The solar control window films market is set to grow from its current market value of more than $1.2 billion to over $3.5 billion by 2032; as reported in the latest study by Global Market Insights, Inc.
Solar Control Window Films Market is estimated to grow significantly during 2023-2032, owing to the surging need for reduction in energy bills. Product attributes such as preventing excess heat during summers will augment its adoption in the coming years. Besides, introduction to selective and dual-reflective window films will augment business progression across the construction and automotive sectors. Increasing consumer inclination toward expanding aesthetics across commercial facilities will boost industry demand.
Besides, growing per capita income and the mounting shift of consumers to adopt smart glasses have amplified the development of various decorative films, enhancing the business scenario.
Key market providers are constantly engaging in strategic initiatives such as partnerships, mergers and acquisitions, R&D investments, and new product launches to gain a competitive edge in the industry. For instance, in February 2023, Eastman Chemical Company took over Ai-Red Technology Co., Ltd., a paint protection and window film manufacturer for auto and architectural markets in the APAC region. With this acquisition, Eastman is taking a step ahead to drive growth in performance films and the paint protection and window film markets.
Overall, the solar control window films industry is segmented in terms of application, product, absorber, and region.
Based on application, the automotive industry is expected to be valued at over USD 1 billion by 2032. Rising automobile exposure to solar radiation coupled with increasing temperatures inside vehicles that increase the load on air conditioning equipment are anticipated to fuel the demand for efficient solar control window films across the industry.
By product, the dyed (non-reflective) product segment is poised to reach USD 360 million by 2032.
Enhanced privacy, reduction of heat loss & overheating, increased comfort, safe solution, environmental protection and fade control are some of the key factors accelerating the business statistics across the overall market.
Considering the absorber, the inorganic market share will grow considerably during 2032. High heat rejection & increased light intensity area, lower degradation risks on sunlight exposure, and high visibility prevention across utilities will positively influence the industry scenario during the estimated timeframe.
Regionally, the North America solar control window film industry will depict over 11% CAGR between 2023 and 2032. Various norms and regulations set by central governments to develop sustainable building infrastructure will stimulate the industry landscape across the region. Besides, a positive outlook for mitigating harmful UV rays will also favor the market growth across American economies.
By Mohmmadsaif Nafeej Bagwan, Global Market Insights Inc.