The increasing installation of tinting films on windows and windshields is expected to drive the market growth.
Rapid expansion of automotive sector in China, Japan, and Argentina is expected to trigger consumption of tinting films over the forecast period. Increasing consumer disposable income coupled with technological advancements such as the advent of bio-based polyester films is expected to fuel market growth.
The benefits offered by the product include heat protection, protection against harmful UV rays, glare, and improved vehicle aesthetics. Growing consumer awareness regarding the benefits along with recovery of automotive industry across the globe is expected to drive demand.
Tinting films help in reducing solar heat gain & winter heat loss and maintain sustainable & comfortable environment. In addition, the use of Ultra Violet-A filtering tinting films reduce the risk of skin cancer & skin damage. Environmental benefits offered by product along with rising safety concerns among consumers is expected to drive growth.
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Further key findings from the report suggest:
- Window tints installed on the windshields block around 43% heat and 99% UV rays, which is expected to augment product demand. Windshields application segment is projected to account for 60.2% by 2025.
- Passenger cars accounted for 66% of global tinting film industry in 2016 on account of the growing demand for window tints in premium passenger cars to protect center console and automotive electronics from heating
- LCVs are expected to denote a CAGR of 5.3% owing to the use of the vehicles for home deliveries and improvements in trade and transportation in developed economies of North America and Europe
- North America accounted for the largest revenue share in 2016 on account of growing demand for window tints in windshields to enhance glare protection for improved clarity while driving
- China accounted for the largest revenue share in Asia Pacific and expected to grow at a predicted CAGR of 6.1% on account of growing demand for luxury cars coupled with increasing installation of colored tints in the country
- Companies including 3M and Eastman have goodwill in the industry, which gives them an added advantage over local manufacturers in expanding the distribution network to maintain competitive prices
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