Global automotive
wrap films market is estimated to grow at a significant CAGR
of 12.35% over the forecast period as the scope and its applications are rising
enormously across the globe. Automotive wrap films are designed for
embellishing solid color vehicle detailing without any additional graphics
protection. It also safeguards the original paint from corrosion and dust. The
films offer outstanding opacity concerning high contrast surfaces and are
resistant against petrol leakage and to all atmospheric impact.
The factors that are playing a major role in
the growth of the market are growing demand for personalized cars, changing
lifestyle, and rising demand for wrap advertising as it is cost-efficient and
simple. However, rising competition in the automotive sector may restrain
overall market growth in the years to come. Automotive wrap films market is
segmented based on film type, vehicle type, application, and region.
Paint protection films, windows films, and
automotive wrap films are the film types that could be explored in automotive
wrap films in the forecast period. The automotive wrap films sector is
estimated to grow at the fastest pace in the years to come as rising demand for
mobile advertisement and are cost-efficient.
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Heavy commercial vehicles, medium-duty
vehicles, light-duty vehicles, and the other vehicle types could be explored in
automotive wrap films in the forecast period. Light-duty vehicles sector
accounted for the substantial share of automotive wrap films market and is
estimated to continue with its dominance in the years to come. The light-duty
sector comprises passenger cars and light-duty trucks. It plays an important
role in the promotion of medium and small business.
The market could be categorized based
on applications like safety purpose, advertisement, and others that could be
explored in automotive wrap films in the forecast period. Globally, North
America accounted for the substantial market share of automotive wrap films and
is estimated to lead the overall market in the years to come. The aspects that
could be ascribed to the growth comprise the presence of developed automotive
sector and high demand from consumers. The United States is a major consumer of
automotive wrap films in this region.
Europe and the Asia Pacific are also
estimated to have a positive influence on future growth. Europe is the second
largest region with significant market share. However, Asia Pacific is
estimated to grow at the highest CAGR in the forecast period. The reason behind
the overall market growth could be rising industrialization, growing automotive
sector in emerging countries, and changing lifestyle. The developing countries
like India and China are the major consumers of automotive wrap films in this
region.
The key players of automotive wrap
films market are Prestige Film Technologies, 3M Company, Nexfil Co, Ltd., Ads
Window Films Limited, Madico, Inc., Arlon Graphics LLC, Kay Premium Marking
Films Ltd., Avery Dennison Corporation, Hexis S.A., Eastman Chemical Company,
Garware Polyester Limited, and Foliatec Bohm Gmbh & Co. Vertriebs Kg. These
players are concentrating on inorganic growth to sustain themselves amidst
fierce competition.
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