Global automotive wrap films market is expected to reach USD 4.12 billion by 2022, according to a new report by Grand View Research, Inc. Increasing demand for customization of light automotive including cars and two-wheelers is expected to drive market growth. Wrap film manufacturers provide wide range of colors and textures for vehicles which is a key reason for substituting regular paint.
Popularity of solid color wraps including matte black, matte orange, blue, green and pink is in the U.S. is expected to drive demand over the forecast period. In addition, textured finish including brushed metal, wood grain, carbon fiber, and leather is picking up pace in European countries as well as North America. Need for long term protection of vehicle paint is also expected to fuel product demand over the next seven years.
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Further key findings from the report suggest:
- Light duty vehicles segment is expected to grow at a CAGR of over 20.0% from 2015 to 2022. Increased popularity of the product and availability of varied colors and textures have led to rapid growth in demand for vehicle customization. Spot graphics and lettering is gaining popularity among consumersfor advertising as well as personalization.
- Asia Pacific market demand for these materials is expected to rise on account of rapid economic development. Government initiative to promote tourism in the region also results in product usage on heavy vehicles including buses and trucks. The demand has shifted towards full & partial vehicle wraps which attract more attention as compared to lettering & signs. High population in the region allows more number of impressions per day, thus leading to efficient marketing.
- MEA demand for automotive wrap films was valued over 90.0 million in 2014. Consumer awareness regarding benefits of vehicle wraps has led to increased use for advertising and promotion of tourism in the region. High population in Dubai allows large number of views per day thus making this an effective outdoor advertising method.High penetration, rapidly growing automotive sales and high adoption rate of automotive wrap films in the region is expected to fuel demand over the forecast period.
- 3M is a key market player relying on continuous R&D for new product development in order to sustain competition. The company introduced eight new colors including satin smoldering red and matte Riviera blue to its wrap film series 1080 making the color count 82. This has helped the company to fulfill changing consumer demand for variety of colors for vehicle wraps. In April 2015, 3M launched 3M Controltac print film 40C with advanced repositionability with air release technology. This technology provides easy installation of wrap films.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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