Electrochromic Glass Market - Forecast(2023 - 2028)
Electrochromic Glass Market Overview
The Electrochromic Glass Market size is estimated to reach more than US$2.9 billion by 2027, after growing at a CAGR of 7.5% during the forecast period 2022-2027. The growing demand for electrochromic glass or electrochromic coatings in the construction sector for building panels, mirrors and others acts as a driving factor in the Electrochromic Glass industry. According to Oxford Economics, the global construction output in 2020 accounted for US$10.7 trillion and is projected to grow by 42% to reach US$15.2 trillion between 2020 and 2030. In addition, flourished base for electrochromic glass in the transportation sector, including automotive vehicles for windows, windshields and doors, is fueling growth prospects in the market. Electrochromic glass is a smart glass, which changes its transparency when voltage is passed through it. This electronically tintable glass is used in windows, facades, doors, mirrors, skylights, curtain walls and others. This is why it has strong demand across various sectors. Further, post-Covid-19 pandemic, there is a significant recovery and boost in the demand for Electrochromic Glass for a wide range of applicability and utilization in building & construction, automotive and other sectors.
Electrochromic Glass Market Report Coverage
The “Electrochromic Glass Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Electrochromic Glass Industry.
By Material: Organic (Viologen, Polymers and Reflective Hydride) and Inorganic (Nanocrystal and Transition Metal Oxides).
By Application: Sunglasses, Displays, Mirrors, Windows, Windscreens, Facades and Others.
By End-use Industry: Automotive [Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs)], Medical & Healthcare, Building & Construction (Residential, Industrial, Commercial and Infrastructural), Aerospace (Military, Commercial and Others), Electronics and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of the Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].
- Asia-Pacific dominates the Electrochromic Glass Market, due to growth factors such as flourished construction projects, rising automotive manufacturing and industrialization. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units, respectively, in the 1st quarter of 2022, showing an increase of 140% year-on-year.
- The demand for Electrochromic Glass in the automotive sector is significantly rising due to the preference for applications involving windshields, sunroofs, windows, doors and others, thereby contributing to the Electrochromic Glass market size.
- However, the technical drawbacks of high switching time in electrochromic glass act as challenging factors in the Electrochromic Glass industry.
Figure: Electrochromic Glass Market Revenue Share by Geography, 2021 (%)
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Electrochromic Glass Market Segment Analysis – by Application
The windows segment held a significant share of the Electrochromic Glass market in 2021 and is projected to grow at a CAGR of 6.1% during the forecast period 2022-2027. Electrochromic glass is a form of smart glass, which is widely utilized for applications in windows across major industries, including automotive, aerospace, construction and others to control the heat and light transmitted inside. The construction sector is rapidly growing due to factors such as increasing residential projects, architectural projects and others. According to the Office for National Statistics, the monthly construction output increased by 1.5% in terms of volume in May 2022, marking a rise of 0.3% from April 2022. With the growing scope for the construction sector, the utilization of electrochromic glass or electrochromic coatings in windows is rising, which is anticipated to boost its growth scope for windows application in the Electrochromic Glass market during the forecast period.
Electrochromic Glass Market Segment Analysis – by End-use Industry
The automotive segment held a significant share of the Electrochromic Glass Market in 2021 and is projected to grow at a CAGR of 7.7% during the forecast period 2022-2027. Electrochromic glasses are smart glass or dynamic glass, with growing applications in the automotive sector for vehicle windshields, doors and others. The lucrative growth of the automotive industry is influenced by factors such as rising demand for fuel-efficient vehicles, vehicle electrification and urbanization. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11% while U.S. car production grew by 3.1% in 2021. With robust automotive production, the utilization of electrochromic glass in car windows, windscreens and others is flourishing. This is anticipated to boost the growth scope of Electrochromic Glasses in the automotive sector over the forecast period.
Electrochromic Glass Market Segment Analysis – by Geography
Asia-Pacific dominated the Electrochromic Glass Market in 2021 with a share of up to 44%. The robust growth of electrochromic glass in this region is influenced by rising automotive production, surging construction projects and urbanization trends. The automotive sector is significantly accelerating in APAC due to factors such as rising demand for fuel-efficient vehicles, vehicle electrification and urbanization. According to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022 compared to March 2021. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by 2026. With the robust growth scope for the automotive sector in APAC, the demand for Electrochromic Glass for utilization as electrochromic coatings in doors, windows, doors, windshields and others is rising. This, in turn, is anticipated to boost its growth scope in the Asia-Pacific region over the forecast period.
