Optimism and good news are on the horizon for the window film community!
The global solar control window film market is projected to reach USD 849.2 million by 2024, according to a new report by Grand View Research, Inc. Growing construction and automotive industries are expected to fuel the growth of the solar control window films industry.
Solar control window films are installed on windows of buildings and vehicles in order to block harmful IR and UV rays. Installation of these films helps restrict the use of air conditioners which, in turn, lowers the emission of harmful gasses from these appliances.
The construction segment dominated the window film market in terms of application in 2015. It accounted for 57.4% of solar control window film market in 2015. Growing construction activities in the Asia Pacific and Middle East Area such as Dubai are providing the necessary momentum to the growth of the market. Regulations regarding energy consumption and conservation particularly in commercial buildings have further increased the demand in the solar control window film market.
Other key findings from the report suggest that among applications, the construction segment held the largest share and is projected to grow at the highest CAGR (Compounded Annual Growth Rate) of 6.2% during the forecast period for the window film market. Increasing construction spending, especially in emerging regions such as Asia Pacific and MEA is expected to drive this segment over the forecast period. The construction industry in the U.S. has witnessed an upward surge, which has further increased the demand for the product in the window film market segment.
Asia Pacific was valued over USD 170 million in 2015 and held the largest share in the global window film market. It is also projected to be the fastest growing region from 2016 to 2024, with a CAGR of over 6% courtesy growing construction and automotive industries. Emerging countries such as India, South Korea, and Indonesia have witnessed tremendous growth in both, construction and automotive sectors. Also, as the weather in this region can get hot and humid, particularly during summer, it is imperative to shield buildings and vehicles with solar control films.