The increasing demand of electrochromic materials in automotive and construction sector especially in developing countries of Asia-Pacific region is expected to drive the market growth during the forecast period 2020-2025. Electrochromic Materials Market size is forecast to reach $1,910.3 million by 2025, after growing at a CAGR of 6.9% during 2020-2025.

With the rise in glass and film consumption in various end-use industries, the market for electrochromic materials is experiencing an increase in demand. Over the projected period, growing public interest in UV-light radiation tolerant glass and films would further boost overall industry demand for electrochromic materials. Furthermore, the stringent CO2 regulations in various countries are pushing hard the automobile manufacturers to manufacture light-weight vehicles with better energy performances, which are influencing electrochromic materials market and are estimated to overall increase the growth of the electrochromic materials industry over the forecast period.

The production and demand in top countries for electrochromic materials is expected to boom over the next five years. In terms of market value, metal oxide materials is the dominant type, accounting for the largest share with 43% in the electrochromic materials market in 2019. Metal oxides are commonly used in the literature as thin films, primarily due to their photochemical stability. Cerium, chromium, cobalt, copper, iridium, iron, manganese, molybdenum, nickel, niobium, palladium, praseodymium, rhodium, ruthenium, tantalum, titanium, tungsten, and vanadium oxides of the following transition metals are electrochromic. As they alter their optical transmittance upon charge injection or extraction, many transition metal-oxide films exhibit an electrochromic (EC) effect. These materials may be inserted into multilayer structures, and a slight electrical voltage is then applied to achieve optical modulation. Therefore, electrochromic films are being developed for use in complex or "smart" windows that are at the forefront of new developments in energy saving in building technology.

The electrochromic (EC) materials are extensively employed in the manufacturing of automotive rear-view mirrors, owing to the several benefits that it offers over conventional rear-view mirrors such as enhanced transparent view, elimination of manual adjustment, and more. An electrochromic rear-view mirror automatically dims after sensing light from behind. And this helps to reduce glare while driving, due to which the demand for electrochromic rear-view mirrors are on an upsurge in the automotive industry. According to OICA, in the APAC region the production of light commercial vehicles has increased by 10.2 % in 2018. Thus, with the increasing automotive production, the demand for automotive components such as automotive rear-view mirror will also substantially rise, which will then propel the electrochromic materials market growth in this application during the forecast period.

Europe dominated the electrochromic materials market with a share of 33% in 2019 and is projected to dominate the market during the forecast period (2020-2025). In Europe, the trend towards electrochromic materials is likely to continue in the automotive and transportation, building and construction, and aerospace and defense systems. Germany, France, and the U.K., are the dominating countries for the electrochromic materials market in European region. According to the office for National Statistics, monthly construction production in Great Britain increased by a record of 23.5 percent in June 2020, significantly higher than the previous record monthly growth of 7.6 percent in May 2020. Also, according to the International Trade Administration, recorded sales revenue for the French aerospace industry increased to EUR 74.3 billion in 2019, a rise of 13 percent compared to 2018. Approximately 84% of its consolidated turnover was exported by the aerospace and defence industry, with the civil sector accounting for 73% of revenues. Overall, orders in 2019 were up marginally, to EUR 61.9 billion. Thus, growing development in various end use sectors in this region will further drive the market for electrochromic materials in the forecast period.

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Electrochromic Materials Market Growth Driver
  • Increasing adoption of nanoparticles in electrochromic materials 
Electrochromic materials at nanoscale offer higher efficiency and chromatic contrast, low switching times and high possibility of color tuning. The nanomaterials have high potential to augment the electrochromic smart window efficiency, speed and durability. However, the nano particle varies in size, shape and surface defects but heterogeneity contributes to particle-dependent electrochromic properties. Moreover, to make the smart windows more esthetically and advanced the manufacturers are adopting electrochromic material infused with nano properties such as ZnO nanowire array modified by violin and WO3, crystalline WO3 nanoparticles and nanotubes, mesoporous WO3 and TiO2, poly(3,4-ethylenedioxythiophene) nanotubes, blue nanotubes and nanostructures in switchable mirrors. These nano materials significantly have enhanced the properties of electrochromic material resulting in faster switching responses, higher stability and higher optical contrast when incorporated into smart windows. Thus, the growing use of advanced materials such as nanoparticles in the electrochromic materials will tend to increase the market growth of electrochromic materials over the forecast period.

  • The development of low-cost electrochromic materials
Low-cost single molecular electrochromic (EC) materials with low toxicity are suitable for EC displays and photonic devices. EC phthalate-based materials, an inexpensive class of benzoate materials with relatively simple molecular structure, are engineered and prepared. Also, the devices have a strong memory effect, the ability to undergo several color changes and improved stability, depending on the scale of the conjugated bridge between the two sides of the molecule. The manufactured EC equipment based on polyaromatic esters has a low driving voltage (−2.6 V), thus making such materials a promising commodity for the smart window markets as they make end product more affordable and reasonable in terms of price. The growing development of low-cost electrochromic materials will boost the electrochromic materials market in the forecast period.

The Major Players in this Market Include
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 ten players accounting for 65.4% of the share. Major players in the electrochromic materials market are Gentex Corporation, Saint Gobain, View, Inc., ChromoGenics, AGC, Inc., Changzhou Yapu New Materials Co. Ltd., Magna Glass and Window Company Inc., Econtrol-Glass Gmbh& Co. KG, Nikon Corporation, and Zhuhai Kaivo Optoelectronic Technology Co. Ltd. among others.

Acquisition/Product Launches
  • In June 2020, AGC, Inc., has launched its light control glass, 'WONDERLITETM Dx', that is adopted for the panoramic sunroof of Toyota's new Harrier. 

Furthermore, the impact of COVID-19 will have a ripple effect on the electrochromic materials market, as the industries it serves continue to be negatively impacted. For electrochromic materials, customer shutdowns, record declines in consumer spending, and lack of capital expenditures are trends all having a negative impact on the markets. Within the broad scope of industrial segments, markets related to automotive and aerospace have been notably impacted. At this critical juncture, various manufacturers are focused on what be the ‘new normal’ will look like. Also, the global crisis for all sectors including manufacturing sector have slowed down the demand of goods’ production and exports of electrochromic materials market. 

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