The global automotive film market is expected to reach USD 10.13 billion by 2021, according to a new report by Grand View Research, Inc. The growing demand for automotive film in exterior and interior applications is expected to drive market growth
The industry is expected to grow on account of the demand for films in for interior and exterior protection of the vehicle. The increasing demand for paint protection films and NVH films for the smooth functioning of the vehicle is expected to drive growth over the forecast period.
The industry growth is majorly driven by the rapid increase in the demand for automotive wraps to enhance the aesthetic value of the vehicles. Furthermore, reduction in the maintenance cost of vehicles owing to the protective characteristics offered by the wraps is expected to drive market growth.
Increasing purchasing power of consumers coupled with technological advancements, such as the advent of the bio-based polyester film is expected to fuel market growth. Growing consumer awareness regarding the benefits of these products along with the recovery of the automotive industry is anticipated to aid their consumption in the global market.
The cost benefit ratio is expected to drive demand owing to the ability of the product to sustain extreme conditions. Stringent regulations associated with thermoplastic urethane polymer, which serves as a major raw material in paint protection film manufacturing is expected to hamper market growth over the forecast period.
U.S. automotive film market revenue, by product, 2011 – 2021 (USD Million)
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Further key findings from the report suggest:
- Paint protection films are expected to grow at a CAGR of 5.4% from 2017 to 2021on account of increasing awareness among the consumers coupled with reducing price of the product across the regions
- Interior application of the products accounted for USD 3.12 billion in 2016 on account of the growing demand for tinting films in developed economies. In addition, utilization of NVH laminates in vehicle doors is expected to aid application growth.
- Protective Automotive film are expected to grow at a CAGR of 12.0% over the forecast period on account of the rapid growth in the demand for paint protection sheets installed with the intent to protect exterior auto-body paint from dust and scratches
- Aftermarket accounted for majority of the share as compared to its counterpart as Automotive film including wrap, paint protection and tinting are predominantly installed through aftermarket channel owing to the low cost associated with the products
- Asia Pacific is expected to witness the fastest growth in terms of revenue as growing demand for vehicles in developing economies including India & China has bolstered the demand for automotive wraps, paint protective products and NVH film laminates
- The industry is fragmented with major players operating globally. 3M and Avery Dennison accounted for a significant share of the market owing to established business in the automotive industry.
For more information: http://www.grandviewresearch.com