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The Window Coatings Market Projected to Grow at a CAGR of 5.5% and Generate a Revenue of $15,719.9 Million by 2028

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The global window coatings market is projected to be valued at $15,719.9 million by 2028, surging from $10,300.0 million in 2020, at a noteworthy CAGR of 5.5%.

COVID-19 Impact on Window Coatings Market

The coronavirus outbreak has brought several challenges that has disrupted the functioning of window coatings market. This is majorly owing to drastic decline in demand from automotive and building construction sector. For instance, window coatings or window films are popular in automotive sector that prevent harmful UV rays from entering your car. However, economic crisis brought by COVID-19 pandemic has led to decline in the sales of automotive vehicles. Also, construction sector has faced huge impact owing to cancellation or postponements of the new construction projects. This has led to a decline in the demand for window coatings from building construction sector. Also, non-essential activities and window film manufacturing units were closed to contain the spread of COVID-10 virus. In addition, supply-chain disruption and, import-export restrictions have led to delay in the availability of raw materials and increase in material cost. For instance, window coatings manufacturers have faced shortage of polyester used for manufacturing the window films. This has widened the supply-demand gap and reduced the production capacities.    

However, window coatings manufacturers have implemented various measures to ensure smooth supply-chain along with protecting the health of their employees. For instance, Avery Dennison, one of the leading window coatings manufacturers, has taken prompt steps to ensure supply of essential medical, health, food, and hygiene. This was done by following safety protocols and social distancing norms. For instance, in May 2020, Avery Dennison, leading materials science and manufacturing company, partnered with Global Safety First, LLC, well-known supplier of personal protective equipment (PPE), to distribute NIOSH-Certified N95 masks in response to coronavirus pandemic.                  

Global Window Coatings Market Analysis

The window coatings offer huge benefits to the homeowners as well as they are popular across automotive industry. For instance, decorative window coatings are made from dyes which are cost-effective and offer aesthetic benefits. They are available in variety of colors, designs, and patterns that instantly provides decorative edge to your home. One of the major reasons why homeowners opt for window coatings is that they drastically reduce energy bills. This is because window coatings significantly reduce the heating and cooling expenses and help in saving 48% of energy bills. This maintains the temperature of your room and reduces the need for ACs. These films also help in glare reduction so that the people can watch TV or work on computer. Window coatings are important from security point of view as they make it difficult for the burglars to see what’s inside your house. These films offer protection against harmful ultraviolet (UV) rays which are known to cause melanoma and other skin problems. Window coatings require less maintenance as they are water and scratch resistant. These factors are estimated to drive the window coatings market size during the forecast period.

However, window coatings or tinted windows can take away too much of sun’s energy or can block excessive amount of sunlight. This may be a problem if you leave in colder places where sunlight is scarce. Also, there can be warranty restrictions, hence it is necessary to check with the window manufacturers and confirm whether addition of window coatings will not void your warranty. These factors are projected to restrain the window coatings market share in the upcoming years.

Advancements in window coatings designed for superior protection are anticipated to generate excellent growth opportunities in the market. For instance, the window films by 3M, leading building window solutions provider, offer enhanced security & safety, increase comfort, and conserve energy. 3M™ Window Films reduce up to 97% of sun’s infrared light and keep your home interior cool. 3M™ Window Films offer high-level protection as these films can hold broken glass together and prevent flying glass shards that may cause injuries. Also, these window coatings strengthen security by mitigating the outside threats such as vandalism, forced entry, or even bomb blasts. 3M window coatings or films help in redirecting the light that can brighten your buildings’ interior. For instance, 3M™ Daylight Redirecting Film can cast the sunlight as far as 40 feet and it is based on micro-replication technology. Light control films, window insulation, and protective films are some of the popular window coatings offered by the company that have attracted large number of customers globally.

Global Window Coatings Market, Segmentation

The global window coatings market is segmented based on product use, end-use industry, and region.

Product Use:

The product use segment is further classified into sun control, decorative, security & safety, and privacy. Among these, the sun control sub-segment is anticipated to have the dominant market share and shall surpass $8,815.1 million by 2028, with an increase from $5,493.2 million in 2020. The sun control window coatings are known for their heat rejection, energy savings, and glare reduction properties. For instance, home or office windows that face the sun, can become overly hot due to direct sunlight that makes sitting in the room uncomfortable. In such cases, sun control films reflect the sun’s harmful rays and keep your room cooler. This also helps in reducing the fading of home furnishings as the sun control window coatings block up to 99% of harmful ultraviolet (UV) rays. They can reduce annoying glare that can cause strain to your eyes.

End-use Industry:

The end-use industry segment is further classified into homes & buildings, automotive, aerospace & aviation, and marine. Among these, the homes & buildings sub-segment is anticipated to have the dominant market share and shall surpass $8,251.7 million by 2028, with an increase from $5,222.3 million in 2020. Window coatings are used in homes & buildings as they add layer of protection and serve as a safety measure especially for residential and commercial buildings. These films can withstand different weather conditions and threats such as riots, terrorism, burglary, and others. These coatings offer uniform and consistent look to your windows that increases the aesthetic value of your home by making your home look appealing and professional to the visitors. In addition, decorative window films are widely preferred in building & construction as they are fast and easy to install.   

Region:

The window coatings market in the Asia-Pacific region is anticipated to witness rapid growth. This region’s market generated a revenue of $4,202.4 million in 2020 and is projected to reach up to $6,759.6 million by 2028. Growth in residential and commercial construction projects across developing economies such as India and China is a major driver to boost the window coatings market demand. Growing population, development of smart cities, and migration of people from rural to urban areas provide significant boost to the construction sector. For instance, as stated in August 2021, in Business Standard, popular news platform, Tata Realty, fastest growing Indian real-estate company, has planned to invest Rs 4,000 crores for the development of residential commercial construction projects. Also, in China, rapid urbanization and development of residential construction projects are fueled by more than 50% of country’s population living in cities. For instance, more than 100 Chinese cities have a population of over 1 million people each. Some of the popular megacities and high-tech urban centers include Shanghai and Shenzhen. 

Key Players in the Global Window Coatings Market

Some of the leading window coatings market players are

  1. 3M
  2. Armolan
  3. Avery Dennison Corporation
  4. Eastman Chemical Company
  5. Garware Suncontrol Film
  6. LINTEC Corporation
  7. Saint-Gobain
  8. Polytronix, Inc.
  9. Purlfrost Ltd
  10. Solar Control Films Inc.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Window Coatings Market:

  • Bargaining Power of Suppliers: There are large number suppliers in window coatings market and buyers are dependent on these suppliers for procuring raw materials. However, the product difference and price margin are moderate. 
    Thus, the bargaining power of suppliers is moderate.
  • Bargaining Power of Buyers: In this market, the concentration of buyers is increasing day-by-day owing to boost in the construction sector. Thus, the buyers are at dominant position with high bargaining power. 
    Thus, buyer’s bargaining power will be high.
  • Threat of New Entrants: The threat of new entrants is moderate as the new players are focusing on bringing innovation at a moderate price to grab significant position in the window coatings industry. 
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: The innovations in window sector with the development of smart windows that offers sun control, safety, security, and other benefits without the requirement of window coatings increase the threat of substitute. However, this technology is relatively new, costly, and not widely implemented. 
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The window coatings market players are focusing on product enhancements, acquisition, and partnership to gain competitive advantage. 
    Therefore, competitive rivalry in the market is high.
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