Automotive Wrap Films Market Size Worth $19.7 Billion By 2028

May 2021 | Report Format: Electronic (PDF)

Automotive Wrap Films Market Growth & Trends

The global automotive wrap films market size is expected to reach USD 19.7 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 22.4% from 2021 to 2028. High product application scope coupled with increasing demand from the light-duty vehicle applications is likely to have a positive impact on the market growth. The market has witnessed advancements, both in terms of technologies and materials, 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 including heavy, medium, and light-duty vehicles. Demand for automotive wrap films in Asia Pacific is expected to grow at the fastest CAGR during the forecast period.

The growing automotive industry, rising population, and increasing disposable income levels in the emerging economies of the region are likely to be the primary factors driving the market over the coming years. The rising popularity of color-changing vehicle wraps is further expected to propel the product demand in the region. Rapid industrialization coupled with government initiatives to facilitate various policies in economies, such as India, is projected to drive market growth in the next seven years. The growing population in the region creates huge opportunities for the development of the market over the forecast period. The medium-duty vehicles segment is anticipated to witness considerable growth during the forecast period.

Growing construction, transportation, and industrial sectors are likely to increase sales of heavy-duty vehicles during the forecast period. Increasing demand for vehicle branding coupled with the rising number of heavy-duty vehicle sales in North America is expected to have a positive impact on the market growth in the coming years.

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Automotive Wrap Films Market Report Highlights

  • The global market was valued at USD 4.0 billion in 2020 and is estimated to grow at a CAGR of 22.4% from 2021 to 2028

  • Light-duty vehicles are expected to be the fastest-growing application segment over the forecast period

  • North America accounted for the highest revenue share of the global market in 2020 and is estimated to retain the leading position throughout the forecast period

  • This growth can be credited to the increasing investments in advanced processing technologies and rapidly expanding manufacturing base in North America

  • On the other hand, Asia Pacific is projected to record the fastest CAGR of more than 25% from 2021 to 2028

Automotive Wrap Films Market Segmentation

Grand View Research has segmented the global automotive wrap films market on the basis of application and region:

Automotive Wrap Film Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Heavy-duty Vehicles

  • Light-duty Vehicles

  • Medium-duty Vehicles

Automotive Wrap Film Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Belgium

    • The Netherlands

    • Spain

    • Poland

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Indonesia

    • Malaysia

    • Thailand

    • New Zealand

    • Philippines

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa

List of Key Players of Automotive Wrap Films Market

  • Avery Dennison Corp.

  • Arlon Graphics, LLC

  • 3M Company

  • Ritrama S.p.A.

  • Hexis S.A.

  • JMR Graphics, Inc.

  • Vvivid Vinyl

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