Automotive Wrap Films Market Research Report - Global Forecast till 2027

Automotive Wrap Films Market Information: By Type (Cast Film, Calendered Film), By Function (Window Tints, Decorative, Protective, Advertisement) and By Vehicle Type (Cars, LCV, Heavy/Medium Commercial Vehicles) - Forecast to 2027

ID: MRFR/CnM/6920-HCR | February 2021 | Region: Global | 111 pages

Automotive Wrap Film Market Overview


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. 


COMPETITIVE LANDSCAPE


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.


MARKET DYNAMICS



  • Drivers- the rise in demand and modernization of the lifestyle of the public drives the automotive wrap film industry. The rise in demand for wrap advertising for its simplicity and cost-effectiveness positively impacts automotive wrap film market size. Heavy vehicles like buses or the vans used for tourism purposes increase the promotions of the automotive wrap film market. Protecting the original paint for a long period raises the automotive wrap film market size. Nowadays the use of automotive wrap film has become fashionable and people have given high preference to it. Changing the original color of the vehicle with a variety of vehicular wrap films steers up the automotive market growth. The rise in competition in the industry has made a variety of challenges, like cost, quality, and appearances for the production of wrap films.

  • 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. Brand marketing of these wrap films helps in size expansion. Increasing awareness and the rise in the number of impressions will lead to an increase in market size.

  • Challenges-Installation of these films in the external surface allows the dirt to form a layer between the vehicle’s surface and the outer wrap. This prevents the public from using the wrap thus becoming a challenging factor in the market. Temperature is the major challenging factor where the temperature rise may rise to overstretching of the film and lowering of the temperature may result in shrinking up of the film.

  • Cumulative growth- improving your standards of living along with the growth of income levels, like the increase in income in developing countries like China and India plays a great role in increasing the size of the product as well as the market. Growth in demand for customization of light-duty vehicles like cars and scooters propels up the market. If the product costs low in comparison to the vehicle, paint rises its demand. This is an efficient method.

  • Restraints- complexes experienced technically during the installation of these wrap films are a major factor restraining the market growth. Installation of these automotive wrap films needs those particular concerns where the wrap should be fitted perfectly on the surface of the vehicles. Installation of these films on the external surface allows the dirt to form a layer between the vehicle’s surface and the outer wrap. This prevents the public from using the wrap thus hindering the market growth.


SEGMENT OVERVIEW



  • By type- as per the automotive wrap film segment, based on film type the automotive wrap film is split into windows films, wrap films, and films for protecting the films. Based on vehicle type, automotive wrap films are bifurcated into public cars, commercial vehicles and heavy vehicles used for commercial pur[pose. Based on application type, automotive wrap films are categorized into window tint, paint protection, and many others. From the application segment, it is marked that light-duty vehicles cover the majority of revenue share. The segment for heavy-duty vehicles holds a major share in the market and is expected to show growth at a steady CAGR.

  • By technology- the adoption of new technology helped the adoption of modern designs for painting on the surface of vehicles. Advanced technology helped in the adoption of different designs for product and market advertisement.


REGIONAL ANALYSIS


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.

Recent Development

• 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.


REPORT OVERVIEW


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.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD of 4. Billion
  CAGR   22.4%(2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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


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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.

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.