July 11, 2023 09:30 ET | Source: Market Research Future Market Research Future
New York (US), July 11, 2023 (GLOBE NEWSWIRE) -- Window Film Market Overview protective film for electronics
According to a Comprehensive Report by Market Research Future (MRFR), “Window Film Market Information by Product, by Application, and Region - Forecast till 2032", The window film market will surge from USD 2.8 Billion in 2023 to USD 4.4 Billion by 2032, at a rate of 5.90% between 2023 and 2032.
Window film is a modern, useful, and stylish material that may be utilized for a multitude of purposes in a person's home or place of business. It can be immediately applied on smooth, untextured glass and is made of polyethylene terephthalate or thin vinyl. Window film can be used for a number of long-term or transient purposes since it is self-adhesive or static cling. Glass film may be cut into exact designs, such as letters and numbers, or printed to provide eye-catching graphics, such as photos or company branding, making it incredibly customizable. Windows films have qualities including scratch resistance, UV resistance, and solar radiation management.
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The major manufacturers of window films include
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The automotive and construction sectors have been impacted by the COVID-19 epidemic. There has been a decrease in sales volume and the closure of production facilities as a result. Additionally, in 2020 there was a fall in the demand for both commercial and passenger automobiles and a slowdown of various construction projects. The epidemic has also caused the supply chain to be disrupted and the prices of various products to drop.
The market for window film has struggled to expand due to all of these problems. The likelihood of a smaller budget for R&D is detrimental to the market for innovation. Companies are, however, taking safety precautions to combat the outbreak's negative effects.
The growth of the construction sector along with control window films’ impressive properties like energy saving and lower carbon footprint contribute significantly to the market growth. Further, strict policies and regulations pertaining to energy conservation in commercial buildings raise the product demand. The product also has benefits including protection of coatings and paints in cars and rooms, especially from the sunrays. They also provide high insulation throughout the year. In view of adverse weather conditions, window films witness significant demand in tropical countries like Mexico, India, and Brazil.
Automotive is another major end-user in the window films market since the product acts as a drop-in solution for reducing the temperature inside the vehicle quickly. They maintain the cool temperature inside the passenger cabin while also cutting down the strain born by the air conditioner, thereby enhancing the fuel efficiency. The films’ metallic coating helps reflect the heat-causing infrared rays without compromising the light transmission and prevent the entry of solar heat.
Soaring concerns regarding skin damage caused by toxic UV rays also boost the product demand in various end-use industries worldwide. Escalating temperatures, rising emphasis on bringing down carbon emissions and the expanding automotive sector in emerging countries should facilitate market growth in the ensuing years.
In addition, the market will expand backed by the mounting demand for films in the building and construction sector. The market is anticipated to be driven by an increase in window tinting operations and strict government rules for green and energy-efficient buildings.
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The introduction of new technology has caused the sector to go through ongoing phases of change. Because different nations have different laws and regulations, manufacturers are under enormous pressure to change their processes in order to comply with the diverse demands. For instance, a new rule requiring the annual inspection of all vehicles in New York was adopted in 2017. If the car's window tint is over 70%, the vehicle will not pass inspection and will be fined. Additionally, car restrictions are becoming tighter in growing nations like India. The front and rear windscreens must have more than 70% VLT (visual light transmission), which means that a maximum of 20% tinting is allowed under the Motor Vehicles Act. This can constrain the expansion rate of the worldwide market in the years to come.
The rising construction of green buildings and the surge in the number of net zero energy buildings are anticipated to drive the need for window films. The window films market is anticipated to increase at a rapid rate over the upcoming years due to rising consumer awareness about the affordability and sustainability of window films, as well as rising environmental concern regarding carbon dioxide emissions and increasing energy efficiency.
Sun control films, ornamental films, safety & security films, privacy films, and others are among the key types of window films. The market for sun protection films was the largest in the world in 2022. Sun control window films are primarily used to shield building interiors and provide aesthetic value to them. The market for window film is projected to expand because to the rising use of sun control in residential and commercial applications as a result of the prevalence of skin illnesses. The need for sun control coatings in residential and commercial applications is also being driven by growing energy costs and the desire to cut electricity use.
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Automotive, building & construction, marine, and others are included in the Window film Market segmentation, with respect to application. Window film market in 2022 was led by the automotive segment. The market for window films is anticipated to rise due to the growing trend towards creating lightweight car components as a result of strict environmental laws enforced by governments to encourage fuel efficiency.
In 2022, the North American market assumed the top spot (45.80%). In light of capital expenditure reductions in the oil and gas sector and the Liberal government's economic stimulus plan to encourage new non-residential building, new investments are being made in North America, reflecting a rebound in Canada's residential and non-residential construction. Furthermore, the rise in long-term interest rates is likely to be moderate given the anticipated rate rises by the Federal Reserve.
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