Solar Control Window Film Market to Reach USD 1,203.1 Million by 2029 with a CAGR of 6.2% from 2022-2029; Increasing Number of Green Construction Activities and Rise in Global Temperature to Project a Growth Course for the Market

The global solar control window film market size is anticipated to have a robust growth by attaining USD 1,203.1 million by 2029, exhibiting a CAGR of 6.2% during the forecast period. Fortune Business Insights™ in its report titled “Solar Control Window Film Market Size, Share & COVID-19 Impact Analysis, By Product Type (Clear, Dyed, and Vacuum Coated), By Technology (Tinted, Polymer Dispersed Liquid Crystals, Suspended Particle Device, and Others), By Application (Construction, Automotive, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2022 stood at USD 791.6 million and USD 773.4 million in 2021. Increasing number of green construction activities and rise in the global temperature have propelled the demand for solar control window film. Increasing popularity of such films with rise in green construction activities is set to boost the market growth.

Investments by Avery Dennison for New Manufacturing Plant to Set Progression for Market Enlargement

In March 2022, Avery Dennison announced that it is investing USD 34 million for the establishment of a new manufacturing plant at Yamuna Expressway Developing Authority (YEIDA), a city in India. Avery Dennison is a leader in global materials science and manufacturing. This new facility will help the company in consolidating its manufacturing operations to serve customer demands while optimizing the new technology and leveraging improved efficiencies.

Decline in Transportation and Construction Industries Declined Market Growth

With the COVID-19 pandemic, the demand for solar films was reduced with decline in the automotive and construction industries. The transportation and construction industries were majorly impacted by COVID-19, which hampered the market growth. The declining sales of automobiles severely impacted the market growth. Numerous attributes such as good heat rejection, energy savings, reduced glare, and improved safety have surged the demand for solar control window film consumption after the COVID-19 pandemic.

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Awareness Regarding Environment-friendly Materials to Propel Market Growth

Rising awareness regarding environment-friendly materials is expected to fuel the solar control window film market growth. Innovative materials can effectively absorb a significant share of the harmful UV rays coming from the sun, which includes the reduction of UV-A and UV-B radiation, which can cause skin cancer. Installing homes and car windows with solar films can significantly reduce the transmission of UV radiation through glass, limiting UV radiation exposure. Rising demand from the automotive industry is set to propel market development.

Rising Demand from the Automotive Industry to Expand Demand for the Product

Rising demand from the automotive industry for such films is expected to push market growth. Reduction in energy consumption for air conditioning significantly affects the lifespan of the vehicle’s battery. Therefore, increasing demand for electric vehicles is anticipated to propel solar control film consumption. With increasing prices of fossil fuels, there is increased emphasis on finding alternative energy sources and reducing energy consumption. Wider adoption of electric vehicles, growing focus on comfort and safety standards, and development of environmentally sustainable automotive solutions are anticipated to drive market growth.

Increase in the Global Presence by Market Players to Drive Market Share

Several players in the market have a global presence. For example, Garware Hi-tech Ltd is one of the leading manufacturers of specialty polyester films. The company has presence in regions and countries such as the U.S., Europe, Asia, and the Middle East. The company exports its products to more than 80 countries, which makes up about 75% of the company's revenue.

Notable Industry Development

• March 2022: GHL plans to expand the capacity of the SPF segment by 75% from the current 2,400 lakh sqft. to 4,200 lakh sqft. by 2022. The company has planned a CAPEX outlay behind the expansion of the new Greenfield facility in Waluj (India).

List of Key Companies Profiled in the Report:

• 3M (U.S.)
• Saint-Gobain (France)
• Avery Dennison Corporation (U.S.)
• Lintec Corporation (Japan)
•  SOLAR CONTROL FILMS INC (U.S.)
• Solar Screen International SA (Luxembourg)
• Eastman Chemical Company (U.S.)
• Madico Inc. (U.S.)
• Dexerials Corporation (Japan)
• Recon Blinds (India)
• Garware Hi-Tech Films Limited (India)
• Nexfil USA (U.S.)
• E&B Co., Ltd. (South Korea)
• HAVERKAMP GmbH (Germany)

Further Report Findings

• The market in Asia Pacific stood at USD 275.1 million in 2021 as the region has most populated countries such as India and China. These countries have increased construction and automotive activities owing to increasing rate of urbanization. Thus, the region is expected to hold the largest solar control window film market share.
• North America is anticipated to have significant growth due to growth in the construction industry in the U.S.

Table of Segmentation