New York, USA, June 01, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global window coatings market. According to the report, the global market is projected to surpass $19,236.9 million and grow at a CAGR of 6.1% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the window coatings market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Window Coatings Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global window coatings market. During the pandemic, the decline in construction activities, particularly those of residential and commercial properties, had an effect on the window coatings market. Moreover, consumers were less willing to spend money on expensive home improvement projects such as premium window coatings because they were dealing with financial insecurity. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Window Coatings Market Growth
The key factor boosting the growth of the global window coatings market is a significant rise in the need for window coatings due to increased urbanization and industrialization in developing nations. Furthermore, window coatings aid in maintaining an appropriate indoor climate, reduce energy use, and enhance a building's overall energy performance, which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, if a window coating has been damaged or is no longer working, it may be difficult or expensive to replace; this factor is anticipated to deter the market’s growth.
The report segments the global window coatings market into product use, end-use industry, and region.
Sun Control Sub-Segment to Grab a Foremost Share of the Market
The sun control sub-segment of the product use segment is foreseen to observe leading growth in the forecast period. This growth is mainly because sun control coatings can help minimize energy consumption by lowering the amount of sunlight that enters a building, which can result in lower cooling expenses and a smaller carbon footprint.
Homes and Buildings Sub-Segment to Witness Rapid Growth
The homes and buildings sub-segment of the end-use industry segment is predicted to grow enormously in the forecast period. This growth is mainly due to the rising demand for window coatings, which can help lower the amount of energy required to heat or cool a building. This makes them a desirable choice for enhancing the energy efficiency of houses and businesses.
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Asia-Pacific Window Coatings Market to Perceive Maximum Growth
The report analyzes the global window coatings market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to a rise in demand for window coatings that offer advantages such as improved energy efficiency and glare reduction in this region.
Key Players of the Global Window Coatings Market
The report states some of the foremost players operating in the market including
- 3M
- Avery Dennison Corporation
- Armolan
- Garware Suncontrol Film
- Eastman Chemical Company
- LINTEC Corporation
- Polytronix Inc.
- Solar Control Films Inc.
- Saint-Gobain
- Purlfrost Ltd.
These players are taking various initiatives, such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in November 2019, 3M, a multinational corporation based in the United States that works in the industries of industrial, healthcare, and consumer goods, launched a new ceramic IR series of vehicle window films that use nano-ceramic technology to provide high levels of infrared heat rejection.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Window Coatings Market:
- A Brief Guide on the Different Types of Window Coatings Available in the Market Today
- Global Window Coatings Market to Experience Noteworthy Growth by 2031 with an Increasing Use of Window Coatings in the Industrial Sector
