold in China.
- Due to all such factors, the market for window films in the region is expected to have steady growth during the forecast period.
Window Films Industry OverviewThe global window films market is fragmented, with the top two companies holding significant shares in the global market while the rest of the companies hold a limited share in the market. Some of the major players in the market include Eastman Chemical Company, 3M, Avery Dennison Corporation, Saint-Gobain, and Lintec Corporation, among others.
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Safety and Security Window Films
4.1.2 Increasing Emphasis on Reducing Carbon Footprint
4.2.1 Technical, Warranty, and Installation Issues
4.2.2 Growing Smart Glass Market
4.2.3 Decreasing Automotive Production
4.2.4 Unfavorable Conditions Arising due to the COVID-19 Impact
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1.1 UV Blocking Films
5.1.2 Decorative Films
5.1.3 Safety and Security Films
5.1.4 Privacy Films
5.1.5 Insulating Films
5.1.6 Other Types
5.2 End-user Industry
5.2.2 Building and Construction
22.214.171.124 Infrastructural and Institutional
5.2.4 Other End-user Industries
126.96.36.199 South Korea
188.8.131.52 Australia & New Zealand
184.108.40.206 ASEAN Countries
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Nordic Countries
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Armolan Greece
6.4.3 Avery Dennison Corporation
6.4.4 Eastman Chemical Company
6.4.5 HYOSUNG CHEMICAL
6.4.6 Johnson Window Films Inc.
6.4.7 LINTEC Corporation
6.4.9 Rayno Window Film
6.4.11 TORAY INDUSTRIES INC.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Concerns Regarding UV Protection
A selection of companies mentioned in this report includes:
- Armolan Greece
- Avery Dennison Corporation
- Eastman Chemical Company
- HYOSUNG CHEMICAL
- Johnson Window Films Inc.
- LINTEC Corporation
- Rayno Window Film
- TORAY INDUSTRIES INC.