The global automotive films market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. Automotive films are available in various colors and styles, and are engineered to enhance the aesthetics of a vehicle while improving its functionality.
- Increasing concern for safety, security, and privacy, coupled with the increasing demand from the automotive industry majorly in Europe and Asia-Pacific regions are expected to drive the demand for the market during the forecast period.
- Occurrence of technical issues with dyed and metallized films which results in low heat reduction and GPS transmission interference is likely to hinder the market's growth.
- Rising demand of electric vehicles and emerging government regulations in countries such as United States enforcing the usage of automotive films are projected to act as an opportunity for the market in future.
Key Market Trends
Increasing Demand from the Window Films/Tints Industry
- Window films are lamination's installed, either on the exterior or interior part of the glass windows. It provides protection, as well as sustainability, to the vehicles.
- Window films provide an extra level of protection against the harmful infrared and ultraviolet rays, reflecting from the sun. Additionally, window tints reduce the workload on vehicle's air conditioning system.
- It is installed in automobiles, to reduce the excessive heat transmitted to the vehicles. It is widely used in the automotive industry, mostly in passenger vehicles followed up by commercial vehicles.
- Additionally, it provides car protection inside and outside, privacy, security, and also increases vehicle's overall appearance, and hence, finds application in the automotive industry, majorly in windows.
- Owing to all the aforementioned factors, the demand for window films/tints is likely to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. With automotive production and sales growing in countries such as India, Indonesia, Thailand and Japan, the usage of automotive films is increasing throughout Asia-Pacific region.
- India is one of the major consumers of automotive films in the Asia-Pacific region and it is expected to witness highest CAGR in the region during the forecast period.
- Some of the major manufacturers are planning to expand their capacity in the automotive sector. Ashok Leyland has planned a capital expenditure of INR 1,000 crore to launch 20-25 new models in commercial vehicles, during 2019. Hyundai is planning to invest USD 1 billion, in India, by 2020. SAIC Motor has also announced to invest USD 310 million in India.
- The government of India aims to develop the country as a global manufacturing center, and the government has also come up with reforms, like GST, to boost up the growth in the automotive industry.
- All these factors are expected to increase the market for automotive films in the region during the forecast period.
The automotive films market is partially consolidated. In terms of market share, few of the major players currently dominate the market. Key players in the automotive films market include Saint-Gobain Performance Plastics, TORAY INDUSTRIES, INC., 3M, Eastman Chemical Company, and Johnson Window Films, Inc., among others.
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