The global automotive wrap films market is expected to reach USD 10.8 billion by 2025, according to a new report by Grand View Research, Inc. High application scope coupled with increasing demand from the light duty vehicle application is likely to have a positive impact on the market growth.
The market has witnessed advancements, both in terms of technologies and materials, in order to facilitate low cost and mass production of the products. This would also lead to flexibility in designs and ease of manufacturing for a wide range of applications.
Key players in the industry are striving towards introducing new products with new colors and features to meet the changing consumer demands. Almost all the manufacturers including Avery Dennison Corporation, Arlon Graphics LLC, 3M Company, Kay Premium Marking, Ritrama S.p.A, Orafol Group, and Hexis S.A are ventured into launching new products to address the competition.
Further key findings from the report suggest:
Heavy duty vehicles accounted for a share of 17.5% in the global market revenue in 2015 owing to large sizes of graphics that attract more commuters and allow easy access to information
Light duty vehicles are anticipated to witness a CAGR of over 20% from 2016 to 2025 on account of rising demand for passenger cars from emerging economies including China and India
North America dominated the market with a share of over 35% in 2015 on account of presence of numerous industry players and high adoption rate of new technologies
Middle East & Africa is one of the fastest growing markets for automotive wrap films growing at a CAGR over 20% owing to increasing utilization of the vehicle wraps for advertisements particularly in promoting places of interests
Various manufacturers and experts including Signtrade International, Strings International, and System Middle East exhibit their new product developments to promote sales across Middle East & Africa
In November 2015, Hexis UK launched a new range of premium polymeric colored sign vinyl, Suptac S5000 Series, which is used to provide high gloss finish to the vehicles.
In February 2017, Ritrama S.p.A signed distributorship with Double V, strengthening self-adhesive material sales in Russia