Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Automotive Wrap Films Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest research publication on the global automotive wrap films market reveals a burgeoning industry, expecting to surge from $4.66 billion in 2022 to an impressive $5.78 billion by the end of 2023, marking a robust compound annual growth rate (CAGR) of 23.9%. This industry expansion can be attributed to the substantial growth in luxury vehicle sales and the continuous innovation by leading manufacturers.
Global Automotive Wrap Films Market Growth and Trends
The in-depth market analysis showcases product innovation as a compelling trend in the automotive wrap films sector. With the introduction of more advanced, user-friendly products, such as 3M Company's latest offering - the 3M Print Wrap Film IJ280 - vehicle wrapping is becoming more efficient, requiring less rework and installation time. This innovation is a testament to the industry's focus on improving both the practical and aesthetic aspects of automotive wrap films.
The recent strategic acquisition by Eastman Chemical Company is set to further reinforce the industry's productivity. This move not only broadens Eastman's specialty material portfolio but also bolsters its position in China and across the Asia-Pacific markets, emphasizing the global reach of the automotive wrap films market.
North America has emerged as the leading region, dominating the market landscape in 2022. The comprehensive report presents a geographical analysis that covers other pivotal regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa. A detailed country-wise analysis is also provided, delving into markets across Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain.
Driving Factors Behind the Automotive Wrap Films Market Expansion
- Growth of Luxury Vehicle Sales: The rising sale of luxury cars, which necessitates superior protection offered by wrap films, is one of the principal drivers of market growth.
- Innovation and Efficiency: Enhanced films that can be applied more swiftly and resist lifting indicate the market's dedication to product advancement.
- Geographical Market Analysis: With an expansive regional analysis, the report highlights North America's leading position while underscoring significant opportunities in other major markets.
The report additionally discusses the market's constitution, which includes sales of polyvinylchloride (PVC), pigments, and UV absorbers from manufacturers and creators directly to end customers or via downstream channels. These factory gate values represent the earnings obtained from such sales, encompassing any related services offered by the product creators.
Major industry players are featured in the report, providing strategic insights into the competitive landscape of the automotive wrap films market. The firms highlighted include heavyweights and innovators that consistently elevate the market through their contributions.
A selection of companies mentioned in this report includes
- 3M Co.
- APA Corporation
- Avery Dennison Corporation
- Fedrigoni SpA
- Guangzhou Sino Group Ltd.
- Garware Hi-Tech Films Limited
- Alphagraphics UK
- Ritrama SpA
- KDX America LLC
- Hexis SA
- Metamark UK Ltd.
- Spandex UK Ltd.
- Madico Inc.
- Signmaster Systems Ltd.
- FDC Graphic Films Inc.
- Ikonix USA
- Arlon Graphics LLC
- J&A International UK Ltd.
- Studio One Ltd.
- CMYUK Ltd.
- Kay Premium Marking Films Ltd.
- Vinyl Graphics Limited
- Orafol Europe GmbH
- Guangzhou Carbins Film Co. Ltd.
- Vehicle Wraps Inc.
- Portfolio Display Ltd.
- ADS Window Films Ltd.
- JMR Graphics Inc.
- Vvivid Vinyl Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r576ny
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