Automotive Films Market Worth 6.30 Billion USD by 2022
PUNE, India, June 1, 2017 /PRNewswire/ --
The report "Automotive Films Market by Film Type (Window Films, Wrap Films, Paint Protection Films), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market was valued at USD 4.65 Billion in 2016 and is projected to reach USD 6.30 Billion by 2022, at a CAGR of 5.3% from 2017 to 2022.
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Browse 78 market data tables and 56 figures spread through 117 pages and in-depth TOC on "Automotive Films Market - Global Forecast to 2022"
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The ability of these films to provide protection against harmful sun rays and increase the privacy of vehicles is one the major driver for the growth of automotive films market. Furthermore, the growing demand for passenger cars and improving living standard in emerging countries such as China and Indonesia are also fueling the demand for automotive films. In addition to this, the growing demand for mobile advertisements is also one of the major factors expected to drive the market.
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Based on film type, the window films segment is projected to be the largest segment of the market during the forecast period.
Based on films type, the window films segment is projected to be the largest segment of the automotive films market during the forecast period. These films are installed on large scale on vehicles as these films block 80-85% of the sun rays, which helps in reducing the temperature inside of the vehicle and lowers the cost of energy. It also increases the fuel efficiency by reducing the load on the engine. In addition, window films enhance the safety of vehicles by preventing the glass from shattering during accidents.
The passenger cars segment of the market is projected to witness the highest growth from 2016 to 2021.
The passenger cars segment is projected to witness the highest growth during the forecast period. Increasing demand for paint protection films to protect exterior parts of the vehicle such as hood, fenders, and bumpers and to enhance the aesthetics of the vehicle are the factors boosting the demand for automotive films from this segment. In addition, the need of privacy and personalization will also boost the growth of this segment during the forecast period. Several companies manufacturing automotive films are carrying out research & development activities to improve the properties of these automotive films.
The Asia-Pacific automotive films market is projected to witness the highest growth from 2017 to 2022.
The Asia-Pacific automotive films market is projected to witness the highest growth in the coming years, owing to factors such as increasing demand for vehicles and growing urbanization in the region. China, Japan, Australia, and South Korea are some of the key countries in the region that are contributing significantly to the growth of the automotive films market in Asia-Pacific.
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Some of the key players in the Automotive Films Market are 3M Company (U.S.), Eastman Chemical Company (U.S.), Avery Dennison Corporation (U.S.), Lintec Corporation (Japan), and Saint-Gobain Performance Plastics (France). New product development was the major growth strategy adopted by market players between 2012 and 2017 to meet the demand for automotive films in emerging economies.
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