Yahoo Finance Automotive Film Global Market Report 2022: Ukraine-Russia War Impact
Major players in the automotive film market are 3M, Avery Dennison Corporation, HEXIS S. A. , Garware Sun Control Film, Johnson Window Films Inc. , Saint-Gobain Performance Plastics, Madico Inc, Kay Premium Marking Films LTD, Lintec Corporation, Akzo Nobel N.
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Film Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370326/?utm_source=GNW
V., Xpel Technologies Corp., Zeo Technology Group Limited, Renolit Group, Solar Screen International SA, and GLOBAL WINDOW FILMS.
The global automotive film market is expected to grow from $ 4.85 billion in 2021 to $ 5.18 billion in 2022 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automotive film market is expected to grow to $ 6.52 billion in 2026 at a CAGR of 5.9%.
The automotive film market consists of sales of automotive films by entities (organizations, sole traders, partnerships) that are used to protect cars from environmental factors such as excess moisture, road salt, sap, and other debris.Automotive films are a thin coating of laminated film placed on the inside or outside of a car window, providing discretion, relaxation, and increased security.
These films improve the way cars are presented and give them a very glossy, transparent appearance. The car films make users more comfortable by reducing glare from the sun and blocking out more than 93 percent of UV rays.
The main types of automotive films are window film, paint protection films, and wrap film.Window film is used to conserve energy, but it also helps to prevent the deterioration of indoor furniture, textiles, and flooring by filtering harmful ultraviolet (UV) rays.
It is a thin laminate film that may be applied to the inside or outside of glass surfaces.The different material types include dyed, metalized, and ceramic.
The several vehicle types include passenger and commercial. It is used in various applications, such as interior and exterior films.
North America was the largest region in the automotive flim market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive film market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for passenger vehicles in developing economies is expected to propel the growth of the automotive film market going forward.A vehicle is defined as a passenger vehicle if it is either designed, built, or modified to transport people.
In passenger vehicles, automotive films are used to protect the passengers and driver from direct rays of sun, heat, and to reduce the internal temperature of the car. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), an India-based a not-for-profit apex national body of the Indian government, sales of passenger vehicles as a whole increased by 13.2% in the fiscal year 2021 to 3.07 million from 2.71 million in the year 2020. Furthermore, according to the state council of the People’s Republic of China, in 2021, China’s sales of passenger cars increased 4.4% year over year to 20.15 million units, with the high demand for new energy vehicles (NEVs) continuing to drive the market expansion. Therefore, the increasing demand for passenger vehicles in developing economies is driving the demand for the automotive film market.
The development of new products is a key trend gaining popularity in the automotive film market.Major companies operating in the automotive film sector are focused on adopting new and advanced products to strengthen their market position.
For instance, in December 2020, STEK Automotive, a US-based film technology developer, launched graphene-enhanced nano-ceramic window films, a premium nano-ceramic window film that contains graphene as well as tungsten and antimony tin oxide. These nano-ceramic window films enhanced with graphene exhibit crystal clarity, reduce UV and glare and effectively block heat from entering vehicle interiors.
In September 2021, Eastman Chemical Company, a US-based company primarily involved in the chemical industry, acquired Matrix Films LLC for an undisclosed amount.Through this acquisition, Eastman Chemical would take over Matrix Frim’s premium shield brand and line of automotive film patterns to jointly create greater strength and differentiation.
With PremiumShield’s professional team and comprehensive pattern database, Eastman would further solidify its position as a market leader in performance films. Matrix Films, LLC is a US-based manufacturer of premium shields and automotive films.
The countries covered in the automotive film market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive films market research report is one of a series of new reports that provides automotive film market statistics, including global market size, regional shares, competitors with automotive film market share, detailed automotive film market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive film industry. This automotive film market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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