[Research Report] The window films market size was valued at US$ 10,670.51 million in 2022 and is projected to reach US$ 15,724.89 million by 2030; it is anticipated to record a CAGR of 5.0% from 2022 to 2030.
MARKET ANALYSIS
A window film, also known as tint, is a thin laminate film installed on the interior or exterior of glass surfaces in automobiles and boats and the interior or exterior of glass in residential and commercial buildings. It is usually made from polyester or polyethylene terephthalate (PET) due to its clarity, tensile strength, dimensional stability, and ability to accept a variety of surface-applied or embedded treatments. The window films market has witnessed significant growth owing to factors such as building & construction and the automotive industry. Window films lead to improvement in the performance and transform the appearance of commercial, industrial, and residential buildings. Additionally, window films have the ability to reject up to 97% of heat-producing IR rays and up to 99% of damaging UV rays.
GROWTH DRIVERS AND CHALLENGES
Rising consumer awareness pertaining to aesthetics, safety & security of buildings provides a significant opportunity for the window films market. Window films are typically installed on the interior side of glass, but some films can also be applied on the exterior side under special circumstances. The construction industry in various countries across the globe is rapidly growing. Rise in government investments and increase in demand for residential constructions are propelling the growth of the construction industry which in turn is boosting the window films market. Further, European countries are creating and strengthening their infrastructure by enacting reforms and legislation, which drives the growth of the real estate and infrastructure industries. According to the European Construction Industry Federation, the volume of permits for new buildings (excluding civil engineering) in Germany was US$ 130 billion in 2021, 8% more than in 2020. In North America, the construction industry is one of the significant contributors to the region's economy. According to the Associated General Contractors of America (AGC), the US construction industry constructs structures worth US$ 1.8 trillion each year. The rise in construction activities due to the increasing population and rapidly growing commercial sector across the region are driving the window films market in North America. In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending is expected to increase by 5.5% by 2023. Such initiatives generate demand for construction services, equipment, and materials. The governments and regulatory authorities in the Asia Pacific are focusing on additional infrastructure investment. In India, the growth in construction activities is driven by growing industrialization, increasing population, growing middle-class income, and increasing infrastructure development. According to the National Investment Promotion & Facilitation Agency (India), the Indian construction industry is projected to reach US$ 1.4 trillion by 2025.
Moreover, the Government of India initiatives such as Housing for All, Smart Cities Mission, and Swachh Bharat Abhiyan are projected to boost the demand for building materials in India. In residential and commercial construction, window films are highly used for aesthetic and security purposes. To properly adhere to the glass, one side of the film has an adhesive that bonds the film to the glass surface, and the other side has a scratch-resistant coating for durability. Along with this, an increase in residential construction activities worldwide is leading to increased growth for the window films market. For instance, in the Middle East, the Saudi Vision 2030 plan is driving the growth in construction activities in the residential segments.
According to Amarok in India, the sales of housing units increased in seven cities by 29%, and new launches by 51%. Along with this, the increasing investment in residential construction is instigating the growth of residential construction, leading to an increase in demand for window films. According to Statistics Canada, an agency of the Government of Canada, in 2021, the investment in residential construction was up by 28.4% to US$162.0 billion as compared to non-residential construction, having a fall in investment by 0.9%. According to the analysis by Insight Partners, the residential construction spending in the US is higher, boosting residential construction activities, in turn leading to growth for the window films market. Thus, the growing building and construction industry, along with an increased application of window films in the residential construction sector, is driving the growth of window films across the world. The rising preference and utilization of window films, owing to their advantages, such as low cost and ease of installation, is contributing to the growth of the window films market.
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Window Films Market: Strategic Insights
Market Size Value in US$ 10,670.51 million in 2022 Market Size Value by US$ 15,724.89 million by 2030 Growth rate CAGR of 5.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Window Films Market: Strategic Insights
| Market Size Value in | US$ 10,670.51 million in 2022 |
| Market Size Value by | US$ 15,724.89 million by 2030 |
| Growth rate | CAGR of 5.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Window Films Market Forecast to 2030" is a specialized and in-depth study with a significant focus on market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation on the basis of type, application, and geography. The global window films market has witnessed significant growth over the past few years and is expected to continue this trend during the forecast period. The report provides key statistics on the use of window films worldwide, along with their demand in major regions and countries. It also provides a qualitative assessment of various factors affecting the market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the significant revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global window films market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global window films market is segregated on the basis of type and application. In terms of type, the market is segmented into decorative films, safety and security films, privacy films, UV-blocking films, and others. By application, the market is segmented into automotive, building and construction, marine, and others.
Based on type, the UV-blocking films held a significant global window films market share in 2022. UV-blocking films are designed to reduce UV ray transmission through houses or automobile windows. UV-blocking window films provide an excellent way to maintain high visibility while protecting houses from heat and preventing faded furnishings. By application, the building and construction segment led the market with a significant market share in 2022. Window films are popular for both residential and commercial construction.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL ANALYSIS
The report provides a detailed overview of the global window films market with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America. APAC accounted for a significant part of the global window films market share. The market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. This region has been noticed as one of the prominent markets for the utilization of window films owing to the surge in construction activities. Moreover, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. The rise in foreign direct investments also leads to economic growth in the region.
The growing use of window films in building & construction, and automotive sectors is anticipated to fuel the demand in Asia Pacific. The building & construction industry is a strong contributor to the market's growth. For instance, in India, the construction industry is the second-largest industry after agriculture, accounting for about 11% of the country's GDP.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global window films market.
In Jan 2020, Eastman Chemical Company, announced a capacity expansion at its Dresden, Germany, manufacturing facility to support a new coating and laminating line.
IMPACT OF COVID-19 Pandemic/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries across the globe. The crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. These disruptions restricted the availability of construction materials. It caused delays in production and increased costs, negatively impacting the window films market. Many manufacturing activities were temporarily halted or scaled back during the COVID-19 pandemic to comply with lockdown measures and ensure the safety of workers. In addition, the pandemic impacted the global economy, leading to fluctuations in commodity prices and reduced demand for automotive and construction materials.
The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Construction and automotive manufacturing activities are rebounding as countries gradually recover from the pandemic and vaccination efforts continue. Manufacturers are permitted to operate at full capacity to overcome the supply gap. Increased infrastructure investments and stimulus packages in many regions drive the demand for the automotive and construction industry. Thus, the global window films market is anticipated to grow strongly during the forecast period.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Eastman Chemical Company, 3M, Avery Dennison Corporation, Lintec Corporation, Saint-Gobain, Armolan Greece, HYOSUNG CHEMICAL, Johnson Window Films Inc., NEXFIL, and Rayno Window Film are a few of the major players operating in the global window films market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. 3M Company
2. American Standard Window Film
3. Armolan Window Film
4. Eastman Chemical Company
5. Hanita Coatings
6. Madico Inc
7. Polytronix, Inc
8. Solar Gard Performance Plastics
9. Solyx Films SA Pty Ltd
10. Toray Plastics (America) Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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