According to a recent study by Global Market Insights Inc., the solar control window films market is expected to reach $1.71 billion by 2024, an 11.5 percent compound annual growth rate (CAGR) from $645.57 million in 2015. Behind this industry growth is a rise in product demand across end-use industries such as construction and automotive.
In 2015, construction applications were valued at more than $370 million, and are expected to remain the largest revenue contributors in response to increasing demand for residential and commercial buildings.
Due to the growing automotive sector, automotive installations are projected to experience the industry’s highest gains. Automotive installations accounted for more than 25 percent of total volume in 2015.
Although vacuum coated was the largest product segment in 2015, high performance films and products within its segment are estimated to have the strongest growth at more than 11 percent. The increase in demand for solar control window film will be a contributing factor for the industry’s growth.
Solar control window film is broken down into absorbers and classified into organic, metallic and inorganic ceramics. Organics were responsible for more than 35 percent of global revenue last year and are expected to increase more than 10 percent CAGR. An increase in demand for improving style as well as an increase in decorative application is also set to drive solar control window films market toward metallic absorbers. Last year, metallic absorbers were totaled to be more than $640 million.
Asia Pacific accounted for more than 30 percent of global share in 2015, making it the largest regional industry followed by North America. According to the study, China, Japan and India are expected to continue to be major contributors to the industry growth due to increasing construction and automotive segments.