Rockville, July 05, 2023 (GLOBE NEWSWIRE) -- As per the latest industry estimates by Fact.MR, a market research and competitive intelligence provider, the global automotive wrap films market valuation in 2023 stands at US$ 7.11 billion and is expected to reach US$ 54.10 billion by 2033.
The market is witnessing significant growth due to the increasing popularity of vehicle customization and the rise in commercial applications such as fleet advertising. These films provide a cost-effective alternative to traditional paint jobs and offer the flexibility to change the vehicle's appearance without permanently altering the original paint.
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Also known as clear or invisible shields, these films are designed to protect the vehicle's paintwork from scratches, stone chips, UV damage, and other environmental factors. They are transparent and provide a layer of protection. These wraps are also used for commercial purposes such as brand promotion or mobile advertising. Companies can apply their logos, graphics, and marketing messages on the vehicles, turning them into moving billboards.
Manufacturers are continuously introducing new finishes and textures such as carbon fiber, brushed metal, and pearlescent to meet evolving consumer preferences and offer a premium look. With the growing environmental concerns, there is a rising demand for eco-friendly wrap films. Some companies are developing bio-based films or recyclable materials to reduce the environmental impact.
Key Takeaways from Market Study
- Global demand for automotive wrap films is forecasted to increase at a robust CAGR of 22.5% over the next 10 years.
- Automotive cast films are highly sought after because of their remarkable conformability, toughness, and UV radiation resistance, making them a preferred choice for long-term outdoor applications.
- Developed economies such as the United States and Germany, are witnessing high adoption due to the growing spending power of the majority of individuals and strong automotive customization culture.
- The Asia Pacific region, particularly China and India, is emerging as a lucrative market for automotive wrap film manufacturers due to the growing automotive industry and rising mobile advertising campaigns.
“Growing consumer demand for unique and personalized vehicle designs is driving the sales of automotive wrap films”, says a Fact.MR analyst.
Key Market Developments
- In March 2021, Avery Dennison Corporation unveiled an exciting update with the launch of its enhanced Supreme Wrapping Film for vehicles. This upgraded film comes with an expanded color range, featuring twelve new captivating colors that are part of its Sleek Satin and Rugged Range collections. With this new offering, vehicle owners now have even more options to personalize and transform the appearance of their vehicles.
- During the Berlin FESPA Global Print Expo in July 2022, ORAFOL made an exciting announcement by showcasing their latest range of PVC-free films and laminates. These new products were developed as alternatives to the standard range, offering innovative and emerging solutions for the advertising and automotive industries.
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Competitive Landscape
Leading automotive wrap film companies are strongly emphasizing the expansion of their global footprints to boost revenues and capture larger market shares. To achieve these objectives, companies are actively undertaking strategic initiatives, including innovative applications, expansion efforts, research and development activities, and strategic acquisitions and mergers.
- Hexis S.A.S. purchased Stickittome Australia Pty Ltd., one of its distribution partners in March 2023. The company aims to improve its market position and grow its clientele in the Australian market as a result of this acquisition.
Key Segments of Automotive Wrap Films Industry Research
- By Product Type:
- Cast Films
- Calendered Films
- By Application:
- Light Duty Vehicles
- Medium Duty Vehicles
- Heavy Duty Vehicles
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
In its latest release, Fact.MR provides an unbiased study of the global automobile wrap films market. It does so by providing historical demand data (from 2018 to 2022) and future figures (from 2023 to 2033) for the relevant time period.
The study divulges essential insights into the market based on product type (cast films, calendered films) and application (light duty vehicles, medium duty vehicles, heavy duty vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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