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

The global solar control window film market size was valued at USD 773.4 million in 2021 and is projected to grow from USD 791.6 million in 2022 to USD 1,203.1 million by 2029, exhibiting a CAGR of 6.2% during the forecast period. Asia Pacific dominated the solar control films market with a market share of 33.24% in 2021. Moreover, the solar control window film market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 243.19 million by 2032, driven by the expanding construction sector, rising automotive industry demand, & its energy efficiency benefits.

The global COVID-19 pandemic has been unprecedented and staggering, with solar control window film experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 6.0% in 2020 as compared to 2019.

Solar control window films are usually made of polyethylene terephthalate (PET) and are applied over windows in the automotive and construction industries. The films are inserted over the window to improve performance by blocking UV rays, reducing glare, and saving energy. This market has lately gained traction due to increased activity in green construction. Rising global temperature has induced the utilization of solar window films as it reduces the adoption of power and gas for cooling. The increasing popularity of these films and government incentives to encourage green construction are anticipated to boost the demand.

COVID-19 IMPACT

Supply Chain Uncertainties Caused by COVID-19 Hindered Market Growth

Due to the COVID-19 pandemic, the demand for solar control window films from the automotive and construction industries has declined substantially. The transportation and construction industries were majorly impacted by COVID-19, which hampered the market growth. The COVID-19 pandemic has significantly impacted the automotive sector, which is internationally interconnected. The declining sales of automobiles severely impacted the solar control window film market growth. This also resulted in the fluctuating prices of raw materials, including polyethylene terephthalate. Popular attributes, such as good heat rejection, energy savings, reduced glare, and improved safety, have driven the demand for solar window film consumption after the COVID-19 pandemic.

LATEST TRENDS

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Rising Awareness Regarding Environment-friendly Materials to Propel the Product Consumption

Innovative materials such as solar control window films can effectively absorb a significant share of the harmful UV rays coming from the sun. This includes reducing UV-A and UV-B radiation, which are responsible for skin cancer. Installing homes and car windows with solar films can significantly reduce the transmission of UV radiation through glass, limiting UV radiation exposure.

Solar window films reduce the need for air conditioning which is directly and indirectly responsible for ozone depletion. Additionally, UV light from the sun can fade the colors of carpets, curtains, furniture in homes, and vehicles' seats and dashboards, which can be limited with the help of solar control window films. Thus, growing awareness among the general public regarding how material choices can affect their health and environment will likely prompt wider adoption and create new opportunities for the market.

DRIVING FACTORS

Rising Demand from the Automotive Industry to Drive Market Growth

Power consumption is an essential factor influencing vehicle battery size, affecting the automobile's overall performance. Employing environment-friendly solutions such as solar window films in cars can significantly reduce overall power consumption. These films are designed to block harmful ultraviolet rays. They help protect the seats and dashboards of the vehicle from harmful UV light. They also reject or block up to 70% of solar radiation and reduce the need for air conditioning to cool the internal environment in the vehicle. The heat rejected can significantly improve passenger comfort while reducing the load on the air conditioning system.

Reduction in energy consumption for air conditioning significantly affects the lifespan of the vehicle’s battery. Therefore, the increasing demand for electric vehicles is anticipated to propel the films’ 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.

RESTRAINING FACTORS 

Availability of Alternative Solutions and Manufacturer’s Warranty Challenge are Curbing the Market Growth

Although solar control window film provides good solar protection and improves aesthetic properties, low-quality films discolor and fall apart after a particular period. This has led to a decrease in demand for film products with a warranty. The products are made in a way to complete the minimum specific lifetime, and sometimes they fail to complete the desired lifetime due to extreme weather. In such cases, the film manufacturers face increased claims for the warranty and fail to meet the same due to numbers beyond expected. This may cause customers to move to alternative solutions such as smart glasses, hindering the market growth.

The availability of alternative solutions, such as solar control glasses, is anticipated to have a negative impact on the global market. Different kinds of solar control glasses are manufactured to reflect and radiate a large amount of the sun’s heat. In addition, some glasses allow solar light and inhibit solar heat. Solar control glasses further help to control glare. Hence, these properties of solar control glasses enable them to be used as an alternative to solar control window films.

However, solar control glasses are comparatively costlier and require skilled labor for their installation, which limits the negative impact of solar control glass on the solar control film market.

SEGMENTATION

By Product Type Analysis

Growing Demand for Vacuum Coated in End-use Industries to Increase Consumption

Based on product type, the market is segmented into clear, dyed, and vacuum coated. Amongst these, vacuum coating segment holds a major solar control window film market share due to increased demand from end-users such as automotive and construction industries. Vacuum-coated films are also called reflective films and are known for blocking a significant amount of solar radiation, thereby aiding in maintaining cooler interiors. The rising demand for vacuum coated window films from the rapidly developing construction and automotive industries, coupled with increasing environmental awareness and stricter regulations in many countries, is driving the segment growth.

