New York, USA, March 28, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global window coatings market is predicted to rise at a stable CAGR of 5.5% and garner a revenue of $15,719.9 million in the 2021-2028 timeframe. This comprehensive report presents a concise outlook of the present framework of the window coatings market including its essential features like drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also included in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Various benefits like glare reduction, energy saving, insulation, etc. offered by window coatings are increasing their demand and driving the growth of the global window coatings market. In addition, its wide usage in commercial and residential buildings for sun control and blocking harmful UV rays to prevent fading of the furniture is estimated to further boost the market growth during the forecast period.
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Opportunities: Scratch and breakage prevention offered by window coatings is one of the many factors expected to provide ample growth opportunities for the global window coatings market by 2028. Moreover, rising construction activities in the Asia-Pacific region is predicted to further amplify the market growth during the analysis timeframe.
Restraints: Growing regulations regarding tinted window filming for automobiles is the major factor anticipated to hamper the market growth.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has adversely impacted the global window coatings market, just like all other businesses and industries. Slowdown of construction activities including commercial and residential buildings due to government-imposed lockdowns in most countries declined the demand for window coatings. Moreover, the closure of international borders led to halt in the shipments from overseas, thus leading to shortage of stock and delays in the availability of raw materials. Additionally, the strict social distancing norms at workplace led to disruptions in the overall operations of the production units. However, market analysts predict the window coatings market to revive its growth rate post the pandemic stress due to prominent initiatives implemented by window coatings manufacturers.
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Segments of the Market
The report has divided the window coatings market into certain segments based on product use, end-use industry, and region.
Product Use: Sun Control Window Coatings Sub-segment to be Highly Lucrative
The sun control sub-segment of the global window coatings market is predicted to grow at the fastest rate and generate a revenue of $8,815.1 million in the 2021-2028 forecast timeframe. This immense growth is attributed to the popularity of sun control window coatings across the commercial and residential buildings and the various benefits it offers like glare, heat, and furniture fading reduction. Moreover, the heat rejection property of such coatings effectively lowers your home’s temperature and lowers your energy bills. These factors are estimated to bolster the sub-segment’s growth by 2028.
End-use Industry: Homes and Buildings Window Coatings Sub-segment to be Most Dominant
The homes and buildings sub-segment of the global window coatings market is anticipated to hold a dominant market share and surpass $8,251.7 million by 2028 due to huge demand for window coatings in the homes and buildings sector to ensure privacy. Window coatings effectively prevent intruders from entering your home and also reduces the cooling and heating requirements of the building by reducing the transfer of heat via glazing process. These coatings also prevent the penetration of harmful UV rays inside homes and buildings, thus propelling the market growth by 2028.
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Region: Window Coatings Market in the Asia-Pacific Region to Witness Better Growth Opportunities
By regional analysis, the window coatings market in the Asia-Pacific region is projected to have abundant growth opportunities and grow at a CAGR of 6.2%. Rapid growth in the construction activities in countries like Australia, Japan, China, and India and the rapid urbanization are the main factors to accelerate the market growth rate by 2028. Furthermore, increasing initiatives by the Chinese government to develop efficient and greener cities is estimated to further uplift the market development during the forecast period.
Significant Market Players
Some of the significant market players are Garware Suncontrol Film, Saint-Gobain, 3M, Purlfrost Ltd, Avery Dennison Corporation, Armolan, LINTEC Corporation, Polytronix, Inc., Solar Control Films Inc., Eastman Chemical Company, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in February 2022, West Pharmaceuticals Services, a renowned injectable pharmaceutical packaging manufacturer, announced its partnership with Corning, an American multinational tech company that specializes in ceramics and glass, to advance drug delivery. While the former would be utilizing NovaPure components and FluroTec barrier film, the latter company will be providing the vials and protective coatings.
Finally, the report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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Analyst Review : https://www.researchdive.com/8567/Anlyst-Review/window-coatings-market
Blog: https://www.researchdive.com/blog/heres-why-you-should-consider-installing-window-coatings
