Electrochromic Materials Market, Trends & Analysis - Forecasts To 2025 By Type (Polymers, Nanocrystals, Viologens), By Application (Windows, Mirror, Display), By End users (Construction, Transportation, Retail, Hospitality, Defense), By Region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa); Vendor Landscape, and Company Market Share Analysis & Competitor Analysis - Global Market Estimates
Electrochromic Materials Market Insights
The electrochromic materials market is expected to grow at a high CAGR during the forecast period. Technically, it is an amalgamation of chromogenic materials which responds to heat and light intensity and alters its transparency accordingly. In the electronics industry, it is commonly known as dynamic glass which offers various benefits such as control, on-demand privacy and energy efficiency. Electrochromic materials possess various properties such as evocation, bleaching of color and change affected either by sufficient electrochemical potential or by electron transfer process. Material or glass can change its property from transparent to translucent, blocking some wavelengths of light and heat intensities. Technological advancement is expected to boost the demand for electrochromic material in various applications such as hospitals, internet of things and others. Increasing number of manufacturing bases or plants across the region is expected to boost the growth of the market over the forecast period.
Other factors expected to boost the market is increasing automotive production and a significant increase in building and construction industry across the region. However, there are some restraints which are creating barriers to the growth of markets such as lack of awareness about the material amongst the architects and builders, high cost of electrochromic materials and slower responsiveness to bigger glass surfaces as compared to the smaller sized glasses are some of the key factors restraining the growth of the market.
Electrochromic Materials Market: By Type
The electrochromic materials market can be segmented based on basis of type into transition metal oxides, polymers, Nanocrystals, reflective hydrides, and viologens. Viologens is the recent development in the electrochromic materials market. Various big players such as Gentex are using this material for rearview mirrors and windows. Growing automotive production manufacturers have boosted the demand for viologens in the market.
Electrochromic Materials Market: By Application
The electrochromic market can be segmented based on the application type into windows, mirrors, and displays. The automobile rearview mirror segment is anticipated to be the largest contributor to the market revenue share. Consumption volume for the segment is contributing more than half of market share and is expected to hold its dominance during the forecast period. Some of the factors which are driving the growth of the market are increasing demand for automobiles, growing business and construction industry.
Electrochromic Materials Market: By End User
Based on the End User segment the electrochromic materials market can be divided into construction, transportation, retail, hospitality, defense, and other industries. Presently transportation industry holds the largest market share in terms of volume and value. The reason behind such growth is increased automobile manufacturing plants. In the transportation industry, electrochromic material is used in rearview mirror, windows, sunroofs, and doors. The growing market share of electrochromic material in the transportation industry is owed to various properties that material possesses such as change, evocation, and bleaching of color. The material is mostly used for the manufacturing of sunroofs which provides good control over light and heat emission and also offer cost saving benefits.
The construction industry is estimated as the second highest growing sector after transportation. It is anticipated that growing concerns about energy savings amongst the people for adopting new technologies will boost the market for electrochromic material in the industry during the forecast period.
Electrochromic Materials Market: Regional Insights
North America is dominating the electrochromic materials market, with the U.S. contributing its majority share. North America was accounted as the largest region in terms of market revenue share for electrochromic materials market. The region's dominance can be attributed to the various factors one of them being the presence of a large number of key automobile manufacturers in the region. Other factors boosting the market growth in the region are growing construction industries, rising concerns about environmental effects and various government initiatives to increase the investments in order to come up with innovative and high standard products are fueling the growth in the region.
The Asia Pacific market for the electrochromic material is projected to witness strong growth during the forecast period. Factors behind this growth are growing automotive and construction industry in countries such as China, Japan, and India with regular investments by both public and private party to come up with an innovative product. It is expected that the region will grow at a high CAGR during the forecast period.
Electrochromic Materials Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase electrochromic material over the coming years. Some companies which are currently using electrochromic material and are likely to use in the future are Ford Motors, Hyundai, Jeep, Toyota, Honda, and others.
Electrochromic Materials Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Electrochromic Materials Market: Share & Competitor Analysis
Some of the key players operating in the electrochromic materials markets are SAGE Electrochromics, RavenBrick LLC, Asahi Glass Company, Gentex Corporation, Magna Glass and Window, PPG Industries, Guardian Industries, ChromoGenics AB, and View, Inc.
Please note: This is not an exhaustive list of companies profiled in the report.
In 2018, ChromoGenics AB a Swedish company has signed an agreement with Regal Forvaltning AB to deliver converlight dynamic glass.
In September 2018 Audi e-tron will be the first model which will feature vehicle integrated toll module technology, which will allow the car to communicate and interact with its environment. They have already placed an order to the Gentex Corporation.
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The global Electrochromic materials market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Electrochromic materials market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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