Electrochromic Materials Market by Application and Geography - Forecast and Analysis 2022-2026

The electrochromic materials market share is expected to increase by USD 4.02 billion from 2021 to 2026, at a CAGR of 20.11%.

This electrochromic materials market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electrochromic materials market segmentation by application (smart windows, displays, and others) and geography (North America, Europe, APAC, South America, and MEA). The electrochromic materials market report also offers information on several market vendors, including Ashwin Ushas Corp., Changzhou Spectrum New Material Co. Ltd., ChromoGenics AB, Compagnie de Saint Gobain SA, Gentex Corp., Giner Inc., iGlass Technology Inc., Ricoh Co. Ltd., View, Inc., and Ynvisible Interactive Inc. among others.

What will the Electrochromic Materials Market Size be During the Forecast Period?

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Electrochromic Materials Market: Key Drivers, Trends, and Challenges

The increased usage in the automobile industry is notably driving the electrochromic materials market growth, although factors such as drawbacks in conventional materials and their high processing cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electrochromic materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Electrochromic Materials Market Driver

Increased use in the automobile industry is one of the key factors driving the global electrochromic materials market growth. Smart glass is often used for sunroofs, which give improved control over light and heat emission while decreasing air-conditioning unit use by controlling the car's cabin temperature. This lowers the vehicle's cooling and lighting expenses. Moreover, the development of electric cars may gain traction in the next years, particularly in Europe, China, and the US, wherein several government initiatives are supporting a shift away from fossil fuels due to different environmental concerns. Such factors are expected to positively impact the growth of the market in focus during the forecast period.

Key Electrochromic Materials Market Trend

Another key factor driving the global electrochromic materials market growth is the increasing adoption of nanoparticles in electrochromic materials as they provide better efficiency, chromatic contrast, short switching times, and a wide range of color tuning options. Furthermore, to improve the aesthetics and functionality of smart windows, manufacturers are using electrochromic materials infused with nano properties such as zinc oxide (ZnO), nanowire array modified by violin and tungstic anhydride (WO3), crystalline WO3 nanoparticles and nanotubes, mesoporous WO3, titanium dioxide (TiO2), poly(3,4-ethylene dioxythiophene) nanotubes, blue nanotubes, and nanostructures in switchable mirrors. When these nanomaterials are integrated into electrochromic materials, they greatly improve their characteristics, which is expected to support the electrochromic materials market growth in the coming years.

Key Electrochromic Materials Market Challenge

One of the key challenges to the global electrochromic materials market growth is the drawback in conventional materials and their high processing cost. The benefits of electrochromic windows have yet to be exploited on a large scale, as traditional materials have a high cost, durability, and functionality limitations. Thin sheets of transition metal oxides are employed as active materials in commercial electrochromic windows that are formed using costly physical vapor techniques such as sputtering or evaporation. They suffer from material degradation due to repetitive ion intercalation, assume dark, unique hues in their tinted state, and block visible and NIR light. Hence, traditional electrochromic fall short of the ideal smart window, which will hamper its adoption in the key end-use industries, thereby limiting the growth of the electrochromic materials market during the forecast period.

This electrochromic materials market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global electrochromic materials market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electrochromic materials market during the forecast period.

Who are the Major Electrochromic Materials Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Ashwin Ushas Corp.
• Changzhou Spectrum New Material Co. Ltd.
• ChromoGenics AB
• Compagnie de Saint Gobain SA
• Gentex Corp.
• Giner Inc.
• iGlass Technology Inc.
• Ricoh Co. Ltd.
• View, Inc.
• Ynvisible Interactive Inc. 

 

This statistical study of the electrochromic materials market encompasses successful business strategies deployed by the key vendors. The electrochromic materials market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.

Product Insights and News

• Ashwin Ushas Corp. - The company offers electrochromic sunglasses and goggles which can  automatically switch to different shades of darkness in response to ambient light in less than 2 seconds

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The electrochromic materials market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Electrochromic Materials Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the electrochromic materials market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global specialty chemicals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Electrochromic Materials Market?

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34% of the market's growth will originate from North America during the forecast period. The US is the key market for electrochromic materials in North America. Market growth in this region will be faster than the growth of the market in South America and MEA.

The significant increase in the demand for smart glass owing to its usage in automobile windows and the presence of the world's fastest-growing economies such as the US will facilitate the electrochromic materials market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 adversely affected the economies of various countries in North America, particularly the US. The lockdowns in various nations, including the US, Canada, and Mexico led to the closure of production facilities, which negatively impacted the expansion of the electrochromic materials industry in the region. However, in the first half of 2021, with the gradual decrease in the number of COVID-19 cases, lockdowns were lifted, which led to the reopening of factories, industries, and manufacturing units. This has increased the sales of automobiles, which is expected to positively impact the regional electrochromic materials market during the forecast period.

What are the Revenue-generating Application Segments in the Electrochromic Materials Market?

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The electrochromic materials market share growth by the smart windows segment will be significant during the forecast period. The growth is attributed to the high demand for smart windows to manage lighting, temperature, and privacy in homes, companies, and institutions such as hospitals as they give cleaner settings and more distinct degrees of control than manual alternatives such as blinds, curtains, shades, and doors.

This report provides an accurate prediction of the contribution of all the segments to the growth of the electrochromic materials market size and actionable market insights on post COVID-19 impact on each segment.

 

Electrochromic Materials Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 20.11%
Market growth 2022-2026	$ 4.02 billion
Market structure	Fragmented
YoY growth (%)	16.05
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 34%
Key consumer countries	US, China, Germany, UK, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Ashwin Ushas Corp., Changzhou Spectrum New Material Co. Ltd., ChromoGenics AB, Compagnie de Saint Gobain SA, Gentex Corp., Giner Inc., iGlass Technology Inc., Ricoh Co. Ltd., View, Inc., and Ynvisible Interactive Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Electrochromic Materials Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive electrochromic materials market growth during the next five years
• Precise estimation of the electrochromic materials market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the electrochromic materials industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of electrochromic materials market vendors

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