As per the analysis, the market is expected to make substantial gains in the upcoming year as compared to 2020. As the automotive and allied industries witness a resurgence amid easing of pandemic-induced curbs, sales are expected to majorly spike across key and emerging markets. Furthermore, growth for the 2021-2031 decade appears highly optimistic.
Manufacturers are capitalizing on burgeoning technological advancements to enhance their presence in the global landscape. Players such as Avery Dennison for instance are effectively leveraging such technologies as digital printing to manufacture a range of product lines. Its offerings include supercast digital color graphics, high performance calendared digital vinyl films and intermediate calendared digital vinyl films among others.
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Furthermore, manufacturers are incorporating self-healing technologies in order to enhance longevity and durability of wrap films. A case in point is that of AVECAL which manufactures a special self-healing coating liquid based film manufactured from TPU and PVC respectively. Such prolific developments are highly likely to push forward the automotive wrap films market to newer heights.
“While automotive manufacturers and owners look to adopt wrap films to safeguard vehicles from external shocks, growing emphasis on aesthetics is prompting players to introduce attractive vinyl patterns, prompting heightened research and development,” says the Fact.MR analyst.
Key Takeaways from Fact.MR’s Automotive Wrap Films Study
- In terms of application, light duty vehicle wrap films are expected to remain dominant
- Heavy duty vehicle wrap films to account for more than 3 out of 10 sales through 2021
- U.S to remain an attractive market for automotive wrap film manufacturers, amid surging light vehicle ownership
- U.K to experience slow Y-o-Y expansion, attributed to a sharp decline in automotive sales experienced due to the pandemic
- Germany and France to embark on a steady growth path in the wake of a widening berth for electric vehicles
- India, China, Japan & South Korea to emerge as the most attractive hotspots
Automotive Wrap Films Market- Prominent Drivers
- Rising trend of automotive customization to make them more resilient to extreme environmental conditions to stimulate sales
- Increasing automotive sales in emerging countries are poised to attract key manufacturers along with growth of regional start-ups
- Substantial growth opportunities are in store for the aftermarket, considering frequent maintenance cycles
Competitive Landscape
Major market players are establishing partner programs to leverage existing automotive maintenance and repair ecosystem in developing nations. Organizations that shape the automotive wrap films market are 3M Company, Arlon Graphics LLC, Avery Dennison Corporation, Ritrama S.p.A., Vvivid Vinyl, Orafol Group, Kay Premium Marking Films, Hexis S.A., JMR Graphics Inc., Guangzhou Carbins Film Co., LTD, and Lucent Graphic Solutions.
Customized product offerings in the wake of increasing automobile ownership is a key strategy deployed by some manufacturers. Additionally, capacity expansion campaigns such as collaborations, acquisitions and mergers are also relied upon to consolidate market footprints.
In October 2020, Arlon Graphics LLC launched the SLX+ cast wrap portfolio featuring FLITE Technology® consisting of an optimal initial tack with quick-flow characteristics for better anchoring of panels. The solution offers accurate cutting and weeding of letters to around 2 inches (5 cm).
In January 2021, Avery Dennison Corporation acquired ACPO Ltd. for a sum of US$ 87.6 million, acquiring the latter’s majority of assets, including coating, finishing and distribution operations. The acquisition will enable Avery to strengthen its leadership across the core label material segment.
More Valuable Insights on Automotive Wrap Films Market
Fact.MR, in its new offering, provides an in-depth analysis of the global automotive wrap films market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the automotive wrap films market on the basis of applications (light duty vehicles, medium duty vehicles, and heavy duty vehicles) across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
Key Questions Covered in the Report
- How much does it cost to start a car wrap business?
- What is the projected market value of the global automotive wrap films market?
- What is the estimated growth rate of the global automotive wrap films market?
- What is the vehicle type segment of the global automotive wrap film market expected to witness the highest growth?
- Who are the significant players operative in the global automotive wrap films market
