The global window films industry size is expected to reach USD 2.90 billion by 2027, exhibiting a CAGR of 5.71% during the forecast period. The introduction of new windows films with high aesthetics will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Window Film Market Size, Share & COVID-19 Impact Analysis, By Type (Sun Control Films, Decorative Film, Safety & Security Film, Privacy Film, and Others), By Application (Automotive, Building & Construction, (Residential and Commercial), Marine and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2.44 billion in 2019.
Market Driver:
Emphasis on Energy Efficient Buildings to Stimulate Growth
The growing focus on eco-friendly and energy-efficient buildings will enable speedy expansion of the market. The high demand for energy-efficient constructions is due to increasing global warming and climate change, in turn, augmenting the growth of the market. Furthermore, the utilization of window films reduces energy consumption by 35% while also improving ambient cooling drastically. Films are designed to diminish energy consumption and CO2 emissions of buildings, thus benefiting the environment. Moreover, increasing infrastructure development can spur opportunities for the market in the forthcoming year. Likewise, the stringent government regulations for the construction of green buildings will consequently aid the expansion of the market.
Slashed Car Sales to Badly Affect Market During COVID-19
The massive drop in car production and sales has negatively impacted the global market. The disruption caused by coronavirus on manufacturing plants and factories will dampen the growth of the market. The stringent regulations implemented by governments will further thwart the development of the market. The declined footfall in car showrooms is expected to inhibit the growth of the market amid coronavirus. Additionally, the deteriorating demand for passenger cars in various regions of the world will simultaneously dwindle the market. However, the businesses are expected to recover in the coming months, which, in turn, will aid the retention of the market.
Key Development:
August 2018: XPEL, Inc., a supplier for paint protection and windows films, acquired three franchisees of Protex and also the assets from E-shields Heaths. The company aims to re-brand and commercialize the products as a part of the company’s version of the architectural business through this acquisition.
The Report lists the Key Companies in the Window Films Market:
- 3M Company
- Eastman Chemical Company
- American Standard Window Film
- Madico Inc
- Hanita Coatings
- Solar Gard Performance Plastics
- Toray Plastics (America) Inc.
- Armolan Window Film
- Reflectiv
- Jupiter International
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