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NEW YORK, May 07, 2019 (GLOBE NEWSWIRE) -- The global solar control films market is likely to expand from USD 780.6 million in 2017 to USD 1,658.5 million by 2024, witnessing a CAGR of 11.5% over the forecast period. The growth can be primarily attributed to the growing use of solar control films over other alternatives coupled with the reduction in energy cost and carbon footprint. Moreover, significant surge in the real estate as well as infrastructural developments in the emerging economies are further expected to propel the market demand over the forecast period.
Solar control film helps in reducing the power consumption and cost associated with it. These films work on the principles of radiation and convection respectively, to reduce the heat flow. Hence, it helps in reducing the number of units of electricity consumed by the air conditioner. Solar control films offer effective solutions for controlling the excessive temperature during the summer. These films have the ability to block the infrared radiations as well as heat without affecting the natural light and maintaining the inside temperature.
Key findings from the report:
Automotive segment driving the demand for the global market
Solar control films find application across various industries, such as building & construction, marine, graphic, and automotive. The automotive segment accounted for the largest share of the global market in 2017, and the trend is expected to continue over the coming years. The ability of solar control films to protect the automobile interiors from fading, along with maintaining internal environment has fueled the demand from automotive industry. It also saves fuel consumption, which further reduces the carbon emission.
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Solar control films market - Regional insight
Solar controls films have a critical role in climate change initiatives across the world, as these films are a proven energy conservation technology that offers environmental sustainability and business benefits. Asia-Pacific dominated the global market for solar control films in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing infrastructural developments along with the growing automotive industry in the region. Also, considerable rise in the construction activities across the region are further expected to propel the market demand over the forecast period.
The report segments solar control films market on the basis of type, absorber type, application, and region.
By Type
By Absorber Type
By Application
By Region
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