The scope of our recent study on "Automotive Films Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Film Type (Window Films/Tints, Wrap Films, and Paint Protection Films) and Application (Passenger Cars, Commercial Vehicles, and Two Wheelers)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. The study also comprises the identification of significant market players and their key developments.
The automotive films market is expected to grow from US$ 7,490.18 million in 2022 to US$ 9,742.28 million by 2028; it is estimated to record a CAGR of 4.5% from 2022 to 2028.
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.
Increasing Awareness About Harmful Effects of UV Rays Boosts Automotive Films Market Growth
A vehicle's direct exposure to ultraviolet radiation can negatively affect the interior and exterior body of a vehicle. Direct sunlight exposure can lead to vehicle interior damage, often starting with the dashboard. If a car with leather seats is regularly parked without sun protection, the seats' supple fabric can quickly wrinkle and fade. Also, direct sunlight exposure can damage the paint of a vehicle. Especially if the vehicle is dark-colored, the shade starts to fade and lose its luster due to oxidation. However, the awareness regarding these negative impacts of UV radiation is increasing among the population. Automotive films such as window tinting and paint protection coating block solar ultraviolet radiations and provide comfort by reducing glare from the sun. With the increasing awareness about the negative impacts of UV radiation on a vehicle, the demand for automotive films is increasing. Thus, manufacturers are developing UV protection automotive films for commercial and passenger vehicles. Recently, the companies have been focusing on developing window tinting films that reject up to 93% of glare from blinding sunlight. Thus, awareness about the harmful effect of UV rays and the development of various UV-resistant protective films are expected to drive the growth of the automotive films market during the forecast period.
Automotive Films Market Size: Segment Overview
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 held the largest share in the global automotive films market, whereas the paint protection films segment is expected to register the highest CAGR during the forecast period. Wrap films give the vehicle a fresh look and are available in various 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.
Impact of COVID-19 Pandemic on Automotive Films Market
The COVID-19 pandemic adversely affected the automotive films market in 2020 due to the shutdown of manufacturing facilities and restrictions imposed on transportation and logistics. Disruptions in supply chains hampered the supply of automotive films. To comply with national and regional guidelines, manufacturers from different sectors extensively modified their processes to protect their employees from the SARS-CoV-2 infection. Many of them temporarily paused their operations or allowed production processes with limited employee strength. In 2021, businesses started recovering as the governments of various countries brought relaxation in social restrictions. Moreover, successful vaccination drives have eased the restrictions, along with encouraging the revival of business activities across the world. The recovery of various end-use industries is driving the automotive films market during the post-pandemic recovery period.
Automotive Films Market: Competitive Landscape and Key Developments
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 are among the key players operating in the automotive films market. Leading market players implement new product launches and mergers and acquisitions as key business strategies to expand their geographic presence and consumer base across the world. In December 2020, Mister Lacky launched sill protection suitable for VW ID3/Volkswagen ID.3.
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