Window Films Market - Growth, Trends, and Forecast (2020 - 2025)
The global window films market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factor driving the growth of the market studied is increasing demand from construction industry.
Growing smart glass market and technical, warranty, and installation issues are likely to hinder the markets growth.
Growing concerns regarding UV protection are likely to create opportunities for the market 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
Building & Construction – The Dominating End-User Industry
Building and construction segment dominated the global window films market. In building & construction industry, window films are used to reduce glare and heating, diminish the fading of fabric & furniture, security reasons, and to increase the comfort level of residents.
The global construction industry is expected to reach USD 8 trillion by 2030, with countries, such as India, China, and Indonesia taking the lead.
The construction sector of Asia-Pacific has been witnessing a steady growth, in the recent past, owing to the presence of fast-growing economies, rapid urbanization, and rising infrastructure spending. The increasing presence of foreign companies in the Asia-Pacific region has also created demand for the construction of new offices, buildings, production houses, etc., thereby, driving the growth of the construction sector in the region.
Such positive factors are expected to drive the market for window films in building and construction sector through 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.
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.
China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
Due to all such factors, the market for window films in the region is expected to have a steady growth during the forecast period.
The window films market is consolidated in nature. Some of the major players in the market include 3M, American Standard Window Films, Eastman Chemical Company, Saint-Gobain Performance Plastics Corporation, and Toray Plastics (America), Inc., among others.
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