A new report published by Grand View Research, Inc estimates that the global automotive wrap films market will reach USD 10.8 billion by 2025. The main factors that will fuel the growth of this market is the growing demand for application on light duty vehicles and the high application scope. This segment has witnessed many advances with regard to both materials and technologies facilitating mass production and lowering the overall cost of the products. There is also more scope now when it comes to making designs flexible and manufacturing wraps for a wide range of applications.
The key players in the market like 3M, Orafol Group, Hexis S.A., Arlon Graphics LLC and Avery Dennison Corporation are vying with each other to introduce new products having new features and colors in order to cater to the needs of consumers.
Vehicle wrapping is more popular in the case of heavy vehicles as the large sizes of the graphics provide easy access to information and attract more commuters. In 2015, wrapping on heavy vehicles accounted for a share of 17.5% in the global market revenue. With the demand for passenger cars rising in emerging economies like India and China, light duty vehicles are expected to witness a CAGR of over 20% in the period from 2016 to 2025.
On a global basis, North America dominated the market and had a share of over 35% in 2015. The main reasons was the presence of many industry players and high adoption rate of new technologies
The MENA market is one of the fastest growing markets for automotive wrap films and is growing at a CAGR over 20% due to increasing utilization of the vehicle wraps for advertisements, especially in promoting places of interests
Some of the leading players in this market are Signtrade International, Strings International, and System Middle East and they are aggressively promoting their new products 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.
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