Window Film Market 2020 and Forecast 2021-2027

                                          
Report Overview: Window Film Market


The global window film market size was valued at USD 8.72 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2027. Increasing demand for window film from the automotive and construction sectors due to its ability to reduce glare and protection against UV rays is expected to increase the market growth. Demand for window films has reduced in various application segments owing to the COVID-19 pandemic. Operations of various industries have been disrupted with the lockdown in most of the countries.

However, demand for window films is expected to grow as the lockdown is gradually lifted. The market for window film is expected to witness rapid growth in emerging economies of Asia Pacific over the coming years. Increase in popularity of the passive home concept in Asia Pacific generates high demand from the construction industry.

The commercial segment emerged as the fastest growing application segment. The booming construction sector in developing regions is expected to augment demand for the product. Increasing demand for films in commercial and residential applications is expected to spur market growth over the forecast period 2021-2027. Moreover, increasing tinting activities on existing windows, coupled with stringent regulations on developing green buildings, are expected to drive product demand in residential applications in the coming years.

In addition, the product is used in living rooms and bedrooms to maintain privacy, without hampering the outdoor view. This eliminates the extra cost of heavy traditional decorative glasses and offers exclusive security as well as aesthetic appeal.



Product Insights: Window Film Market

Sun control window film accounted for the largest revenue share of 46.3% in 2019. This is attributed to the increasing use of sun control films in residential and commercial applications owing to the occurrence of skin diseases. Furthermore, rising energy costs and need for reducing power consumption are propelling the demand for sun control films in residential and commercial applications.

Decorative window film is expected to witness the fastest growth over the forecast period as it enhances the look of the window with an exciting design. It helps to reduce energy costs, eliminate window glare, prevent the fading of carpets and furniture, and add aesthetic values to the buildings. They are widely used in residential and commercial applications, including conference rooms, offices, curtain wall glass, hallways, and stairways.

Safety and security window films protect from natural disasters, such as storms, earthquakes, explosions, and vandalism. It helps to hold the glass fragment together at the time of natural calamities. Increasing violence, along with the ongoing threat of terrorism in some parts of the world, is expected to fuel the demand for security and safety window film.

Application Insights: Window Film Market

The automotive application segment accounted for the largest revenue share of 36.0% in 2019. This is attributed to the growing trend towards manufacturing of light weight vehicle components owing to the stringent environmental regulations issued by the government to promote fuel economy, thereby increasing demand for window films.
Safety and security window films are used in automotive applications to avoid damages caused by flying shards. Window films provide protection from UV rays and superior heat control. Recovery of the automobile sector in European countries, such as Germany, France, and Italy, on account of electric vehicles, is expected to positively impact the demand for window film over the forecast period.

Increasing investments to develop affordable housing schemes in emerging economies of Asia Pacific and Latin America are expected to drive demand for window film in residential applications. Investments to modernize the country’s aging infrastructure and renewable energy sector, along with the growing population, will generate demand for residential buildings.

Window film offers a cooler cabin environment, reduces glare during the day time, and does not reduce visibility at night time, and increases fuel efficiency. It also reduces the harmful UV rays and fading protection to the interior and exterior components. The global marine industry is expected to witness high growth opportunities in Brazil and Russia. This factor would drive window film demand in marine applications.

Regional Insights: Window Film Market

North America accounted for the largest revenue share of 32.8% in 2019 and is expected to maintain its lead over the forecast period. This is attributed to new investments being made in the region, reflecting a recovery in Canadas residential and non-residential construction, owing to capital spending cuts in the oil and gas sector and the Liberal governments fiscal stimulus plan to spur new non-residential construction. Furthermore, given the expected rate hikes by the Federal Reserve, an increase in long-term interest rates is likely to remain gradual.

According to the World Health Organization (WHO), the epicenter of the pandemic has shifted to Europe owing to which countries, such as the U.K., Italy, and Germany, have been severely impacted. The demand for window films in various applications has dropped considerably. After the lockdown is lifted, the halted construction projects will resume, which, in turn, is expected to generate the demand for window films in the region.

Asia Pacific is expected to witness the fastest growth over the forecast period. The construction industry in Asia

Pacific is expanding at a rapid rate owing to growing urbanization, especially in emerging economies, such as China, India, Indonesia, Vietnam, among other Southeast Asian countries. Exponential population growth in these countries, coupled with a high demand for affordable housing and government schemes promoting basic amenities, such as food and shelter, is expected to drive the market.

Key Companies & Market Share Insights: Window Film Market

The market is largely lead by several multinationals. The companies in the market compete on the basis of the product quality offered and the technology used for the production of window films. Major players compete on the basis of differentiated technology and application development capabilities. Established players such as Eastman Chemical Company are focusing on expanding their production capacities to meet the ascending product demand.
For instance, in January 2020, Eastman Chemical Company announced the expansion of production capacity at Dresden, Germany, manufacturing facility to cater to the growing demand for coatings and laminating lines used in films. This capacity expansion is intended to cater to the growing demand for paint protection films and window films. Furthermore, in February 2019, Toray Plastics (America), Inc. announced the expansion in a polypropylene film line. This initiative expanded and automated the production capabilities of the company in order to meet the rising consumer demand. Key players operating in the global window film market include:

Key companies profiled

 	
3M
 	
Eastman Chemical Company
 	
American Standard Window Film
 	
Saint-Gobain Performance Plastics Corporation
 	
Madico Inc.
 	
Toray Plastics (America) Inc.
 	
Hanita Coatings
 	
Armolan Window Film
 	
Garware Suncontrol
 	
Reflectiv Window Films

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global window film market report on the basis of product, application, and region:

Product Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2016 - 2027)

 	
Sun Control
 	
Decorative
 	
Security & Safety
 	
Privacy

Application Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2016 - 2027)

 	
Automotive
 	
Residential
 	
Commercial
 	
Marine
 	
Others