SEATTLE, May 25, 2020 (GLOBE NEWSWIRE) -- The global energy saving window film market was valued at US$ 934.5 million in 2019 and is expected to exhibit a CAGR of 9.5% during the forecast period (2020-2027).
Definition of Market/Industry:
Energy saving window film is applied on the windows in order to protect the interiors from direct sun rays. This property helps in maintaining the temperature and conserving energy.
Statistics:
The global energy saving window film market was valued at US$ 934.5 Mn in 2019 and is expected to reach US$ 1,931.4 Mn by the end of 2027, exhibiting a CAGR of 9.5% during the forecast period (2020 to 2027).
Drivers:
The rising preference for energy saving window film products over the past few years, owing to increasing awareness about the benefits of these window films such as heat and glare reduction, thermal insulation, and UV filtration, among others is contributing to higher consumer demand, thereby fueling the market growth. Moreover, growing marine and automotive industry, among other application industries is also expected to boost the market growth during the forecast period.
Market Opportunities
Key players are focusing on various strategies such as mergers, acquisitions, and new product development, among others for strengthening their position in the global market. For instance, in December 2019, Abbey Group, an engineering firm headquartered in the U.K., launched an innovative new window film. This film is designed to help reduce the carbon footprint and save money spent on energy. This launch is expected to help the company in gaining a larger customer base.
Market Restraints
According to the government regulations on automotive for window films, the cars should not have window film on their windshield in the U.S. and in India, the vehicle should not have window films. This has been a significant restraint to window films market in these regions. Furthermore, tinting windows reduce visibility through car windows, which might result into accidents, especially during night travel. These factors are expected to hamper growth of the global energy saving window film market during the forecast period.
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Key Takeaways:
Among regions, Europe accounted for a significant market share in the global energy saving window film market in 2019, owing to the growing automotive industry in the region. For instance, as per the European Automobile Manufacturers Association, in 2017, in the European Union, 19.6 million motor vehicles were produced. Out of which, 17 million were passenger cars and the remaining 2.6 million were commercial vehicles produced in that year.
Market Trends
Growing trend of energy-efficient houses is a major factor that increased demand for energy saving window films in developed economies such as the U.S., among others. For instance, the U.S. Green Building Council is committed to a sustainable, prosperous future through LEED (Leadership in Energy and Environmental Design), a leading program for green buildings and communities, worldwide. This council is focusing at transforming the building designs into an environmentally improved way. These trends are expected to further spread across the world and thereby, help the global energy saving window film market in gaining traction during the forecast period.
Competitive Section:
Company Names
- 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
- Eastman Performance Films, LLC.
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Market Segmentation:
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
By Component Type
- Dyed
- Pigmented
- Metallized
- Ceramic
- Others (Nano, etc.)
By Application
- Construction
- Automotive
- Marine
- Others
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