(Yicai Global) Aug. 15 -- China's demand for smart liquid crystal light-control products is growing at a compound annual growth rate of 7.7 percent, driven by a transition toward interior decoration products that are comfortable, energy-saving and protect privacy, said Liu Hongwei, chair of China Singyes New Materials Holdings Ltd. [HKG:8073], a Guangdong-based smart light technology firm.

"The domestic market for smart glass is very vast", Liu said while speaking at a recent market event for his company, which is the parent of photovoltaic products maker China Singyes Solar Technologies Holdings Ltd. [HKG:00750].

In the past, costly light-control materials were mainly imported, but now Chinese firms have eliminated the monopolistic nature of the production market seen in developed countries. Smart glass is now a universally accepted building and design industry material thanks to significant price drops. Builders are increasingly using the material for large scale projects, decorating houses and car windshields.

Singyes New Materials, founded in 2010, is engaged in research, development, production and sales of indium tin oxide conducting film, smart light-control products and smart light-control projection systems.

ITO conducting film is electrically conductive and transparent. A layer of crystal is applied evenly to two layers of ITO films to form smart crystal light-control film which can become milk white when the power is on or off.

In 2012, the firm expanded to the smart crystal light-control film sector and currently enjoys a 20.4 percent domestic market share. It went overseas in 2016 and has customers in Southeast Asia, the Middle East, Europe and South America. Exports of Chinese smart glass products and technologies are increasing, especially to countries located in Belt and Road regions, Liu added.

The company has also gradually transferred some technologies to foreign countries, with assistance and training provided to an Indian manufacturer to set up a smart glass production line.

Singyes New Materials aims to grow sales of light-control film in the Indian market and establish a presence there to cut transport costs and reduce prices to boost market penetration.