The market for Asia-Pacific solar control window films is expected to expand at a CAGR of more than 11.76% during the forecast period of 2019
NEW YORK, Feb. 27, 2020 /PRNewswire/ --
Market Overview
The market for Asia-Pacific solar control window films is expected to expand at a CAGR of more than 11.76% during the forecast period of 2019 – 2024. One of the major factors driving the market studied is growing emphasis on reducing carbon footprint. On the flipside, growing smart glass market is expected to hinder the growth of the market studied.
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- Construction industry dominated the market in 2018 and is expected to grow during the forecast period.
- Growing concerns regarding UV protection is expected to act as an opportunity in the future.
Key Market Trends
Increasing Demand from Construction Industry
- The construction industry, which includes commercial and residential buildings, accounts for the major share in the solar control films market.
- These windows films have been extensively used in commercial and residential buildings, as a protective sheet installed on the windows.
- These window films serve a wide variety of purposes, like providing protection against damaging ultraviolet radiations that can cause fading of fabrics, furnishings, or display articles, blocking glare, reducing heat within a building, lowering energy costs by reducing air conditioning needs, and providing privacy while making buildings look attractive.
- Varying levels of insulation are also available that assists in keeping the energy usage under control in any kind of climate.
- They also play a major role in enhancing the home exterior and appearance. Due to their advanced benefits, they are preferred more as compared to other types of films.
- Aforementioned factors are expected to increase the demand of solar control window films over the forecast period.
China to Dominate the Market
- The Chinese solar control window films market is driven by the surging construction industry in the country.
- The construction market in China is the largest in the region, which is almost two times the size of the construction industry of Japan
- China's residential building sector witnessed the growth accelerate in 2018, as greater land supply was made available, in an effort to rebalance supply and demand and dampen the overheating housing market.
- Furthermore, the energy consumption in commercial and residential building is also increasing in China. Air conditioners are among the prime consumers of energy these days.
- Currently, more than one trillion kilowatt-hours of electricity is consumed by the residential, commercial, and industrial air conditioning annually.
- Additionally, automotive heating, ventilation, and air conditioning systems (HVAC systems) also consume huge amount of energy, which results in the generation of exhaust emissions. However, China is already moving ahead and is expected to surpass the United States as the world's biggest user of electricity for air conditioning, by 2020.
- The aforementioned factors are contributing to the increasing demand for solar control window films' consumption in the region, during the forecast period.
Competitive Landscape
The Asia-Pacific solar control window films market is semi-consolidated. The major companies include 3M, Saint-Gobain Performance Plastics Corporation, Eastman Chemical Company, Polytronix Inc and Purlfrost etc.
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