In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 3 Billion |
|
Forecast Year Market Size (2033) |
~ USD 5 Billion |
The global automotive tinting film market is estimated to garner a revenue of ~USD 5 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3 Billion in the year 2022. The primary factor that is attributed to the market growth in the assessment period is the rapid expansion of the automotive industry. As per the estimations, the revenue generation by the global automotive industry is anticipated to stand at almost USD 9 trillion by 2030.
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Heat and glare reduction functions are expected to drive the demand for automotive tinting film owing to their advantages, which include a desired level of comfort by stopping the maximum percentage of sun rays by reflecting them back at the sky or dispersing them around. Furthermore, these films not only protect against the sun's and UV rays, but also any physical object that comes through the window in the event of a car crash or accident. This trend is expected to raise the adoption rate considerably in the automotive industry. A recent report stated that in 2018, the Indian automotive industry employed approximately 2 million people.
The automotive tinting film market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicle, heavy commercial vehicle, and others. Out of these, the passenger cars segment is attributed to garner the highest market share by 2033, owing to the high demand of passenger vehicles by the burgeoning population. International Organization of Motor Vehicle Manufacturers (OICA) stated that the global sales of passenger vehicles sales rose from 53 million in 2020 to 56 million in 2021, whereas, the production rose from 55 million in 2020 to 57 million in 2021.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global automotive tinting film market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. The rising the population along with their income levels have increased the demand of vehicles which, in turn, is expected to bring lucrative growth opportunities for automotive tinting film market. The total production of vehicles in the region was 46 million in 2021, whereas, the total sales in the region was 42 million in 2021 as per statistics released by International Organization of Motor Vehicles (OICA). Also, the presence of leading key players and exporters in the region is an another factor that is expected to affect the market positively. China, a country of Asia Pacific is estimated to have exported around 400,000 commercial vehicles and around 2 million passenger vehicles in the year 2021.
The global automotive tinting film market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive tinting film market includes the following segments:
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By Application |
|
|
By Vehicle Type |
|
FREQUENTLY ASKED QUESTIONS
The expansion in automotive industry and the increased demand for vehicles is expected to fuel the market growth in the future.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
The extra expenses incurred in production cycles along with low adoption rate in developing countries and rising governmental policies regarding pollutants emission by vehicles are some of the factors that are expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Eastman Chemical Company, Madico, Inc., Johnson Window Films, Inc., Toray Industries, Inc., Saint-Gobain Performance Plastics Corporation, Avery Dennison, The Armolan Company, Huper Optik USA, 3M, TintFit Window Films Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, vehicle type, and by region.
The passenger car segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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