Global Automotive Tinting Film Market Highlights Over 2023 - 2033
|
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.
Get more information on this report: Download Sample PDF
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.
Global Automotive Tinting Film Market: Growth Drivers and Challenges
Growth Drivers
-
Growth in Population Across the World - Nowadays, people are more inclined towards safety from harmful sun rays and protection of car interiors. Further, the high demand for vehicles by the burgeoning population is also expected to upsurge the adoption rate of automotive tinting film in the forecast period. World Bank estimated that the world population stood at 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.
-
High Number of Vehicles on the Roads – As a result of recent urbanization, the number of vehicles on the road has increased. As a result, the utilization of automotive tinting film is expected to also surge considerably. As per the calculations, it was forecasted that were approximately 2 billion vehicles on roads across the globe by the end of the first quarter of 2022.
-
Rapid Production Rate of Vehicles - International Organization of Motor Vehicle Manufacturers (OICA), released the global sales of vehicles statistics which revealed that it rose to 56 million in 2021 from 53 million in 2020. Whereas, the global production of vehicles is calculated to be 57 million in 2021.
-
Increasing Need of Luxury Cars - According to a recent report, the global sales of luxury cars are anticipated to stand at 200K vehicles in 2026, a rise from 190K vehicles in 2022.
Challenges
- Extra Expenses Incurred in Production Cycles
- Low Adoption Rate in Developing Countries
- Rising Governmental Policies Regarding Pollutants Emission by Vehicles
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Automotive Tinting Film Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global automotive tinting film market includes the following segments:
|
By Application |
|
|
By Vehicle Type |
|
Top Featured Companies Dominating the Global Automotive Tinting Film Market
- Eastman Chemical Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- 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.
