Electrochromic Materials Market: Highlights
- Electrochromic materials undergo reversible changes in optical absorbance upon electrically induced oxidation and reduction. Devices comprising these materials require an initial electrical stimulus sufficient to induce a change in oxidation state, rather than a constant stimulus to sustain emission.
- Electrochromic materials can change their properties under the influence of an electrical voltage or current. Different classes of materials such as transition metal oxides, conjugated polymers, metal-coordinated complexes, and organic molecules exhibit this behavior. The color change is persistent; therefore, the electric field needs to be applied to initiate the switching, allowing for applications such as low-energy consumption displays, light-adapting mirrors in the automobile industry, and smart windows for which the amount of transmitted light and heat can be controlled.
- Electrochromic materials are primarily used in applications such as automobile rearview mirrors, smart windows, displays, and defense
Key Drivers of Electrochromic Materials Market
- Extensive growth in the automotive industry, particularly in Europe, is expected to drive the electrochromic materials market during the forecast period. Advancements in production and management systems have revolutionized the automobile industry over the last decade.
- Increase in usage of electrochromic materials in various end-use industries is also propelling the electrochromic materials market
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Electrochromic Materials Market: Key Application Segment
- Based on application, the global electrochromic materials market can be divided into automobile rearview mirrors, smart windows, displays, defense, and others
- The automobile rearview mirrors segment is projected to account for significant share of the global electrochromic materials market by 2027. The segment is estimated to expand at a healthy pace during the forecast period.
- The automotive industry in India produced 30,915,420 vehicles (including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles) in April–March 2019 as against 29,094,447 in April–March 2018, registering a growth of 6.26% over the same period in the last year. This increase in automotive production is estimated to boost the demand for electrochromic materials during the forecast period.
- Expanding at a healthy growth rate, the smart window segment is projected to create significant incremental opportunity during the forecast period. Demand for electrochromic materials in other applications is likely to remain moderate to high across different regions in the near future.
Asia Pacific to be Prominent Region of Electrochromic Materials Market
- In terms of region, the global electrochromic materials market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The electrochromic materials market in Asia Pacific is expected to expand continuously during the forecast period. It is anticipated to be followed by Europe. Growth in automotive and construction sectors in countries such as India and China has significantly boosted the market in Asia Pacific. Rise in concerns about energy savings and significant interest among consumers regarding adoption of new technologies, particularly in automotive and construction industries, are propelling the demand for smart materials in the region.
- Increase in global concerns about environmental effects and growth in penetration of global manufacturers along with the innovative and high standard products are also driving the demand for smart materials in Asia Pacific. This, in turn, is augmenting the electrochromic materials market in the region.
- The electrochromic materials market in North America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
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Key Manufacturers in Market
The global electrochromic materials market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- GENTEX CORPORATION
- EControl-Glas GmbH & Co. KG
- PPG Industries, Inc.
- GSI Technologies
- Ningbo Miro Electronic Technology
- Zhuhai Kaivo Optoelectronic Technology
- Changzhou Yapu Smart Variable Color Optics
- Asahi Glass Co
- Hitachi Chemical
- Nikon Corp