The Automotive Wrap Film Market was expected to cover a CAGR of 22.4% and attained a value of USD of 4. Billion during the forecast period.
An automotive wrap film is a vinyl film that is used over the vehicular paint to make it more attractive and trendier. These films are used for various purposes like increasing the appearance of the vehicle and then safeguarding the actual paint from corrosion and dust. Single coating over the actual paint increases its longevity and makes it last for years.
Automotive film wrap used for advertising purposes increases the automotive film wrap market value. It costs relatively low. Continuous increase in automotive wrap film market growth of pre-owned car markets has enhanced the demand for automotive cars. These wrap films hide the scratches, defects, and improper paints so present in the car. Regionally and globally the automotive wrap films engross holistic demand due to the rise in consumer interest towards the protection of paints and transformation of color films.
COVID 19 ANALYSIS
The outbreak of COVID had a huge impact on the wrap film market. It disrupted the supply chain of firms, affected its production in various regions, and had an economic impact on the market. Many production units were completely shut.
The government took initiatives to spread awareness about COVID. He took all the necessary steps and regulations for the protection of the people of the country. Country-wide lockdowns and shutdowns were announced by the government.
A wide variety of suppliers and installers are present in the North American and European regions. There are certain key players that supply the wrap films to other regions by forming a distribution network system. These key players are making strategic plans for expansion of their supply chains which helps in increasing their sales. The competitors present in the market are taking into account various strategic plans like joint ventures, mergers, and acquisitions. They also launch various new products. The stakeholders so involved in this business are Netflix Company of United States, 3M Company of United States, MADICO Inc of United States, HEXIS SA present in France, ARLON GRAPHICS LLC, of the United States, GARWARE POLYESTER Ltd of India, AVERY Dennison Corporation of United State, EASTMAN CHEMICAL COMPANY present in the United States, PRESTIGE FILM TECHNOLOGIES of United States, KAY PREMIUM MARKING FILMS Ltd of the United States and many more.
An increase in the use of color wraps, including the matte black and orange, is in great demand in the regions of North America during the automotive wrap film forecast period. It covered the dominant automotive wrap film market share of 36% during 2020. In the European regions, the automotive wrap film is also in high demand because of the well finishing touch so given by the wrap film coating. Automotive wrap film market growth in the Asia Pacific region is due to the rise in economic development in the Asian regions. Advertisement of the green environment and tourism by the regulations of the government results in rising in use of wrap films in buses and vans. Advertisement of automotive wrap films are attaining promotion at a great pace in the Asian Pacific region helps in propelling the automotive wrap film market growth. Sale of automotive equipment in the Middle East and African regions with adopting the automotive wrap equipment hammers up the demand during the automotive wrap film forecast period. Japan, using new and innovative technologies, is emerging as a holistic region in the development of automotive wrap films market value.
• April 2021- 3M, an American multinational conglomerate corporation, announced the launch of its latest long-lasting protective finish for automotive glass, wheels, plastic trim, metal, and paint, 3M Ceramic Coating. The latest durable product provides the benefits consumers expect and is engineered to allow shops to enter this personal auto market developing segment. The coating offers a high-gloss, exceptionally slick surface, which looks great, and aids in shed water rapidly while carrying away light dust. As per the company statements, 3M Ceramic Coatings are also resistant to acid rain, harsh chemicals, and road salts.
• June 2021- The global manufacturer of custom coatings and chrome paints, the Alsa Corporation, is now entering the market for films, in particular, automotive wrap films. These car wraps can withstand scratches of keys or other sharp objects. The wrap films have a matte finish and a soft feeling, still durable to high abrasion. The finish is identical to the ones we see on car interiors.
The report signifies revenue development at both global and regional levels. It provides good information about the latest automotive wrap films market trends during the automotive wrap films market forecast period. The report highlights North America is the leading region for covering the market share. The report gives a holistic evaluation of current and future growth aspects, the automotive wrap film market outlook points that help in shaping the revenue potential. It provides information about the strategic framework put forward by the key players. It gives insights about the regional segment that gives a customer impression during the review period. This report provides comprehensive detailing about the growing market scenario. The report summarises the factors hindering market growth, the report gives a good automotive wrap film market analysis of the factors that helped in volume production.
|Market Size||2027: USD of 4. Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Function, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Kay Premium Marking Films Ltd (UK), Eastman Chemical Company (US), 3M Company (US)|
|Key Market Opportunities||Growth in demand for the use of colorful graphics for heavy vehicles like SUVs, personal cars, or vans increases the opportunities for more demand in the market|
|Key Market Drivers||The rise in demand and modernization of the lifestyle of the public drives the automotive wrap film industry|
Frequently Asked Questions (FAQ) :
Global automotive wrap film market is slated to grow substantially from its last recorded value of USD 3.5 billion in 2018.
Global automotive wrap film market is projected to register a moderate 20% CAGR in the forecast period.
The cast film segment is touted to observe substantial demand over the review period.
The car segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global automotive wrap films market are Kay Premium Marking Films Ltd (UK), Eastman Chemical Company (US), 3M Company (US), among others.