Market Synopsis
According to the MRFR analysis, the Global Automotive Wrap Films Market was valued at more than USD 3 billion in 2018 and is expected to reach over USD 12 Billion by the end of 2025 at a CAGR of 7.5%.
The automotive wrap films are vinyl films primarily used in automobiles to enhance the original paint, overall appearance, and mobile advertisement. Automotive wrap films cover the original paint of the vehicle with the vinyl films of different colors, finish, or gloss, and sometimes with the same color of the vehicle with different finish or gloss. These types of films either partially or completely cover the exterior parts of a vehicle.
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Pricing and Regulatory Analysis:
In 2018, the price of automotive wrap films varied from USD 0.85 to USD 2 per square meter and is expected to witness an upward trend. However, the wrap films are much affordable than the original vehicle paint.
Some of the stringent standards and regulations for automobile films, especially for window tinting, are:
- Australia: Visible Light Transmission (VLT) of 35% on windows other than the windscreen
- India: In 2012, the Supreme Court of India ordered the ban on all black tint film
- Italy: The window tinting is only permitted for rear windows and rear windshield only without any limits on films graduation
- UK: The front windows in with no less than 70 % VLT
Segmentation
By Type:
- Cast Film: The cast automotive wrap films are the thin, glossy, and much durable type of vinyl films widely used as a vehicle wrap. They have excellent durability owing to its vast formulation variables along with the unique production method, which extends finish, gloss, and life of an original paint of a vehicle. The segment accounted for the largest market share of more than 60% in 2018, which is mainly due to its excellent physical properties such as low internal tension or shrinkage and ability to maintain its color and gloss for longer. The cast automotive wrap films are mainly used in passenger cars.
- Calendered Film: The calendered automotive films have derived its name from the manufacturing process, wherein the heated steel rollers form the vinyl into a thin sheet by a process called calendaring. This is the most common method of producing vinyl films of economy grade applications such as general signage and medium- to short-term exposure application. These types of automotive wrap films are mainly used in commercial vehicles for advertisement purpose.
By Function:
- Window Tints: This one of the substantial applications of the automotive wrap films. The window tints or films can be installed on the interior or exterior of the glass surface of a vehicle for privacy and protection. These films on windows can prevent excessive heat generation inside the vehicle by reflecting up to 70% of the solar energy.
- Decorative: The automotive wrap films are effectively used to enhance the aesthetics of a vehicle by applying the wrap films of different colors, finish, and gloss. The primary factor favoring the healthy growth of the segment is the current trend of vehicle customization and modification.
- Protective: Some of the major protective applications of the automotive wrap films are paint protection and scratch resistance, wherein it protects the original paint of the automobile from yellowing, UV rays, scratch, and dust particles.
- Advertisement: It is the fastest-growing segment in the market. This is primarily due to increasing focus on outdoor and mobile advertising, which can effectively connect with the large number of people.
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By Vehicle Type
- Cars: The cars or passenger cars segment held the largest market share of more than 45% in 2018. The dominance of the segment at present is mainly attributed to the surging demand for passenger cars in emerging economies. The automotive wrap films are widely used in passenger cars for paint protection, window tinting, apart from the decorative purpose. This is expected to drive the growth of the segment during the assessment period.
- Light Commercial Vehicles (LCV): The LCV are rapidly gaining popularity for mobile and outdoor advertisement. It is the fastest-growing segment due to the increasing focus on mobile advertising. Light-duty vehicles and buses are widely used for advertising purpose.
- Heavy/Medium Commercial Vehicles (H/MCV): The H/MCV’s are mainly used for advertisement application.
By Region:
- North America: Market growth is driven by the well-established automotive industry
- Europe: Germany is the largest contributor to the regional market growth owing to the growing automotive aftermarket.
- Asia-Pacific: The largest and fastest-growing regional market for automotive wrap films.
- Latin America: A small but growing automotive industry is likely to fuel the demand for wrap films in the coming years.
- Middle East & Africa: High growth potential of the automotive aftermarket may drive the regional market growth during the forecast period.
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