Electrochromic Glass Market - Forecast(2023 - 2028)

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. 

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)].

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.

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.

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 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.

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.

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.

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: