Window films are a type of laminate film that is applied to the inside or outside of glass surfaces. They can be used in homes, boats, and automobiles. There are many benefits of using this material in car or boat. Besides the obvious benefits of having more visibility, they also reduce the amount of noise that comes from outside the vehicle. Window Films can help reduce the glare in room and help protect textiles from fading. They can also protect furnishings and decor from ultraviolet (UV) rays. They are also an economical way to add a bit of style to room.
Market Statistics:
The Global Windows Films Market is estimated to account for US$ 2.64 Bn in terms of value by the end of 2021.
Global Window Films Market: Drivers
Growing concern over skin cancer is one of the major drivers factor for this market. According to a study by the U.S. Surgeon General, nearly 5 million people in the United States receive treatment for cancer each year. In many cases, exposure to UV rays is a major contributor to skin cancer. High-quality window films can block nearly 90% of UV radiation. The film's ability to block radiation has also spurred the growth of the window films industry.
Global Window Films Market: Opportunities
Window films are increasingly being used in the construction, automotive, and marine industries. In addition, window films can reduce glare, heat, and storm damage. They can also be used to improve curb appeal. The most important benefit, however, is their cancer prevention benefits. Growing awareness regarding the advantage of window films is projected to provide significant growth opportunities over the forecast period.
Global Window Films Market: Restraints
Decreasing production of automobile is expected to decline demand for window films. According to the OICA data, global automotive production declined by around 5% in 2019. Even before the outbreak of COVID-19, major manufacturers such as General Motors, Ford, and Honda cut back production owing to the continuous declining sales rate in the United States market.
Global Windows Films Market- Impact of Coronavirus (Covid-19) Pandemic:
While the COVID-19 outbreak started in Wuhan, China, during the last quarter of 2019, it has now spread to about 184 countries, including India, the United States, Italy, Spain, due to international air commute. As of 16 Sept 2020, the global coronavirus cases have reached over 29.6 million, with still continuously increasing the number of cases. Considering the situation, COVID-19 is declared as a pandemic, and the governments across the world have imposed complete lockdown as per the condition in their respective countries. Under this lockdown, all economic activities, except specific shops, such as medical shops, supermarkets, hospitals, ration stores, and few online stores, have come to a temporary standstill.
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Key Takeaways:
The global window films market was valued at US$ 2.64 Bn in 2021 and is forecast to reach a value of US$ 3.01 Bn by 2030 at a CAGR of 5.71% between 2022 and 2030.
Building & Construction segment held dominant position in the global window films market in 2021, accounting for 55.52% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Window Films Market Trends:
The adoption of advanced technology and strategies by key players is expected to act as major trend for the global market significantly during the forecast period. For instance, in February 2022, XPEL, Inc. a global provider of protective films and coatings, announced the expansion of its VISIONTM architectural window film product portfolio and commercial support services.
Architectural window films are gaining traction worldwide. These window films help buildings conserve energy and reduce costs. In addition, they reduce glare from the sun. Moreover, they increase safety and security. They can also provide privacy. In addition to residential applications, the Window Films Market is also expanding in the commercial sector.
Global Window Films Market: Competitive Landscape
3M, Armolan, Avery Dennison Corporation, Eastman Chemical Company, HYOSUNG CHEMICAL, Johnson Laminating and Coating, Inc., LINTEC Corporation, Nexfil Co., LTD., Rayno Window Film, Saint-Gobain Performance Plastics, and Toray Industries, Inc.
Global Window Films Market: Recent Developments
In January 2019, The Johnson Laminating and Coating Inc. expanded Johnson Window Films’ product offerings. The new product is dyed, and it can be installed on the plastic windows of the vehicles. Furthermore, it offers the same glare reduction and solar properties as a regular window film.
In May 2019, The Johnson Laminating and Coating Inc. expanded its lineup of Wincos automotive films, by adding six types of medium- grade films, both, in Japan and international markets.
