Market Synopsis:
The automotive film market is projected to reach approximately USD 7.3 billion in terms of value by 2027, growing with the CAGR of over 5.5% during the review period.
According to Market Research Future (MRFR)’s assessment, the global automotive film market is presumed to grow at a healthy pace over the forecast period 2020 to 2027. The growth of the global automotive sector is poised to reflect on the expansion of the market in the upcoming years. In addition, the rising count of middle-class population coupled with increasing disposable income is projected to unleash strong growth opportunities in the foreseeable future.
The advantages, such as impact resistance against normal road hazards, increasing privacy of vehicles, protection against harmful UV rays, and color protection of the vehicles, offered by these films have developed a core application in the automotive sector. It is estimated to benefit the automotive film market through the review period.
The aesthetic appeal posed by the product is expected to boost the growth trajectory of the automotive film market across the projection period. On the flip side, the stringent policies enforced by the governments associated with the color of the films are likely to hinder the growth of the automotive film market in the forthcoming years.
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Market Segmentation:
On the basis of type, the automotive film market has been segmented into wrap films, window films, and paint protection films.
On the basis of application, the automotive film market has been segmented into interior and exterior.
On the basis of vehicle type, the global automotive film market has been segmented into passenger cars and commercial vehicles.
Regional Insights:
The global automotive film market, by region, has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East Africa. North America is presently the largest regional market for automotive film. It is predicted to exhibit steady but constant growth over the next couple of years. An upsurge in demand for wrap, window and paint protection films coupled with the key focus on vehicle performance is likely to catalyze the growth of the automotive film market in the region across the review period. The country-level markets that are expected contribute substantially towards the expansion of the regional market include the U.S, Mexico, and Canada.
Europe is an important growth pocket and is projected to witness considerable growth in the foreseeable future. The countries such as Germany and Spain are estimated to increase automotive production. This, in turn, is presumed to have a positive influence on the proliferation of the automotive film market.
The Middle East Africa is also expected to grow remarkably during the forecast period. Meanwhile, Asia Pacific is anticipated to strike a relatively higher CAGR over the assessment period. The major factors that are supposed to boost the growth trajectory of the automotive film market in the region include increasing purchasing power, the growth of the automotive sector and the rising demand for automobiles.
Competitive Dashboard:
Some of the prominent key players profiled in this MRFR report are Avery Dennison Corporation (U.S.), Eastman Chemical Company (U.S.), Johnson Window Films, Inc. (U.S.), Arlon Graphics, LLC. (U.S.), HEXIS S.A. (France), 3M (U.S.), MATERIAL SCIENCES CORPORATION (U.S.), NEXFIL (U.S.), Saint-Gobain Performance Plastics (France), DuPont (U.S.), Garware Suncontrol (India), Madico, Inc. (U.S.), and Kay Premium Marking Films LTD (UK).
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Industry Development:
July 2021: AkzoNobel developed a new car film technology that enables manufacturers to conceal radar sensors under ornamental metallic components. The radar-transparent brilliant film – developed in collaboration with customers – eliminates the need for vehicle manufacturers to conceal sensors behind solid metal, which might interfere with the signals of safety features such as anti-collision alerts. AkzoNobel is a certified provider of film products for this use, and the company was recently named a global supplier of emblems by one of the world’s largest automobile manufacturers.
The company’s Film division supplies products primarily to the automotive and aerospace industries, as well as for signage. They include coated films for substrate protection and decoration, as well as safety and decorative markings/decals.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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