The global Automotive Film Market size is expected to value at USD 10.13 billion by 2021. The market is subject to witness a substantial growth due to the growing demand for automotive film in exterior and interior applications. The growing utilization of automotive wraps to protect vehicles with booming automotive industry and applications of automotive films in transit advertising is expected to drive growth over the next four years. Globally, the automotive film market is predicted to grow at CAGR of 12.0% in forecast period, providing numerous opportunities for market players to invest in research and development in the market. The growing automobile sector along with the rising consumer awareness, shifting focus towards regular maintenance of vehicles, and high-end demand for paint protection in order to avoid high maintenance costs is anticipated to fuel the growth of automotive film industry.
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Moreover, rapid industrialization, urbanization and ever-growing population is leading to the rise in standards of living and increasing disposable income, thus driving the demand for vehicles across the globe. Other factors such as increasing demand for passenger vehicles, particularly in developed economies and rise in per capita income are expected to drive the growth of the industry over the forecast period.
The market is anticipated to expand with faster pace due to aggressive marketing strategies adopted by industry players and large investment in the OEM market. Furthermore, growing reference towards adoption of paint protection films in exterior part of the vehicle is on the rise majorly in the developed economies, thus influencing market growth over the forecast period. Automotive noise, vibration, and harshness (NVH) laminates is considered as one of the fastest growing segment in the automotive film market with substantial revenue generation in the last couple of years. Growing popularity of the automotive noise, vibration, and harshness (NVH) laminates is credited to the variation in the consumer preferences and requirement in the enhanced ride quality and comfort.
The automotive noise, vibration and harshness (NVH) laminates provides noise cancellation and limits harshness, thus substantially improving overall ride quality. These factors play a major in the growth of the automotive film industry, in the recent years. Increasing adoption of various components such as covered release liner, epoxy resin, polyester papers, scratch resistance casing, shades, metal composites, and UV inhibitors, thus enhances durability, improves overall shelf life of the product, and performance of window films recast period, which in turn is expected to aid market growth for window tints.
Development of co-extrusion technology, which is widely used during production of bio-based polyester film, is responsible for limiting use of fossil fuels and offer enhanced carbon footprint, thus attributing to the expansion of the automotive tinting film market in recent years. Increasing adoption of the multilayer nanotechnology during manufacturing of automotive films with the use of polyester, acrylic glass, and PEN resin is expected to accelerate market demand. Windshield is vital in vehicle as it provides protection against heat, ultra-violet rays and pollutants on a large scale. With the adoption of automotive films for the production of windshield further aids in the reducing heat and glare to offer better visibility.
The automotive film market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the increasing adoption of latest technologies in automotive sector, growing vehicle production, increasing demand of lavish& exotic vehicles in terms of production and sales, and existence of well-established automotive infrastructure. Asia-Pacific region is predicted to hold major market share in the automotive film industry with massive growth in forecast period.
Countries such as India, South Korea, China and Japan are leading the Asia-Pacific market with growing demand in automotive sector, increasing demand for window films through OEMs and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the automotive film industry are 3M Company, Eastman Chemical Company, LLC, Global Window Films, and The Solar Gard.
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