NEW YORK, Oct. 24, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the solar control films market accounted for $728.4 million, and it is set to hit a $1,283.8 million value by 2030, advancing at a 6.5% CAGR from 2021 to 2030. This is because of the growing real estate development, surging awareness of solar control films' benefits over glass that merely reflects the sun's rays, and increasing focus on lowering the carbon footprint and energy costs.
The real estate industry has traditionally leaned on solar control window glass to lessen solar radiation. However, due to their significantly higher solar reduction rate, excellent safety, and stronger security, solar control films are rapidly substituting solar control window glass.
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Vacuum Films Are in High Demand
The vacuum category holds an over 40% share in the market, and it is predicted to advance at a high pace in the coming years. This is due to the surge in its application in the automotive sector, as such films reflect most of the solar radiation, thus keeping the interior cooler than other films.
Construction Industry Offers Growth Opportunities
The construction industry accounts for an over 52% revenue share, owing to the rising adoption of such materials in residential and commercial buildings. The fast infrastructure development in emerging economies, including India, China, Malaysia, South Africa, and Brazil, influences the demand for solar control films.
The demand for these materials will essentially grow as the construction industry uses more glass than any other sector. In this regard, due to the significant investments in residential and commercial buildings, including corporate parks, housing societies, malls, and office buildings, this sector's demand for solar control films continues to boom.
Carbon Footprint and Energy Cost Reduction Is Major Driver
One of the key factors that influence the market's growth is the rising demand for reducing the carbon footprint and energy expenditure, as the surging electricity usage and energy costs are major concerns worldwide.
To reduce heat transmission, solar control films offer options for regulating sunlight to some amount. This lessens the strain on heating and cooling systems, thus decreasing the carbon emissions and energy expenses.
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APAC Region Witnesses Highest Product Sale
In the past, the APAC market held a more than 38% revenue share, and the revenue contribution of the region will advance significantly in the next few years. This is ascribed to the snowballing construction funding and hot weather in many parts of the region.
The second-largest solar control films market is North America, due to the booming automobile sector. Additionally, the recovery of the economy and the lender-friendly policies are fueling the growth of the construction sector, which has led to a resurgence in the demand for residential spaces.
Solar Control Films Market Report Coverage
By Type
- Vacuum
- Clear
- Dyed
By Application
- Automotive
- Construction
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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