Solar Control Window Film Market to Reach USD $849.2 MillionOctober 26th, 2016 by Katherine Coig
According to a recent report on ReportLinker, the global solar control window film market is expected to reach USD $849.2 million by 2024. Growing construction and automotive industries are projected to fuel the growth of the market.
Construction led the market in terms of installations in 2015, accounting for 57.4 percent of the solar control window film industry. The Asia Pacific, Middle East and Africa are continuing to grow construction activities, providing the necessary momentum to reach the forecasted uptick. According to the report, regulations regarding energy consumption and conservation, particularly in commercial buildings, have further increased the demand for solar control films.
The construction industry in the U.S. has also experienced an upward surge, which has further increased the demand for solar films in this segment. The global construction market is also expected to experience the highest compound annual growth rate (CAGR) of 6.2 percent during the forecast period.
Vacuum coated films are projected to grow at the highest rate of 6.1 percent from 2016 to 2024, due to the product’s ability to block UV rays effectively. According to the report, the metal content in these films reflects the sun rays and keep the interiors of buildings and vehicles cooler and prevents them from fading, making them more popular than dyed and clear films.
The report also suggests that Asia Pacific was valued to be more than USD $170 million in 2015 and held the largest share in the global market. It’s also projected to be the fastest growing region from 2016 to 2024, with a CAGR of more than 6 percent.
Emerging countries such as India, South Korea and Indonesia have experienced major growth in both the construction and automotive sectors since the weather in this region undergoes particularly hot and humid summers.
The report states that the market is dominated by key players such as 3M Company (U.S.), Eastman Chemical Company (U.S.), Garware Polyester Limited (India) and Saint-Gobain SA (France). It also adds that several smaller scale players are present in the market. These companies, through research and development, as well as strategic developments, aim to increase their market shares. New product development was the most popular strategy adopted by these players, which helped them expand their current product portfolio.
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