Ranchi News Desk

Automotive Wrap Films Market Size Forecasted to Reach US$4.1 Billion by 2027

 Breaking News
  • No posts were found

Automotive Wrap Films Market Size Forecasted to Reach US$4.1 Billion by 2027

May 07
03:00 2022
Automotive Wrap Films Market Size Forecasted to Reach US$4.1 Billion by 2027
Automotive Wrap Films Market | IndustryARC
High Demand for Passenger Vehicles Will Increase the Utilization of Automotive Wrap Films, Ultimately Driving the Automotive Wrap Films Market’s Growth

The automotive wrap films market size is forecasted to reach US$4.1 billion by 2027 growing at a CAGR of 19.6% during 2022-2027. The demand for passenger vehicles is booming, especially in emerging economies. Automotive wrap films are incorporated in multiple wrap solutions in passenger vehicles and the growth in passenger cars will drive the market’s growth in the forecast period. For instance, as per data by the China Association of Automobile Manufacturers (CAAM), production of Chinese passenger vehicles reached 1.767 million units in September 2021, increasing 18.1% month on month. Furthermore, automotive wrap films are associated with advertisement and brand marketing purposes through automobiles and the increasing demand from the advertising sector will drive the market’s growth in the forecast period. For instance, as per the July 2021 news report by Contra Vision, Sky Now, the new over the top (OTT) internet television service by British satellite television provider Sky, contacted Vinyl Graphics Limited (VGL) to promote their advertisement campaign. VGL later joined hands with Contra Vision and used its perforated window film for the full-scale bus wrap. Cast vinyl films material is projected to witness the highest demand in the forecast period. The paint protection films type is expected to witness the maximum demand in the forecast period. Window tints will witness significant demand in the forecast period. The strict regulations regarding the use of automotive films in some countries might hamper the market’s growth in the forecast period.

COVID-19 Impact

The automotive wrap films market was deeply impacted amid the COVID-19 pandemic due to the reduced production of automobiles in many regions. Owing to lockdown restrictions and disruption in the supply chain, the automotive manufacturing units were idled, leading to a loss in the production of millions of automobiles globally. This reduction in automobile production also lowered the implementation of automotive wrap films. Furthermore, due to the pandemic, market players modified their working system to avoid the complete shutdown of their factories. For instance, US based company Arlon Graphics which deals with vehicle wrap solutions, kept its factories in California and China active to have the continuity of its supply services. Going forward, the market is expected to witness significant growth owing to the rise in automobile production globally.

Automotive Wrap Films Market – By Type

Paint protection films type dominated the automotive wrap films market in 2021 and is growing at a CAGR of 20.1% in the forecast period. Paint protection films are integral elements in the automotive wrap film solution. The paint protection films are utilized in various automobiles parts such as over the hood, bumper, rear fender panel, roof, etc. These type of wrap films helps in reducing surface impressions and scratches. Owing to the wide range of applications and excellent properties, market players are focusing on expanding the paint protection wrap films. For instance, in May 2021, Orafol, which deals with polymer films, launched its new and innovative paint protection film named ORAGUARD 2815GF. This new wrap film was designed especially for car paint protection. Such development in the paint protection wrap film will increase its demand in the forecast period. Window tints will witness significant demand in the forecast period.

For More Information About Automotive Wrap Films Market @

https://www.industryarc.com/Research/Automotive-Wrap-Films-Market-Research-503555

Report Price: $ 4500 (Single User License)

Automotive Wrap Films Market – By Material

Cast vinyl material dominated the automotive wrap films market in 2021. This vinyl films material comes with superior qualities such as better durability, smooth removal, good dimensional quality, etc. These superior qualities of cast vinyl compared to calendered vinyl encourages market players to focus more on the development of cast vinyl material based wrap films. For instance, in October 2020, US-based company Arlon Graphics LLC which deals with cast vinyl launched a new cast wrap film named SLX+ through which a complete vehicle wrap job can be executed from start to finish with just one roll. Such development of wrap films with the involvement of cast vinyl material will increase the demand for cast vinyl in the automotive wrap films market during the forecast period.

Automotive Wrap Films Market – By Application

Passenger vehicle dominated the automotive wrap films market in 2021 and is growing at a CAGR of 22.2% in the forecast period. Automotive wrap films are used for protecting various surfaces in passenger cars and the increasing demand for cars globally will drive the market’s growth in the coming years. For instance, as per the July 2021 report by the European Automobile Manufacturers Association, passenger car registration jumped by 10.4% in June 2021 compared to the same month in 2020. Similarly, as per the August 2020 data by the China Association of Automobile Manufacturers, Generation Z consumers are more willing to spend on cars and car-related products like car loans which, in turn, will amplify the demand for passenger vehicles. Such high demand for passenger vehicles will require higher implementation of automotive wrap films, ultimately driving the market’s growth in the forecast period. Commercial vehicles will drive the automotive wrap films market’s growth significantly in the forecast period.

