The Global Window Coating Market is predicted to be valued at $19,236.9 million by 2031, surging from $10,794.4 million in 2021, at a CAGR of 6.1%.
Impact Analysis of COVID-19 on the Window Coatings Market
The COVID-19 pandemic led to severe disruptions that have affected the demand, supply, import-export, and availability of window coating across end-use industries. Window coating is widely used across construction, automotive, marine, and other sectors. The long-term effects of COVID-19 are anticipated to have an impact on the expansion of window coatings market share in the upcoming years. In addition, the premium window coatings made of polyester have faced severe challenges due to reduced production capacity from chemical plants.
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The social distancing norms, delay, or halt in production of window coatings, and shipping delays in window coatings have affected the window coatings industry growth. The pandemic has led to a reduction in construction and retrofitting projects, as many businesses and consumers have delayed or canceled home renovation and re-modelling projects due to economic uncertainty and social distancing measures. This has resulted in a decline in demand for window coatings, particularly in the commercial building sector.
Global Window Coating Market Analysis
Window coatings market growth is attributed to the increasing focus on environmentally and energy-efficient construction. There is a high demand for energy-efficient buildings due to rising temperatures and climate change, which is boosting the window coatings market size. This is because window coatings are energy-efficient films that help in reducing energy bills thereby reducing the heating and cooling requirements of buildings. For instance, the use of window coatings significantly improves ambient cooling while reducing energy consumption by 35%. Buildings' energy use and CO2 emissions can be reduced through the use of these films. Another factor that is expected to drive the market growth in the upcoming years is the development of smart cities and infrastructural developments.
An increase in the implementation of rules, particularly for automotive vehicles, regarding window coatings, are predicted to restrain the market development. For instance, the Motor Vehicles Act of 1988 in India specifies that the front and back windshields of automobiles should not have a tint greater than 70%. In addition, there are numerous other rules governing window coatings in public structures like schools and hospitals. These factors are anticipated to restrain the window coatings market size in the upcoming years.
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Growing demand for energy-efficient window coatings is anticipated to generate excellent opportunities in the market. The demand for energy-efficient window coatings is driven by several factors, including rising energy costs, increasing environmental concerns, and government regulations. Window coatings are extremely important as they reduce fading of the furnishings. This is because window coatings can effectively block up to 100% of ultraviolet (UV) rays that can damage the floors, furnishings, artwork, and other products.
By reducing fading, the window coatings can save the replacement cost of home furnishing products due to which the valuable items can stay in good condition for a longer time. In addition, window coatings reduce the transmission of heat or solar energy and can provide up to 98% infrared heat reduction. Window films can minimize the temperature imbalance at home, retail space, or office thereby creating more comfortable environment. As energy costs continue to rise, consumers and businesses are looking for ways to reduce their energy consumption and save money.
Window coatings can help in achieving energy efficiency by reducing heat loss or gain through windows, thereby reducing the need for heating and cooling. In addition to cost savings, there is also growing concern about the environmental impact of energy consumption. By providing energy efficiency, window coatings helps in reducing the emission of greenhouse gases thereby mitigating climate change. In addition, the availability of various window coatings such as neutral film, reflective film, insulating film, decorative film, dual reflective film, spectrally selective film, anti-graffiti film, and others are driving excellent opportunities in the market.
Global Window Coating Market, Segmentation
The window coatings market is segmented on the basis of product use, end-use industry, and region.
The product use segment is further classified into sun control, decorative, security & safety, and privacy. Among these, the sun control sub-segment accounted for a dominant market share in 2021 and is estimated to show the fastest growth during the forecast timeframe. This is because the sun control window coatings reduce heat, glare, or fading. Hence, these films are highly popular across residential and commercial buildings. This is due to the fact that solar control coatings can prevent up to 80% of the heat from the sun's rays and 99.9% of its UV rays. Sun control window coatings' ability to refuse heat lowers the temperature inside the home and cuts energy costs. In addition, these coatings minimize any obtrusive glare that might fatigue the eyes. For instance, 3M, the industry leader in window coating production, claims that its solar control window coating successfully prevents 97% of infrared light and 60% of solar heat.
The end-use industry segment is further classified into homes and buildings, automotive, aerospace and aviation, and marine. Among these, the homes and buildings sub-segment accounted for a dominant market share in 2021 and is estimated to show the fastest growth during the forecast period. Window coatings are highly popular in homes and buildings as they offer safety and privacy. These films reduce the building’s heating and cooling needs by reducing heat transfer through glazing. Window coatings can be used in new buildings, renovation, or retrofit applications. These coatings protect against UV radiation while still allowing natural light to pass through. These coatings provide a consistent appearance and aesthetic appeal to the house.
The window coating market in Asia-Pacific is projected to show the fastest growth during the forecast time. One of the main growth-promoting factors is the rapid expansion of building activities in countries such as India, China, Japan, Australia, and others owing to the rapid urbanization and the development of smart cities. The demand for new construction and retrofitting projects are growing in the countries namely China, Japan, India, and others. For instance, India has the third-largest construction industry in the world which majorly comprises of urban development and real estate sector.
The Indian government is actively working on residential construction projects to make housing available for all. For instance, Pradhan Mantri Awas Yojana Mission launched in 2015 intends to provide affordable housing to all. Such initiatives is indirectly driving the demand for window coatings for residential and commercial spaces. This is because the window coatings enhance the visual appeal of the home, offer privacy, as well as protects the home furnishings from damage due to UV rays. These factors are anticipated to boost the Asia-Pacific window coatings market share during the forecast period.
Key Players in the Global Window Coatings Market
Some of the leading window coatings market players are
- Avery Dennison Corporation
- Eastman Chemical Company
- Garware Suncontrol Film
- LINTEC Corporation
- Polytronix Inc
- Purlfrost Ltd
- Solar Control Films Inc
In January 2023, Avery Dennison, the leading company in window coatings market signed an agreement to acquire Thermopatch. Thermopatch specializes in labeling, embellishments, and transfers for the industrial laundry, workwear, sports, and hospitality industries.
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