Automotive Wrap Films Industry Overview
The global automotive wrap films market size was valued at USD 4.76 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2022 to 2030.
The rising global population and the increasing disposable income globally are expected to positively impact the demand over the forecast period. The passenger vehicles segment accounted for the largest market share in 2021 owing to the surging demand for customized graphics among consumers to give a personalized touch to their vehicles. This, in turn, is anticipated to contribute to a rise in the consumption of automotive wrap films.
Gather more insights about the market drivers, restrains and growth of the Global Automotive Wrap Films Market
The U.S. emerged as the largest automotive wrap films market in North America in 2021. Automotive wraps are increasingly being used for application on taxis, vans, trucks, boats, RVs, trailers, and buses in the U.S. Factors such as the increasing number of automotive vehicle production and the rising popularity of camouflage wraps are expected to augment the demand in the forthcoming years.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the number of motor vehicles produced in the U.S. was 10.8 million units in 2019, which decreased to 8.82 million units in 2020. As per OICA, light-vehicle sales in the U.S. are expected to reach about 15.5 million units in 2022, rising by 2.7% compared to the previous year. The lifting of the lockdown and resumption of operations is expected to propel the demand for motor vehicle manufacturing as well as automotive wrap films. The presence of several key automotive wrap film manufacturers in the country is expected to augment market growth in the forthcoming years.
According to the Government of India, automotive color or texture wraps, which change the color of original vehicles, have to be registered with the Regional Transport Office of the country before their application to automobiles. The law is registered under section 52 of the Central Motor Vehicle Rules. Thus, in India, post-sales color wrapping of vehicles requires adherence to a number of laws that restrict the growth of the market in the country.
The COVID-19 outbreak across the globe severely affected the manufacturing industries, which, in turn, impacted the growth of the market in 2020. With the spread of COVID-19, work-from-home-rules, order cancellations, and shipping complications also surged throughout the plastics industry. The lifting of lockdowns and recommencing of operations while complying with the COVID-19 guidelines published by various governments across the globe is projected to fuel the demand for automotive wrap films in near future.
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- Plastic Market - The global plastic market size was valued at USD 593.00 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. The increasing plastic consumption in the construction, automotive, and electrical electronics industries is projected to support market growth during the forecast period.
- Stretch And Shrink Films Market - The global stretch and shrink films market size was estimated at USD 15.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030. The growing retail and hypermarket industries coupled with the rising e-commerce industry with the need for product packaging and safety are primary factors contributing to the growth of the market.
Automotive Wrap Films Market Segmentation
Grand View Research has segmented the global automotive wrap films market based on application and region:
Automotive Wrap Films Application Outlook (Revenue, USD Million, 2019 - 2030)
- Passenger Cars
- Buses
- Trucks
Automotive Wrap Films Regional Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa
Key Companies profiled:
Some prominent players in the global automotive wrap films market include
- Avery Dennison
- Arlon Graphics, LLC
- 3M
- Kay Premium Marking Films (KPMF)
- Ritrama S.p.A.
- Vvivid Vinyl
- Orafol Group
- Hexis S.A.
- Guangzhou Carbins Film Co., LTD
- JMR Graphics, Inc.
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