Automotive Wrap Films Market – By Geography

The Asia-Pacific region held the largest market share in 2021 with a market share of up to 32%. The increasing demand for paint protection films and the rise in automotive sales including both passenger and commercial vehicles are the key factors that will augment the demand for automotive wrap films in this region. As per the data by the China Association of Automobile Manufacturers, in September 2021, production of commercial vehicles reached 310000 units in China, surging 35.5% month on month. Similarly, as per the May 2021 data by chinabuses.org, the production of buses in China touched 483000 units in April, surging 24% year on year. Also, sales of buses in the same month touched 47000 units, surging 23% year on year. In India, the passenger vehicle segment witnessing a surge in demand. As per the data by India Brand Equity Foundation, small and midsized cars dominated the passenger cars sales in 2021 and the passenger vehicle segment is projected to have an upward trend in the forecast period. Such demand for both passenger and commercial vehicles in the Asia-Pacific region will stimulate the use of automotive wrap films in the forecast period. The European region is projected to witness significant demand for automotive wrap films in the forecast period.

Automotive Wrap Films Market Drivers

Expanding passenger vehicle segment will drive the market’s growth

Automotive wrap films are used for protection and safety purposes in automobiles. The automotive wrap includes various wrap types such as window tints, paint protection films, decorative wrap, etc. The expanding passenger vehicle segment globally will augment the higher uses of automotive wrap films in the forecast period. For instance, as per the data by the India Brand Equity Foundation, passenger vehicles demand increased in India with 261,633 units sold in April 2021, gaining a market share of 12.9%. Similarly, as per the July 2021 data by European Automobile Manufacturers Association, passenger car registrations surged in June 2021 with Germany leading the passenger car market with a 24.5% increase, followed by Spain (+17.1%) and Italy (+12.6%). Such high demand for passenger vehicles will increase the utilization of automotive wrap films, ultimately driving the market’s growth in the forecast period.

Increasing demand from the advertisement sector will drive the market’s growth

The automotive wrap is gaining traction owing to the increasing demand from the advertisement and branding sector. Brands, firms, event organizers, and businesses want their products and services to have a widespread reach globally and this is where automotive wrap plays a vital role in helping the brands to achieve their goals. Market players receive orders and demand from various advertising firms and companies to support their products and promotional campaigns. For instance, in February 2020, Formula 1 Singapore Grand Prix contacted Contra Vision to promote the Singapore Grand Prix through the help of bus wrap. Similarly, UK-based postal delivery service company Whistl contacted Vinyl Graphics Limited to promote their new delivery service across Britain, and accordingly, VGL helped the client through the full fleet wrap. Such high demand from the advertisement sector will increase the use of automotive wrap which in turn will drive the market’s growth in the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503555

Automotive Wrap Films Market Challenges

Strict regulations regarding the use of automotive films in some countries might hamper the market’s growth

The strict regulation about to the use of automotive wrap films in some countries might affect the growth of the market in the forecast period. The smooth use of window films has always been a challenge in the automotive wrap films market owing to the regulations incorporated regarding its use. For instance, Indian Motor Vehicle Act banned the use of tinted windows owing to a petition filed because of the rising crimes against women, carjacking, and such. Accordingly, SC banned the use of all kinds of automotive films. Such strict regulations about the implementation of automotive wrap films might hinder the growth of the market in the forecast period.

Automotive Wrap Films Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the automotive wrap films market. Major players in the automotive wrap films market are:

3M Company
Hexis SA
Arlon Graphics
Orafol Group
Nexfil
Contra Vision
Madico, Inc
Avery Dennison Corporation
Key Premium Marketing Films
Vinyl Graphics Limited
Arlon Graphics
Sino Vinyl
Others

Recent Development

In May 2020, 3M Company joined hands with Wrapmate, a digital platform for designing and installing automotive wraps. This collaboration will help in the expansion of vehicle graphics for product and service advertisement through wrap films, thereby contributing to the growth of the market in the forecast period.

Key Takeaways:

Cast vinyl film is leading the automotive wrap films market. Cast vinyl offers excellent dimensional stability and helps with the conformability of the product, making this material a suitable choice in the market.

Passenger vehicles will drive the growth of the automotive wrap films market in the forecast period. As per the July 2021 report by the European Automobile Manufacturers Association, passenger car registration increased by 25.2% in the first of 2021 in the European region.

The Asia-Pacific region will witness the highest demand for automotive wrap films in the forecast period. As per the August 2020 data by the China Association of Automobile Manufacturers, the Chinese government extended subsidies in the new energy vehicles until 2022 which will propel the development of new energy vehicles.

Relevant Reports

Sterilization Wrap Market

https://www.industryarc.com/Research/Sterilization-Wrap-Market-Research-511375

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/

Related Articles