New product development is the key strategy adopted by the leading players to grow in the automotive films market
New product developments is the key strategy adopted by major players in the automotive films market. This strategy accounted for a share of 75.0% of the total growth strategies adopted by the market players between 2012 and 2017. Avery Dennison Corporation (U.S.), a leading player in the market, adopted new product developments as its primary growth strategy. The companies operating in the automotive films market have also adopted mergers & acquisitions to expand their regional presence. This strategy accounted for a share of 12.5% of the total growth strategies adopted by the market players between 2012 and 2017. Investments and expansions accounted for a share of 12.5% of the total growth strategies adopted by the market players between 2012 and 2017.
Download PDF Brochure of this Full Report @ https://www.marketsandmarkets.com/pdfdownload.asp?id=144449362
Companies, such as 3M Company (U.S.), Eastman Chemical Company (U.S.), and Saint-Gobain Performance Plastics (France) have adopted strategies such as new product developments, agreements, investments, and expansions to serve customers efficiently and increase their market shares.
3M Company (U.S.), Eastman Chemical Company (U.S.), and Saint-Gobain Performance Plastics (France), Lintec Corporation (Japan), and Ergis S.A. (Poland), among others, have been profiled in this report. These companies have adopted both organic as well as inorganic growth strategies, such as investments, expansions, mergers & acquisitions, partnerships, agreements & collaborations, and new product developments to strengthen their position in the automotive films market.
3M Company is one of the leading manufacturer of automotive films. It provides automotive films under its industrial business segment. The company is strengthening its foothold in the automotive films market through expansions and new product developments. For instance, in 2013, the company expanded its window film manufacturing facilities in the Asia-Pacific region. In 2013, it launched five new colors for its wrap film series 1080, namely, matte red metallic, matte pine green metallic, matte charcoal metallic, matte brown metallic, and matte copper metallic. This helped the company in widening its customer base by empowering them to achieve distinctive looks and maximize their creativity.
Avery Dennison Corporation is also one of the major players who manufactures automotive films for the industry. The company has developed a strong client base by expanding its distribution network to better serve its customers and offer customized products in Europe, North America, and Asia. The company provides automotive films through its label and graphics materials segment, which generated 68.9% revenue in 2016. The company is focusing on strengthening its position in the market by undertaking inorganic strategies. In March 2017, it acquired Hanita Coatings (Israel), which accelerated Avery Dennison’s growth in the automotive films market.
Growing demand for mobile advertising and the ability to provide protection against harmful sun radiation are some of the factors expected to drive the automotive films market from 2017 to 2022.
Asia-Pacific is the largest market for automotive films in terms of value, and the market in Asia-Pacific is projected to witness the highest growth during the forecast period. This growth is attributed to the growing demand for passenger cars and improving standard of living in the region. Advanced manufacturing processes and technological innovations in the field of automotive films have led to the rising demand for automotive films in recent years. The automotive films market is expected to witness high growth in emerging economies, such as Indonesia, South Korea, and China, owing to the increasing income of the middle-class population and growing automotive industries in these countries.
Based on film type, the automotive wrap films segment is projected to witness the highest growth from 2017 to 2022. The automotive window films segment was the largest segment in 2016, as these films provide protection against harmful radiations which cause skin cancer. These films also enhance privacy. The automotive wrap films segment of the market is expected to witness significant growth in the coming years, owing to the growing demand for mobile advertisement especially on commercial vehicles. Increased R&D activities to develop new and innovative products across a wide range of application areas are expected to boost the growth of the automotive films market during the forecast period.
Among vehicle type, the passenger cars segment is projected to be the fastest-growing segment from 2017 to 2022. In passenger cars, automotive films are generally installed on windows to protect protection against sun rays and to increase the efficiency of vehicles. In addition, these films are installed on front bumpers, hoods, side mirrors, door handle cavities, door edges, rocker panels, and rear fender panels to protect the vehicle from exterior degrading agents such as acid rains and chemicals. Paint protection films are emerging as alternatives to paints as these films are economic and easy to install on vehicles.
Major players operating in the automotive films market, such as 3M Company (U.S.), Eastman Chemical Company (U.S.), Avery Dennison Corporation (U.S.), Lintec Corporation (Japan), and Saint-Gobain Performance Plastics (France) have adopted several organic and inorganic growth strategies to strengthen their market position. New product development was the key strategy adopted by these companies between 2012 and 2017. This strategy helped companies enhance their product portfolios to meet the growing demand of automotive films in various regions. Mergers & acquisitions, investment & expansions, agreements, joint ventures, and partnerships were among the other strategies adopted by the market players between 2012 and 2017 to strengthen their market position.
