The global Energy Saving Window Film Market was valued at US$ 1190.7 Million in 2022, according to Energy Saving Window Film Market Report, By Component Type (Dyed, Pigmented, Metallized, Ceramic, and Others (Nano, etc.)), By Application (Construction, Automotive, Marine, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global energy saving window film market is expected to surpass US$ XX Million by 2030, exhibiting a CAGR of XX% during the forecast period (2023-2030). Growing end-use industries such as construction and automotive, among others is expected to further boost growth of the global energy saving window film market. For instance, as per the European Automobile Manufacturers Association, in 2020, Asia Pacific held dominant position in the global motor vehicles market by a market share of 53%, followed by Europe with 23%, North America with 18%, South America with 3%, and Middle East & Africa with 3%, of the global production of 99.9 million motor vehicles.
However, certain standards have been formulated for maintaining the quality of the window films. The ANSI Standards ASTM D1044-93 and ASTM E903 are related to abrasion resistance and UV/solar transmission property, respectively. Players operating in the energy saving window films market need to follow these standards so as to ensure the quality of the raw materials and finished products.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/energy-saving-window-film-market-3859
Browse 40 market data tables* and 20 figures* on "Global Energy Saving Window Film Market” - Global forecast to 2030.
Key Trends and Analysis of the Energy Saving Window Film Market:
- North America accounted for a significant market share in 2022. The growing automotive and construction industry is a major factor that contributes to increasing demand for energy saving window films in this region. For instance, as per the American Automotive Policy Council, automakers and their suppliers are the largest manufacturing sector in the U.S., responsible for 3% of the U.S. GDP. The U.S. car production in 2017 was 11.3 million vehicles. Furthermore, as per The Associated General Contractors of America, Inc., in 2018, the construction industry contributed 4.1% to the U.S. GDP. Also, as per the same source, in 2018, non-residential spending in the U.S. totalled US$ 761 billion and the residential construction spending in the U.S. totalled US$ 546 billion.
- Asia Pacific is another region, which is expected to witness significant growth rate during the forecast period (2023-2030). The growth is attributed to increasing sales of automotive vehicles in the region, owing to the application of energy saving window films in the automotive market in this region. For instance, according to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China stood at 28.03 million units in 2016 and 3.00 million units in India in 2016. The CAAM also expected automobile sales in China to grow by 5% to reach 29.4 million units in 2017. The increase in sales of automotive in China can be attributed to favorable sales tax, which was reduced from 10% to 5% in 2015.
Key Takeaways of the Market:
- Among application, construction segment accounted for a significant market share in 2022. For instance, according to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in June 2020, the number of newly completed residential buildings in the U.S. was around 925 thousands of units in May 2014, which increased to 1,320 thousands of units in May 2019. Furthermore, as per the U.S. Department of Housing and Urban Development, in May 2019, the total number of new residential housing completions was 1,213,000, and 1,294,000 building permits were sanctioned. Such increasing construction activities are expected to boost demand for energy saving window films during the forecast period
- Major players operating in the global energy saving window film market include 3M, Saint-Gobain, Solar Window Technologies, Inc., American Window Film, Inc., Madico, Inc., PR Solar Window Film Ltd., Dingxin Films Technology Co. Ltd., Nexfil USA, and Eastman Performance Films, LLC.
Global Energy Saving Window Film Market - Impact of Coronavirus (COVID-19) Pandemic
- The global energy saving window film market is expected to witness decline in the near future, owing to the adoption of lockdown/social distancing due to COVID-19 pandemic. Application of energy saving window film in industries such as automotive and marine, among others is expected to witness a major downfall. However, demand for energy saving window film in construction might increase, as more number of people have started staying indoors and rising budget constraint among the middle class population during this pandemic. Energy saving window film is expected to reduce the amount of money spent on electricity bills. Therefore, the demand for energy saving window film is expected to rise in construction sector whereas it is expected to decline in case of other end-use industries such as automotive, among others during the post pandemic period.
