Dublin, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The "Electrochromic Materials Market Report" report has been added to ResearchAndMarkets.com's offering.
The global 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 rising construction industry and its developments are expected to increase the demand for electrochromic materials in smart glass windows application that is further anticipated to boost the electrochromic materials market in the projected period.
Furthermore, rising technological advancement and increasing the use of smart glass windows in airplanes are anticipated to boost the use of smart glass windows in the upcoming years. For instance, the rising use of the Boeing 787 Dreamliner aircraft that uses electrochromic windows and requires the darkening of an outside power source will drive the demand for smart glass windows which will further boost the electrochromic materials market growth.
Also, as a promising color display technology, electrochromic displays have been the subject of extensive research. Nanocavity structures are used for the latest state-of-the-art inorganic multicolor electrochromic displays that sacrifice clarity and thereby limit their diverse applications.
Due to COVID-19 palindrome, 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 construction have been notably impacted.
Electrochromic Materials Market Drivers
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.
Electrochromic Materials Market Challenges
Draw back in conventional materials and their High processing cost
The advantages of electrochromic windows are yet to be realized on a scale, as conventional materials suffer considerable expense, durability and functionality drawbacks. Current commercial electrochromic windows are mostly used as active material by thin films of transition metal oxides. These films are usually grown using expensive physical vapor processes such as sputtering or evaporation, suffer from material deterioration associated with repeated ion intercalation, and adopt dark, distinct colors in their tinted state, simultaneously blocking both visible and NIR light. Hence, conventional electrochromic fall short of the ideal smart window and have struggled to achieve widespread adoption due to the above-mentioned factors and thus it is anticipated to restrain the growth of the electrochromic materials market during the forecast period.
Electrochromic Materials Market Landscape
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.
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.
Key Topics Covered:
1. Electrochromic Materials Market- Market Overview
1.1 Definitions and Scope
2. Electrochromic Materials Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Material
2.3 Key Trends by Application
2.4 Key Trends by End Use
2.5 Key Trends by Geography
3. Electrochromic Materials Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Electrochromic Materials Market- Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes
5. Electrochromic Materials Market-Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors Analysis
6. Electrochromic Materials Market- By Material (Market Size -$Million)
6.1 Metal Oxides
6.3 Conducting Polymers
6.4 Prussian Blue
7. Electrochromic Materials Market- By Application (Market Size -$Million)
7.1 Automotive Rear View Mirrors
7.2 Smart Glass Windows
8. Electrochromic Materials Market- By End Use (Market Size -$Million)
8.1 Automotive and Transportation
8.2 Electrical and Electronics
8.3 Building and Construction
8.4 Aerospace and Defense
9. Electrochromic Materials Market- By Geography (Market Size -$Million)
9.1 North America
9.2 South America
9.2.4 Rest of South America
9.3.9 Rest of Europe
9.4 Asia Pacific (APAC)
9.4.3 South Korea
9.4.8 Rest of APAC
9.5 Rest of World
9.5.1 Middle East
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
10. Electrochromic Materials Market- Entropy
10.1 New Product Launches
10.2 M&A's, Collaborations, JVs and Partnerships
11. Electrochromic Materials Market- Company Analysis
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