Affordability, durability, and aesthetic properties of dyed films play a key role in driving its demand for commercial and residential applications. Different characteristics, such as fade protection, consistent conformity, reduced energy cost, and UV protection, bolstered the consumption of dyed solar window film.

The rising adoption of clear solar control window films in the automotive industry due to its characteristics such as reduced energy cost, consistent conformity, and UV protection is projected to grow significantly.

By Technology Analysis

Tinted Technology to be Largely Adopted by Manufacturers due to Lower Cost

Based on technology, the market is segmented into tinted, polymer-dispersed liquid crystals, suspended particle devices, and others. The tinted segment is anticipated to grow exponentially during the assessment period due to relatively lower cost, convenience, and attractiveness to improve the quality of interior space. Its ability to maintain the temperature in hot & cooling environments further makes it a preferred choice. Additionally, vacuum coated films such as dyed films and metalized films are manufactured using this technology. The growing adoption of temperature control films and rising technological innovation are fueling segment growth.

Higher demand for electrically switchable window films from the commercial sector is expected to augment the growth of the Polymer Dispersed Liquid Crystals (PDLC) segment. The films based on PDLC technology work as an electrically-switchable screen for privacy applications, solar protection, and aesthetic appeal. The flexibility of the application of films manufactured by this technology is the key factor for its increasing demand.

Suspended particle devices have caught the attention due to employment of the technology in producing sun visors, rearview mirrors, and sunroofs. Demand for different types of customized solar films, such as electrically switchable and metalized films, has prompted the growth of other technologies.

By Application Analysis

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Increasing Carbon Footprint Regulation to Fortify Solar Films Usage in Various Applications

On the basis of application, the market is segmented into construction, automotive, and others. In the construction industry, solar films are widely used to reflect solar radiation and improve the aesthetic appeal of buildings. The ability of solar films to protect from harmful solar radiation helps keep the internal environment cool and lowers the air conditioning cost. Thus, solar control window films are helping to reduce the carbon footprint.

The automotive industry is experiencing backlash from regulatory bodies due to increasing carbon emissions from traditional vehicles. The adoption of solar control film can tackle such a problem. As solar control window films can block 70% of solar heat, less air conditioning is required to keep cool inside. With less usage of air conditioning systems, less fuel is burned, which further reduces carbon footprint. Also, increasing investment in the development of electric vehicles is anticipated to play a key role in surging the demand for solar window films for automotive applications.

REGIONAL INSIGHTS

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The market in Asia Pacific was valued at USD 275.1 million in 2021. Asia Pacific accounted for the leading share in the market owing to the presence of most populated countries, China and India. These countries are witnessing increased construction and automotive activities due to rapid urbanization. The region is projected to have several opportunities for solar window films. According to the World Bank estimates, India needs to invest USD 840 million over the following couple of years into infrastructure to meet the rising urban population demand. The demand for an aesthetic look in the automotive and construction industries, coupled with higher purchasing power parity in Japan, is anticipated to play a considerable role in driving the market growth in Asia Pacific.

The U.S. is steadily gaining momentum in the construction industry in North America. For example, through Bipartisan Infrastructure Law initiatives, the U.S. government aims to spend around USD 1.2 trillion to fund infrastructure projects, including various civil construction projects across the country. Such initiatives are anticipated to boost the market further. The region witnessed the proliferation of the burgeoning electronic vehicle industry, increasing the solar window film demand.

Europe is anticipated to have substantial growth owing to the rising demand from the automotive sector in the region. The region has the highest luxury car density in countries such as Luxembourg, Germany, and the U.K. Whereas, in the recent past, France has witnessed sudden heat waves significantly affecting the health and well-being of the people. Such climatic events have increased the country’s adoption of solar window films.  

Latin America has witnessed moderate demand for solar window films as the region has been experiencing an increasing number of passenger vehicles. The Middle East & Africa accounted for significant market share. The GCC and South Africa are driving the market's growth in this region. Moreover, favorable growth of the construction and automotive industries in the MEA region is expected to create a positive market growth environment.

KEY INDUSTRY PLAYERS

Key Players to Strengthen their Global Presence by Reinforcing Distribution Network

Several key 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 the United States, Europe, Asia, and the Middle East. The company exports its product to more than 80 countries, which contributes to 75% of the company's revenue.

Several key players have established robust distribution networks to cater to the demand. For instance, the window film division of Madico Inc. deals with the manufacturing and distribution of high-performance films for architectural, automotive, and safety & security applications through nine company-owned distribution centers in North America and an extensive international distributor network.

LIST OF KEY COMPANIES PROFILED:

• 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)

KEY INDUSTRY DEVELOPMENTS:

• August 2020: Lintec Corporation announced that it is changing the names of WINCOS standard series “xxx-C70” and “xxxC50” to WINCOS Medium Series LM-xx as described in Exhibit A. The move is made to strengthen the brand value of WINCOS and distinguish the products from the premium series.


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

REPORT COVERAGE7

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The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, technologies, and types. Also, the report offers insights into market trends and dynamics and highlights vital industry developments. In addition to the insights mentioned above, the report encompasses various factors driving the market’s growth in recent years.

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