April 4, 2019: The global window film market size is anticipated to reach USD 13.8 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.9% over the forecast period. Rising demand for the product across various end-use industries such as automotive, residential, commercial, and marine is anticipated to drive the industry. Due to rising awareness regarding energy-efficient vehicles, the automotive manufacturers across the globe are improvising their technologies and finding sustainable alternatives to reduce fuel consumption in vehicles, thereby reducing emissions. This, in turn, is estimated to increase demand for the product in the automotive industry.
Growing need for energy-efficient buildings, both residential as well as commercial spaces, is expected to propel the demand for sun control films over the forecast period on account of their ability to reduce excess sunlight penetration inside the room. Aerospace industry utilizes the product to enhance the rigidity and strength of windows and protect interior components and furniture from outside radiation and sunlight. Furthermore, these films make it easier to clean and maintain windows. These are attractive, cheaper than decorative glasses, and lightweight, which is projected to increase their consumption in the industry over the forecast period.
In 2014, Solar Gard announced the opening of a new manufacturing facility in Qingdao, China. This facility focuses on the production of automotive and architectural films for Asia Pacific and provide security and safety, glare reduction, carbon emission reduction, and energy-saving solutions.
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Further key findings from the study suggest:
- The window film market is expected to register a revenue-based CAGR of 5.9% from 2019 to 2025 due to its ability to keep the building and car interiors cool by absorbing or reflecting away the solar heat
- Decorative window films are expected to witness the fastest growth over the forecast period due to increasing focus of aesthetic appeal of the buildings
- The marine application segment accounted for 5.1% share of the overall revenue in 2018 and is expected to witness considerable growth over the forecast period. Innovations and new product developments in this field is expected to benefit the expansion
- Central and South America is expected to register the second highest CAGR on account of rising population and surging consumer disposable income
- The most dominant innovator, 3M Company, focuses primarily on innovation covering process technology, raw material analysis, new product development, and application innovation.
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