Global Window Coatings Market to Experience Noteworthy Growth by 2031 with an Increasing Use of Window Coatings in the Industrial Sector
Concerns regarding the adverse impacts of UV radiation on people's health have grown in recent years. UV light exposure can result in skin damage, early ageing, and a higher risk of skin cancer. As a result, it is critical to avoid prolonged sun exposure. One method for reducing the adverse impacts of UV light on human health is to use specialty window glass. This is where the window coating solution comes in.
The window coatings market is the industry that manufactures and distributes coatings for use on windows and other glass surfaces. Window coatings are thin layers of glass that have spectrally selective properties. They can regulate radiation energy levels within a range, which makes them stand out. These coatings or films can be employed in a wide range of fields, such as shipbuilding, automobiles, commercial, and residential construction. Furthermore, installing window coatings can improve the home's interior design, hence their demand is rising in residential constructions.
Recent Trends in the Window Coatings Market
The window coatings market is continuously evolving with new technologies and materials. Smart windows are a relatively recent technology that enables users to manage the amount of heat and light that enters a building via the windows. Depending on the user's preferences, these windows can be tinted or opaque, and they can also be managed remotely via a smartphone app or another device. Moreover, low-emissivity (low-e) window coatings are intended to increase energy efficiency and save on heating and cooling expenses by limiting heat transmission through windows. These coatings can be used on both residential and commercial windows and are manufactured from thin layers of metallic elements.
Newest Insights in the Window Coatings Market
As per a report by Research Dive, the global window coatings market is expected to grow at a CAGR of 6.1% and generate revenue of $19,236.9 million by 2031. The primary factors driving the growth of the market are the growing concern about the negative effects and the increase in demand for window coatings due to their many benefits over UV radiation, including glare reduction, insulation, energy savings, and other benefits. However, the high initial cost of window coating installation is expected to hinder the market growth.
The window coatings market in Asia-Pacific is expected to remain dominant in the coming years. The region's high revenue in 2021 was driven by increasing urbanization and a rise in demand for window coatings that can minimize glare and promote energy efficiency. This has led to an increased demand for innovative and efficient window coating solutions that can meet individual needs and challenges.
How are Market Players Responding to the Rising Demand for Window Coatings?
Market players are responding to the rising demand for window coatings by investing in research and development to create more advanced and innovative window coatings. They are additionally researching novel materials and technologies that could enhance the performance of window coatings, such as their energy efficiency, clarity, and durability.
In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the window coatings market are Armolan, 3M, Avery Dennison Corporation, Garware Suncontrol Film, Eastman Chemical Company, LINTEC Corporation, Purlfrost Ltd., Polytronix, Inc., Solar Control Films, Inc., Saint-Gobain, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market.
- In December 2020, STEK Automotive, a U.S.-based developer of film technology, launched NEX, a high-end nano-ceramic window film of graphene, tungsten, and antimony tin oxide.
- In April 2022, Avery Dennison, a global producer and supplier of materials for pressure-sensitive adhesives, announced the launch of its brand-new Dusted Crystal decorative architectural window film. The frosted film, which comes in matte and lustre finishes, provides privacy and creates a translucent light impression for interior environments that use glass to signify specifically designated places.
- In February 2023, High-Performance Optics, a world leader in driving the need for HEVL protection for the human eye, in collaboration with Eastman, a multinational specialized materials company that manufactures a wide range of products, announced the launch of a new window film in China that is specifically made for the transportation sector and has selective High Energy Visible Light (HEVL) filtering.
COVID-19 Impact on the Global Window Coatings Market
The COVID-19 pandemic had an adverse impact on the global window coatings market. During the pandemic, construction activities slowed down, including residential and commercial structures, which had an effect on the window coatings market. This is mainly because of difficulties with the supply chain and a complete halt of all not essential activities in order to curb the COVID-19 virus's spread. Moreover, shipments from abroad were halted owing to restricted borders, causing delays in the supply of raw materials. The market for high-end and luxury window coatings was impacted by decreased consumer expenditure on unnecessary products and a higher trend towards cash savings. These factors significantly hindered the market growth amidst the pandemic.
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