Market Trends of Window Films Industry
This section covers the major market trends shaping the Window Films Market according to our research experts:
The Building and Construction Segment to Dominate the Market
- Window films are majorly used in the construction sector for solar control, due to their ability to reflect the heat coming from solar radiation and maintain a comfortable ambiance, in terms of the temperature inside the structure or building. Window films are majorly used in the construction sector for solar control, due to their ability to reflect the heat coming from solar radiation and maintain a comfortable ambiance, in terms of the temperature inside the structure or building.
- In the construction sector, window films, such as decorative, ultraviolet (UV) block, privacy, anti-glare, anti-graffiti, insulating films, and safety and security films, are used. The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries like India, China, and the United States.
- China is in the midst of a construction mega-boom. The country has the largest building construction market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- In India, Foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) up to September 2022 stood at USD 26 billion. The United States' spending on private construction grew in 2022 and was nearly four times larger than construction spending in the public sector. The United States holds a significant share of the construction industry, which recorded an annual expenditure of over USD 1,793 million in 2022.
- According to the US Census Bureau (USCB), spending on private construction was at a seasonally adjusted annual rate of USD 1,427.1 billion, 0.4 percent below the revised November estimate of USD 1,432.9 billion. Therefore, the aforementioned developments are expected to drive the demand for window films in the construction industry through the years to come.
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The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market, with China and India accounting for the largest share. In the region, China is the largest economy in terms of GDP. China is one of the fastest emerging economies, and it has become one of the biggest production houses in the world today. The country's manufacturing sector is one of the major contributors to the country's economy. China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP.
- Demographics in the country are expected to continue to spur growth in residential construction. Rising household income levels combined with the population migrating from rural to urban areas are expected to continue to drive demand for the residential construction sector in the country. Increased focus on affordable housing by both the public and private sectors will drive growth in the residential construction sector.
- India is the largest market for the construction industry, with an increase in the real estate and urban development segment. According to the Indian Brand Equity Foundation (IBEF), the Indian real estate industry will likely reach USD 1 trillion by 2030 and contribute approximately 13% to the country's GDP by 2025. This will increase the demand for the window film market and propel its market in the region.
- Although the demand for the construction industry is looking good, the automotive sector in the country is also increasing with an increase in market demand after the pandemic. Automotive production witnessed 30% of growth in 2021. The volume of automobiles increased from 33.94 million units in 2020 to 43.99 million units in 2021. Moreover, in 2022, over 13 million units of two-wheelers were sold domestically across the south Asian country. The Indian government has set a target to electrify a major proportion of the two-wheelers within the nation.
- Furthermore, in China, the total volume of automobile industry sales reached 26.2 million units in 2021, around 21.5 million units of which were passenger cars. The leading automobile manufacturer in China was SAIC Motor Corporation, with around 2.76 million units sold in 2021. In April 2022, approximately 9.65 million units of passenger cars and 2.16 million units of commercial vehicles were sold in China.
- Due to all such factors, the market for window films in the region is expected to have steady growth during the forecast period.
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