Solar Control Window Films Market is depicting an exponential growth globally, owing to the increased temperature gradient as a result of global warming. Now a days, it is extensively used in all the building constructions to create a protective layer between the building’s furnishings and harmful UV rays. As per the report by Global Market Insights, Inc., “Worldwide solar control window films market was worth USD 640 million in 2015 and will register an annual growth rate of more than 11% over the coming years of 2016 to 2024.” In addition, usage of window film eliminates the danger and damage caused due to broken glass during any natural disaster and accidents like storms, earthquakes, and chemical explosion etc. This, in turn, will favorably influence solar control window films industry share.
The main application areas of solar control window films market include the automotive, construction, and graphics sectors. Automotive applications will record an annual growth rate of more than 11% over the period of 2016 to 2024. The growth can be attributed to the usage of film coatings on automotive glasses to help reduce fuel consumption by minimizing the load on the vehicle’s air conditioning system. In response to this factor, the enormously expanding automotive industry will create huge growth prospects for the solar control window films market over the years ahead.
In 2015, solar control window films market from the construction application segment generated a revenue of USD 370 million and is poised to grow lucratively over the coming timeframe. The growth can be credited to the growing usage of glass to reduce the need of artificial light source and enhance appearance.
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Based on the absorbers, solar control window film industry is bifurcated into inorganic, organic, and metallic absorbers. Metallic absorber market is anticipated to exhibit a CAGR of more than 11% over the coming seven years, owing to its extensive use across the various end-use sectors to address the décor requirements of the infrastructures. Organic solar control window films market will collect a revenue of around USD 240 million by 2024.
Considering the product segmentation, solar control window films market is mainly divided into vacuum coated, dyed, high performance films, and clear window films. Vacuum coated solar control window films industry will record an annual growth rate of more than 11% over the coming years of 2016 to 2024, primarily driven by its key properties such as consistent coating and high reflectivity.
Geographically, Asia Pacific solar control window films market will generate a revenue of USD 540 million by 2024. The huge investment in the automotive and construction sector will augment the industry growth. India and China will be the major revenue contributors toward the development of the APAC market.
North America solar control window films industry was worth more than USD 155 million in 2015 and will register substantial growth rate over the period of 2016 to 2024. High demand for energy conservation coupled with increasing health awareness are estimated to be the prime drivers of the regional growth. U.S. is projected to be the major regional revenue pocket.
Booming construction sector, particularly in Asia Pacific and Latin America is likely to drive global solar control window films market size from 2016 to 2024. In recent years, countries such as Indonesia, China, Malaysia, Singapore, and South Korea owing to high business potential of have become the major hosts for national and international events, which has resulted in increased product demand in hotels, shopping malls, high rise buildings, arenas, and stadiums (both outdoor and indoor). Chinese construction spending was over USD 1.7 trillion in 2015 which is forecast to positively impact growth.