Electrochromic Materials Market size is forecast to reach $3.8 billion by 2025, after growing at a CAGR of 12.3% during 2020-2025. With rise in the consumption of glass and films in different end use industries, is witnessing an increase in demand for Electrochromic materials market. Growing public interest towards UV-light radiation resistant glass and films will further enhance the overall market demand for Electrochromic Materials during the forecast period.
- Asia-Pacific dominates the Electrochromic materials market owing to increasing automotive production and significant boost in the construction industry in the region.
- The growing popularity glass and films in different end use industries, is likely to aid in the market growth of Electrochromic materials.
- Smart glass is extensively used for sunroofs that offer cost-saving benefits and provide superior control over light and heat emission in the vehicles, will increase the market demand for electrochromic materials in the near future.
- Most of the electrochromic windows are fabricated using synthetic electrolytes which require an external power source and are also not always environmental-friendly which will create hurdles for the Electrochromic materials market.
- COVID 19 pandemic will create small hurdles for the electrochromic materials market.
Application – Segment Analysis
Automobile Rearview mirrors holds the largest market share in the applications of Electrochromic materials market, as rearview mirrors are used in almost all types of vehicles. Due to absence of effective alternatives manufacturer cannot leave it during the manufacturing process. Larger population countries such as US, Russia, China, India and others around the globe are the biggest market for electrochromics materials, as these electrochromics materials were used mostly in rearview mirrors so, in these larger population countries, their exist larger roadways networks as no. of vehicles in these countries are very high and as the number of vehicles will increase the market for eletrcochromic will automatically grow.
End Use – Segment Analysis
Automotive industry holds the largest market share in the electrochromic materials market, as they were used for rear view mirrors, display glasses and others. The automotive glass market is projected to grow at a robust rate, which, in turn, is expected to boost the demand for electrochromic materials over the forecast period. Rise in concerns about energy savings and significant interest among consumers regarding adoption of new technologies, particularly in automotive and construction industries, are propelling the demand for smart materials in the region. An electrochromic rear-view mirror is one that automatically dims when it senses light from behind the car, thereby reducing glare that can create vision problems for those driving at night
Geography – Segment Analysis
APAC has dominated the Electrochromic materials market, owing to the increasing automotive production and significant boost in the construction industry in the region. According to the production statistics 2019 of OICA (International Organization of Motor Vehicle Manufacturers) APAC had produced the most no. of vehicles in the world, owing to this, APAC had also used the most no. of electrochromic materials for rearview mirrors in the vehicles. Whereas demand for other applications such as smart glass windows is likely aid, the electrochromics materials market. Electrochromic glass is a smart solution for buildings in which solar control is a challenge, including classroom settings, healthcare facilities, commercial offices, retail spaces, museums and cultural institutions.
Drivers – Electrochromic Material Market
- Rise of demand in the Global Market
Electrochromic materials market is witnessing increase in demand around the globe because of its wide applications. Increasing IT Industries or corporates in the developing countries such as India, are the major market for the electrochromic materials. Whereas countries such as japan where natural calamities regularly occurs are also the major markets which are driving the market growth of Electrochromic materials market. Traditional sun shading is supported by sun visors in the front seat, spider nets that cover the back seats and rear windshield, and a retractable shade over the sunroof or moonroof overhead.
- Growing demand in automotive industries for usage in different applications
Smart glass is extensively used for sunroofs that offer cost-saving benefits and provide superior control over light and heat emission in the vehicles, will increase the market demand for Electrochromic materials in the near future. Intelligent Glass Control uses special films that are integrated into the glass and change their degree of translucency on the basis of electrical control signals. Smart windows have traditionally been used for panoramic sunroofs. The effectiveness of adaptive camera systems can also be improved thanks to Intelligent Glass Control. Adaptive camera systems are vital components for a wide range of autonomous driving functions and, if they are positioned close to the inside mirror, their function can be impaired when the sun is low in the sky.
Challenges – Electrochromic Material Market
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing electrochromic materials. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including manufacturing sector have slower down the demand of goods’ production and exports of Electrochromic materials market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electrochromic materials market. In 2019, the market of electrochromic materials has been consolidated by the top five players accounting for xx% of the share. Major players in the Electrochromic materials Market are Gentex Corporation, Sage Glass (Saint-Gobain), View Inc., ChromoGenics AB, AGC Inc., Hitach Chemical co.ltd., Gesimat among others.
- In October 2019, AGP Group, one of the world’s leading glazing manufacturers, opened its automotive glazing plant in Belgium for producing panoramic roofs with electrochromic glass. This trend indicates a growing market for electrochromic glasses in automotive applications.