The U.S. and Canada privacy film market size is expected to reach USD 257.44 million by 2025, expanding at a CAGR of 5.3% over the forecast period, according to a new report published by Grand View Research, Inc. It is anticipated to be driven by rising construction industry in residential and commercial sectors of U.S. and Canada.
Based on application, commercial construction segment is anticipated to witness substantial growth over the forecast period. The segment comprises offices, educational institutes, hotels, shopping malls, amusement centers, and other buildings used for business purposes. The use of privacy films has grown significantly in the past few years due to surging demand from commercial sector. A large number of public and private sector projects are under construction. Some of these projects include urban and suburban shopping malls, offices, and residential complexes.
Based on country, Canada is projected to witness potential growth in the next seven year. Privacy films are increasingly gaining popularity owing to the benefits, such as the ability to act as a barrier to the external microenvironment, thus increasing the privacy and security of housing complexes. The relaxation of Canadian immigration policies has also been one of the major factors driving augmentation of the residential sector. Foreigners hoping to start a new life find Canada as an attractive option. Almost 22% of Canada’s population is of foreign-born or immigrants, majorly from China and India.
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Further key findings from the report suggest:
• U.S. is projected to continue dominating the market for privacy films during the forecast period
• Residential construction application segment is potentially fueling the market growth owing to rising demand for privacy films in the housing sector of U.S. and Canada
• Market players engage in various strategic initiatives to gain greater U.S. and Canada privacy film market share. For instance, in August 2019, Madico, Inc. announced a new distribution company named Madico Canada for the distribution of window films in Canada. The new entity was formed by the acquisition of Courage Distributing, Inc. and Window Film Systems—the Canadian distributors of window films with distribution centers in British Columbia, Oakville, Richmond, and Ontario
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Grand View Research has segmented the U.S. and Canada privacy film market on the basis of application and country:
U.S. and Canada Privacy Film Application Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2014 - 2025)
• Residential Construction
• Commercial Construction
U.S. and Canada Privacy Film Country Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2014 - 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.