The global window coatings market is expected to grow primarily due to the growing popularity of smart window coatings. Sun control sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, June 14, 2023 /PRNewswire/ --
Global Window Coatings Market Forecast Analysis:
As per the report published by Research Dive, the global window coatings market is expected to register a revenue of $19,236.9 million by 2031 at a CAGR of 6.1% during the forecast period 2022-2031.
Segments of the Window Coatings Market
The report has divided the market into the following segments:
- Product Use: sun control, decorative, security & safety, and privacy
- Sun Control- Dominant market share by 2031
Increasing demand for energy-efficient products has led to an increase in demand for sun control films which is anticipated to augment the growth of this sub-segment by 2031. - End-Use Industry: homes & buildings, automotive, aerospace & aviation, and marine
- Homes & Buildings- High CAGR by 2031
The ability of window coatings to reduce energy consumption and improve indoor air quality is expected to push the growth of this sub-segment in the forecast period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific - Significant market share in 2021
The rapid rate of urbanization in various countries of the region is anticipated to give a major boost to the market in the forecast period.
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Dynamics of the Global Window Coatings Market
Increasing popularity and demand for smart window coatings is expected to be the primary growth driver of the window coatings market in the forecast period. Moreover, growing applications of window coatings in the industrial sector is predicted to augment the growth rate of the market. However, according to market analysts, high cost of window coatings might become a restraint in the growth of the market.
The ability of window coatings to block UV rays has increased the demand for window coatings which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, other benefits provided by window coatings such as energy savings, improved durability, and enhanced aesthetics is expected to propel the window coatings market forward in the coming period.
COVID-19 Impact on the Global Window Coatings Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The window coatings market, too, was negatively impacted due to the pandemic. The primary reason behind the fall in the growth rate of the market was the slowdown in construction sector which halted the construction of various residential and commercial buildings, thus reducing the demand for window coatings.
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Key Players of the Global Window Coatings Market
The major players of the market include
- 3M
- Garware Suncontrol Film
- Polytronix Inc
- Armolan
- LINTEC Corporation
- Purlfrost Ltd
- Avery Dennison Corporation
- Saint-Gobain
- Solar Control Films Inc
- Eastman Chemical Company
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in February 2023, Eastman Chemical Company, a chemicals manufacturing firm, announced the acquisition of Ai-Red Technology (Dalian) Co., a window films and paint protection services provider. This acquisition is predicted to increase the foothold of the acquiring company i.e., Eastman Chemical Company in the coming period.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Window Coatings Market:
- A Brief Guide on the Different Types of Window Coatings Available in the Market Today
- Global Window Coatings Market to Experience Noteworthy Growth by 2031 with an Increasing Use of Window Coatings in the Industrial Sector
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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