Global Electrochromic Materials Market Size, Share & Trends Analysis Report, By Material, By Application, By End Use, By Region Forecasts, 2024 – 2032

Global Electrochromic Materials Market Size, Share & Trends Analysis Report, By Material, By Application, By End Use, By Region Forecasts, 2024 – 2032

Global Electrochromic Materials Market was valued at US $ 4.02 billion in 2023 and is expected to reach US $ 8.10 billion by 2032 growing at a CAGR of 20.11 % during the forecast period 2024 – 2032.

Electrochromic materials are substances that change color in response to an electrical stimulus. This phenomenon occurs due to the movement of ions or electrons within the material, which alters its optical properties such as color or transparency. Electrochromic materials are used in various applications, including smart windows, electronic displays, and automotive rearview mirrors. Electrochromic materials can be organic, inorganic, or hybrid materials. Organic electrochromic materials often consist of conjugated polymers or small organic molecules with delocalized π-electron systems. Inorganic electrochromic materials include metal oxides, such as tungsten oxide or nickel oxide. Electrochromic materials undergo reversible redox reactions when exposed to an electric field or voltage. For example, in the case of tungsten oxide, the material can be oxidized or reduced depending on the applied voltage, leading to a change in color from transparent to blue or yellow.

Growing automotive demand is one of the key factors propelling the global electrochromic market's expansion. The automotive sector represents a sizable and potentially lucrative market for electrochromic film and glass. These days, these lenses are used in a growing number of windows, doors, sunroofs, and rearview mirrors to better regulate heat gain and emission. This also reduces the cost of lighting and cooling the cars. Furthermore, during the coming years, technological advancements in electric car technology are expected to gain momentum, potentially originating from Europe, China, or America (refer to the table above). Furthermore, smart glasses made of electrochromic materials are installed in electric vehicles. Thus, throughout the course of the forecast period, a further factor contributing to the growing demand for electrochromic materials will be the steady increase in the manufacturing of electric vehicles.

However, throughout the course of the projection period, traditional materials' drawbacks and high processing costs would restrain market expansion. However, because to the high expense, short lifespan, and low functionality of these materials, attention has not yet been completely paid to fully realise all the potential benefits that electrochromic windows have carved out for themselves. The market's projected growth is constrained over that time frame by the traditional electrochromic materials' limited performance and poor uptake.

“Metal Oxides segment, by material type, to be dominating market from 2023 to 2030.”

In 2023, metal oxides accounted for 80% of worldwide sales, making them the most extensively used commodity. Because most thin-film metallic oxides have exceptional photochemical stability, they are often referenced in laboratory reports. Transitional electrochromic materials: iridium (Ir), iron (Fe), manganese oxide, chromium, and cobalt; nickel nitrate, zinc, etc.

“Smart glass windows segment, by application, to be dominating market from 2023 to 2030.”

The smart window application market accounted for a significant portion of the electrochromic material market in 2023. The market for thermochromic, electrochromic, and polymer-dispersed liquid crystal windows is expected to grow at the fastest rate over the projection period due to the growing use of these sophisticated window technologies. Furthermore, intelligent windows decrease effort duplication and improve overall operating efficiency. Over the projection period, these benefits are anticipated to encourage the adoption of smart windows in a variety of industries and support an increase in the market for electrochromic materials.

“Automotive and Transportation segment, by end use, to be dominating market from 2023 to 2030.”

2023 saw the majority of goods using electrochromic materials come from the automotive and transportation sectors. Electrochromic materials, found in automotive EC windows, change colour when a very low electrical potential is applied to them. Security, comfort, and energy efficiency will all contribute to the growing popularity of intelligent automobile glass. Even if the auto sector is no stranger to these elements, manufacturers of smart glasses might generate more demand for their products thanks to ongoing technical advancements. They can produce a certain amount of solar energy and visible light due to their varied propagation. These windows also claim to increase energy efficiency and comfort levels inside. One high-tech product that can be employed in the automotive sector is EC windows.

“Europe to be largest region in Electrochromic Materials market.”

Europe is predicted to hold a 33% market share in electrochromic materials. The need from the building and construction, aerospace and defence, automotive and transportation, and building and construction industries will sustain the use of electrochromic materials in Europe. Europe's market for electrochromic materials is now led by Germany, France, and the United Kingdom. The Office for National Statistics reported that in June 2020, construction output in Great Britain grew at a record rate of 23.5%. That represented a significant increase over May of last year's record monthly rise of 7.6 percent (2020). The French aerospace industry saw an 11% increase in sales in 2019 to a total of EUR 74.3 billion. According to the International Trade Administration, the aerospace and defence industry accounted for 84% of revenues, with the civil sector contributing 73%. Orders hit a high of EUR 6.9 billion in 2019, a little increase over the totals from the previous year. As a result, over the projection period, demand for electrochromic materials will be driven by the expansion of numerous downstream businesses in this region.

Electrochromic Materials Competitive Landscape

The competitive landscape of the Electrochromic Materials market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Electrochromic Materials technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Electrochromic Materials market is highly competitive, with numerous companies vying for market share. Prominent companies in the Electrochromic Materials Market include:

GENTEX CORPORATION, View, Inc., EControl-Glas GmbH & Co. KG, Saint-Gobain, ChromoGenics and others.

Recent Developments:

In June 2020, AGC, Inc. unveiled the 'WONDERLITETM Dx' light control glass, designed specifically for the Toyota Harrier's panoramic sunroof.