The global Window Film Market size is expected to reach USD 14.97 billion by 2028, according to a new report by Grand View Research, Inc., registering at a CAGR of 5.1% over the forecast period. The rapidly growing global construction industry is expected to drive the demand for window films. The construction sectors in emerging economies are expected to grow faster than in developed economies. Middle East & Africa is expected to witness significant growth owing to increasing investments in infrastructure and economic development.
Amid the global Covid-19 pandemic, the ongoing construction projects have stalled for a short period of time. Before the pandemic, countries, such as China, India, Indonesia, Malaysia, Thailand, Vietnam, and Brazil, witnessed increased construction activities owing to rapid urbanization and increasing disposable income. Rising awareness, increasing demand for sustainable infrastructure, and increasing construction spending by the governments in these economies are expected to have a positive impact on the market growth over the forecast period.
On account of diversifying the economy of Saudi Arabia from an oil-based economy to a tourism-based economy, the government of Saudi Arabia is investing heavily in infrastructure development and the concept of green building is also gaining popularity, which, in turn, will drive the product demand in Saudi Arabia.
Decorative window film is anticipated to progress at a substantial growth rate over the forecast period. Decorative window films enhance the look of the windows. They help reduce energy costs, eliminate window glare, prevent the fading of carpets & furniture, and add aesthetic values to the buildings. They are widely used in residential and commercial applications, such as conference rooms, offices, curtain wall glass, hallways, and stairways.
Increasing product usage in residential applications, such as bathrooms, entry doors, solariums, and sidelights, and in commercial applications, such as restaurants, hotel foyers, conference rooms, banks, and office portioning, is expected to spur the market growth over the forecast period. Rising window tinting activities on existing windows and stringent regulations for developing green buildings are expected to drive product demand in residential applications.
Related Press Release@ Window Film Market Report
Window Film Market Report Highlights
- The global market was valued at USD 10.22 billion in 2020 and is estimated to grow at a CAGR of 5.1% from 2021 to 2028
- In terms of revenue, the sun control segment accounted for the largest revenue share of over 46% in 2020 and is expected to expand further at a prominent CAGR over the forecast period
- The automotive application segment dominated the global market and accounted for more than 35% of the overall revenue share in 2020
- North America was the dominant regional market in 2020 and accounted for a revenue share of more than 32%
- The regional growth can be credited to the high product demand from the automotive, marine, residential and commercial application segments
- Various strategic initiatives were recorded over the past few years to boost the growth of the market
- For instance, in August 2019, Madico, Inc. announced a new distribution company named Madico Canada for the distribution of window films in Canada. The new entity was formed by the acquisition of Courage Distributing, Inc. and Window Film Systems, which were the Canadian distributors of window films and have distribution centers in British Columbia, Oakville, Richmond, and Ontario