Electrochromic Glass Market Drivers
Bolstering Growth of the Building & Construction Industry:
Electrochromic Glass has growing demand in the building & construction industry for applications in skylights, mirrors, doors, partitions and others. The construction sector is significantly growing due to factors such as rising trends for residential projects, infrastructural development and urbanization. According to International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 8.6% between 2022 and 2030. According to the International Trade Administration (ITA), the projected construction value in Mexico saw growth from US$72.89 billion in 2021 to US$82.56 billion in 2022. With the robust scope for the construction sector, the utilization of electrochromic coatings in residential building structures, facades and others is increasing, which, in turn, is driving the Electrochromic Glass industry.
Growth of the Aerospace Sector:
Electrochromic Glass is a form of dynamic glass and has growing applicability in the aerospace sector for windows, doors and others to control the heat and light transmitted inside. The aerospace sector is significantly growing due to growth factors such as rising air traffic, demand for aircraft and established production base. According to the International Air Transport Association (IATA), the revenue for commercial airlines in North America is estimated to grow by 1.9% in 2022 over the previous year. According to the Boeing Market Outlook (BMO), the aerospace industry accounted for US$9 trillion in 2021, up from US$8.5 trillion in 2020. With the surging aerospace production, the utilization of electronically tintable glass for windows, doors, electrochromic coatings and others is growing, which, in turn, is driving the global Electrochromic Glass industry.
Electrochromic Glass Market Challenges
Technical Drawbacks Associated with Electrochromic Glass:
The technical drawbacks associated with Electrochromic Glass such as delay in time switching and lack of 100% opaqueness properties act as growth restraining factors. These glasses block only 98% of light and heat and create a time delay in switching up to several minutes to change the state. Further, the availability of other alternatives such as smart tint, sandblasting and others also act as a challenge in the electrochromic glass market. Due to such factors, the Electrochromic Glass market anticipates a major slowdown.
Key Market Players
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electrochromic Glass Market. The 10 companies in the Electrochromic Glass Market are:
- SAGE Electrochromics, Inc.
- Chromogenic AB
- Magna Glass & Window, Inc.
- Guardian Industries
- PPG Industries
- View, Inc.
- Asahi Glass Company
- Gentex Corporation
- Hitachi Chemical Co. Ltd
- In May 2022, PPG and Meta Materials Inc. announced an MOU for the development of electrochromic formulation applications in ophthalmic optics in the extended reality, thereby offering superior solutions in the market.
- In April 2021, SageGlass, a global leader in the Electrochromic Glass market was chosen by Bagmane Group to create 200,000 square feet of SageGlass Harmony Electrochromic Glass for a 1.6 million square foot office development.
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1. Electrochromic Glass Market - Market Overview
1.1 Definitions and Scope
2. Electrochromic Glass Market - Executive Summary
2.1 Key Trends by Material
2.2 Key Trends by Application
2.3 Key Trends by End-use Industry
2.4 Key Trends by Geography
3. Electrochromic Glass Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Electrochromic Glass Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Electrochromic Glass Market – Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Electrochromic Glass Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porter's Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Electrochromic Glass Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Electrochromic Glass Market – by Material (Market size – US$ Million/Billion)
8.1.3 Reflective Hydride
8.2.2 Transition Metal Oxides
9. Electrochromic Glass Market – by Application (Market size – US$ Million/Billion)
10. Electrochromic Glass Market - by End-use Industry (Market Size - US$ Million/Billion)
10.1.1 Passenger Vehicles (PVs)
10.1.2 Light Commercial Vehicles (LCVs)
10.1.3 Heavy Commercial Vehicles (HCVs)
10.2 Medical & Healthcare
10.3 Building & Construction
11. Electrochromic Glass Market - by Geography (Market Size - US$ Million/Billion)
11.1 North America
11.1.1 The USA
11.2.1 The UK
11.2.5 The Netherlands
11.2.8 The Rest of Europe
11.3.4 South Korea
11.3.5 Australia and New Zealand
11.3.9 The Rest of APAC
11.4 South America
11.4.5 The Rest of South America
11.5 The Rest of the World
11.5.1 The Middle East
188.8.131.52 Saudi Arabia
184.108.40.206 The UAE
220.127.116.11 The Rest of the Middle East
18.104.22.168 South Africa
22.214.171.124 The Rest of Africa
12. Electrochromic Glass Market – Entropy
12.1 New Product Launches
12.2 M&As, Collaborations, JVs and Partnerships
13. Electrochromic Glass Market – Industry/Competition Segment Analysis Premium
13.1 Company Benchmarking Matrix – Major Companies
13.2 Market Share at Global Level - Major companies
13.3 Market Share by Key Region - Major companies
13.4 Market Share by Key Country - Major companies
13.5 Market Share by Key Application - Major companies
13.6 Market Share by Key Product Type/Product category - Major companies
14. Electrochromic Glass Market – Key Company List by Country Premium Premium
15. Electrochromic Glass Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10 and more
* "Financials would be provided to private companies on best-efforts basis."
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