Global Solar Control Window Films Market - Segmented by Type, End-User Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global solar control window film market was valued at USD 721.47 million in 2017, and is expected to reach USD 1,210.59 million by 2023, growing at a CAGR of 11.68 % during the forecast period, 2018-2023. Asia-Pacific is expected to lead the market owing to its rapid growth in the construction and automotive industries. Solar control window films are manufactured mainly from polyethylene terephthalate (PET), a common thermoplastic resin belonging to the polyester family. They are used because of their excellent optical properties and strength. The raw material PET is in the form of pellets that are melted and stretched biaxial into polyester sheets, which are then processed according to its applications.
Soaring Demand from Construction Industry
The window films serve a wide variety of purposes like providing protection against damaging ultraviolet radiations that can cause the fading of fabrics, furnishings, and display articles. These films are also used for blocking glare, reducing heat within a building, lowering energy costs by reducing air conditioning needs, and providing privacy while making buildings look attractive. The booming automotive and construction industries have created demand for energy in developing economies.
The reduction in carbon footprint that these films bring, along with the savings incurred in energy bills, makes them very attractive for use in residences and commercial installations alike. The security and privacy that they provide, and the protection from UV and IR radiations serve as the main drivers for this market.
Asia-Pacific Region to Lead the Market
The Asia-Pacific region is expected to grow at a CAGR of 12.83% during the forecast period, 2018-20123 due to the booming automotive and construction industries. Moreover, in North American countries, especially the United States, the construction market has witnessed robust growth in recent times, thereby boosting the demand for solar control window films in the region.
Notable Developments in the Market:
February 2017: 3M increasing demand for window films in China, Japan, South Korea, Taiwan, and Australia.
May 2017: Eastman is expected to increase the capacity for paint protection films and window films to support Llumar and Suntek. This capacity expansion is expected to be completed by late 2017.
Major Players: 3M, Saint-Gobain, Eastman Chemical Company, Madico Ploytronix Inc., and Purlfrost Ltd, amongst others.
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