New York, Feb. 15, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, Automotive Films Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Film Type (Window Films/Tints, Wrap Films, and Paint Protection Films), Application (Passenger Cars, Commercial Vehicles, and Two Wheelers), and Geography,” the automotive films market size is expected to reach US$ 9.74 Billion by 2028 from US$ 7.49 Billion in 2022, with an estimated CAGR of 4.5%. The growing automotive industry is driving the automotive films market growth.
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Global Automotive films Market – Report Scope:
|Market Size Value in||USD 7.49 Billion in 2022|
|Market Size Value by||USD 9.74 Billion by 2028|
|Growth rate||CAGR of 4.5% from 2022 to 2028|
|No. of Pages||185|
|No. of Tables||90|
|No. of Charts & Figures||103|
|Historical data available||Yes|
|Segments covered||Pet Type, and End User|
Global Automotive films Market: Competitive Landscape and Key Developments
The major players operating in the automotive films market are Compagnie de Saint Gobain SA, 3M Co, Luxshield GmbH, Mister Lacky, PR-Folia, Eastman Chemical Co, Ergis SA, Hexis SAS, Avery Dennison Corp, and SSA Europe GmbH.
The automotive films are thin laminates used for the interior and exterior of a vehicle. Window films/tints, wrap films, and paint protection films are automotive film types. Automotive window films are super thin laminate films installed on the exterior or interior of window glass surfaces. These films have reflective coatings that filter the sunlight. The automotive window films reduce the heat inside the car, block UV rays and glare, prevent the glass from shattering, protect seats (upholstery) from fading, and increase privacy. Further, paint protection films protect the vehicle’s painted surfaces from damage caused by rocks, gravel, salt, or insects. The transparent layer of the paint protection film is almost impossible to notice. Modern films provide lasting and durable protection without bulky thickness.
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Based on film type, the automotive films market is segmented into window films/tints, wrap films, and paint protection films. In 2022, the wrap films segment dominated the market, whereas the paint protection films segment is expected to register the highest CAGR during the forecast period. Wrap films are vinyl graphics applied directly over the original paint of the vehicle. It gives a fresh look to the vehicle and is available in a variety of colors, textures, and finishes. The wrap films are primarily used to enhance or change the appearance of a vehicle and to safeguard the original paint from dust, UV rays, and corrosion. A single-vehicle wrap can last up to five years, making it a relatively affordable option. Furthermore, automotive wrap films are customizable. Therefore, they can be used for advertising as they are cheaper than other advertisement forms. These factors are expected to surge the demand for wrap films across the world during the forecast period.
The automotive films market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South & Central America. In terms of revenue, in 2022, Asia Pacific dominated the automotive films market share, and Europe is expected to register the highest CAGR during the forecast period. The growth of the automotive films market in Asia Pacific is attributed to the growing automotive industry in the region. The high disposable income of people in the region is surging the demand for commercial and passenger vehicles, bolstering the need for automotive films. Further, an increase in automotive production in Europe is boosting the demand for automotive films, which is expected to drive the market during the forecast period.
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Automotive films are used to protect the surfaces and windows of a vehicle. The films such as window tint and paint protection films are stain resistant and defend against stone chips, minor scratches, bug spray, swirl marks, and other paint damage. The growing consumer interest in adopting safety and comfort features is further anticipated to boost the demand for automotive films. Consumers’ modern lifestyles and the rise in demand for personalized cars are expected to positively impact the automotive films market during the forecast period. Due to the simplicity and cost-effectiveness, there is an increase in demand for wrap films for advertising.
The automotive films market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In terms of revenue, in 2022, Asia Pacific dominated the automotive films market share, and Europe is expected to register the highest CAGR during the forecast period. The automotive films market growth in Asia Pacific is attributed to the growing automotive industry in the region. Moreover, the increasiing disposable income of people in the region is surging the demand for commercial and passenger vehicles. Also, increasing investments by leading automotive OEMs and rising EV manufacturing capabilities in Asia Pacific are propelling the demand for conventional and electric vehicles in the region, bolstering the need for automotive films.
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Impact of COVID-19 Pandemic on Automotive Films Market
The COVID-19 pandemic has drastically altered the status of the chemical & materials sector and negatively impacted the growth of the automotive films market. The imposition of measures to combat the novel coronavirus infection spread has aggravated the situation and negatively impacted the growth of several industrial sectors. The sudden distortion in operational efficiencies and disruptions in the value chains due to the sudden closure of national and international boundaries hindered the automotive industry.
The significant decline in the growth of the automotive sector reduced the demand for automotive films in the global market. The global cars market was significantly affected during the COVID-19 pandemic. The COVID-19 outbreak pandemic also brought a dramatic drop in the sales of electric cars and caused fluctuation in the prices of raw materials used for automotives. Prices of various plastics and automotive components have increased due to the restraint in supply as a result of the pandemic. However, as the economies are planning to resume their operations, the demand for automotive films is expected to rise across the world during the forecast period. The sales of electric vehicles increased in 2021 with the growth of the auto market in China, the US, and Europe.
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