Global Automotive Wrap Films Market to Grow at a CAGR of 21.8% During 2020 to 2030

Introduction

Automotive wrap film is a vinyl graphic directly applied over the vehicle's factory paint. These films are primarily used to alter or enhance a vehicle's appearance and to shield the original paint from rust and dust. A single-vehicle wrap has a lifespan of up to five years, making it a relatively affordable choice. Automotive film wraps are also frequently used for advertising because they are less expensive than other types of advertising. Due to growing consumer interest in paint protection and color change films, automotive wrap films are in high demand across the globe.

Market Dynamics

The Rise of Customization Options for Automotive Wrap Film Drives the Global Market

Automotive wrap films give vehicles more vivid colors and distinctive textures than paints. Paints cannot be as colorful and varied as vehicle wrap films because they are applied directly to the body of vehicles in multiple layers over several days. These films were made on computers before being put on cars. This enables complex colors and designs to be added to automotive wrap films using high-end printers and sophisticated software. Automotive wrap films are easy to install because they can be made on computers. Customers also help keep the vehicles' factory colors if they want to restore them to their original colors. These factors are anticipated to fuel market growth over the forecast period, and wrapping cars is less expensive than painting them.

Growing Investments in Advertisement Creates Tremendous Opportunities

The main market opportunity for automotive wrap films in the US is the sponsorship of racing teams by companies from various industries, such as automotive OEMs, consumer goods, electrical & electronics, and other companies. Consumers' growing popularity of Formula 1, NASCAR, and other automotive events encourages companies to invest in advertising at these events.

Regional Analysis

North America is the most significant shareholder in the global automotive wrap films market and is expected to grow at a CAGR of 20.6% during the forecast period. Wrapped vehicles are frequently used in advertising campaigns to reach various audiences. Systems that track vehicles using GPS satellites provide detailed information about the vehicle and are used to evaluate the success of these campaigns. As a result, mobile advertising in the area makes extensive use of automotive wrap films. The market for automotive wrap films is growing due to the early modernization and quick adoption of new technologies in North America, which has led to high demand for customized cars.

Europe is expected to grow at a CAGR of 21.6%, generating USD 7,939.4 million during the forecast period. In Europe, paint replacement or vehicle color-changing films are a relatively new trend. Drivers prefer automotive wrap films over paint because of their low cost and superior performance to vehicle paint. One of the applications for automotive wrap films that is expanding the fastest in Europe is changing the color of a vehicle. Additionally, businesses like Avery Dennison, Isee2, KPMF, Orafol, Hexis, and 3M have been developing a variety of colors and textures to meet the region's rising demand.

Asia-Pacific is expected to grow significantly over the forecast period. The region's changing consumer lifestyle, large youth population, and growing popularity of vehicle graphics are all expected to contribute to a rapid increase in demand for automotive wrap films. Additionally, rising consumer disposable income and a quick rise in vehicle sales, particularly in China and India, are expected to increase the region's demand for automotive wrap films. Due to their low price and ability to protect the original paint from damage, the demand for these wraps is expected to rise.

Key Highlight

• The global automotive wrap films market was valued at USD 4.32 billion in 2021. It is expected to reach USD 25.49 billion by 2030, growing at a CAGR of 21.8% during the forecast period (2022–2030).
• Based on application, the global automotive wrap films market is bifurcated into trucks, buses, and passenger cars. The passenger cars segment is the highest contributor to the market and is expected to grow at a CAGR of 24.1% during the forecast period.
• North America is the most significant shareholder in the global automotive wrap films market and is expected to grow at a CAGR of 20.6% during the forecast period.

Competitive Players

1. AVERY DENNISON CORPORATION
2. Arlon Graphics
3. LLC
4. 3M
5. KPMF
6. Fedrigoni S.P.A. (Ritrama S.p.A.)
7. Vvivid Vinyl
8. ORAFOL Europe GmbH
9. Hexis S.A.S
10. Guangzhou Carbins Film Co.LTD
11. JMR Graphics.

Recent Developments

Recent Developments

• July 2022- Alamotape announced that it had joined Arlon Graphics LLC, a business owned by FLEXcon Holdings Trust. Alamotape will now go by Arlon Innovations and will be run by Arlon Graphics LLC. By offering a top-notch service that aligns with Arlon Innovations' vision, mission, and core values, the new leadership and business strategy will broaden the range of products and services available to Arlon Innovations' clients.
• April 2021- The launch of 3M Ceramic Coating, a new long-lasting protective finish for plastic trim, metal, automotive glass, wheels, and paint, was announced by the American multinational conglomerate 3M. This newest long-lasting item provides the advantages customers expect and is designed to enable the shops to enter this emerging private auto market segment. This coating provides a high-gloss, incredibly slick surface that looks great, helps shed water quickly, and removes light dust. The company claims that road salts, acid rain, harsh chemicals, and other substances are also resistant to 3M Ceramic Coatings.

Segmentation

1. By Applications
   1. Trucks
   2. Buses
   3. Passenger Cars