Graphic films find wide application in automotive and advertising industry for making promotional banners and vehicle wraps. Further, the graphic films are projected as a cost effective alternative to the conventional films. Rapid technological advancements in the field of graphic films, rising purchasing power has resulted in the transition in the lifestyle of the consumers are some of the key factors responsible for the growth of the graphic films market. Further, the growing construction industry is another major factor propelling the growth of this market currently. The impact of this driver is expected to intensify further during the forecast period.
However, fluctuating raw material prices is one of the major factors hindering the growth of this market and the impact for this restraint is expected to remain the same throughout the forecast period.
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Among the various end users for graphic films, advertisement industry is expected to exhibit a strong demand for graphic films, which is followed by the automotive industry. Both are expected to retain their respective positions throughout the forecast period.
Among the various types of polymers, polyvinyl chloride (PVC) is expected to retain market dominance throughout the forecast period.
Graphic Films Market Outlook
Asia Pacific is expected to lead the global graphic film market during the forecast period. Strengthening economic condition of this region is a major uplift to the growth of this market. In 2016, International Monetary Fund (IMF) declared that the economy of Asia Pacific grew by more than 5% and is expected to grow further during the forecast period, thus making Asia-Pacific, a lucrative market for the graphic films. Further, China emerged as the largest market for graphic films in 2016 and is expected to remain in its position throughout the forecast period. Rapid technological innovations in the field of graphic films, coupled with large presence of small land medium scale players for graphic films are some of the key factors driving the demand for graphic films in the country. Further, high population is another major factor driving the growth of this market in China.
North America and Europe are expected to exhibit a strong growth for graphic films from the automotive industry. Vehicles when exposed to sun light for longer durations, results in increased heating which in turn reduces fuel efficiency. Further, ships are also exposed to harmful UV rays, which is why the application of graphic films provides with adequate protection from UV rays. Due to this, the adoption rate for graphic films in the automotive industry is very high, which in turn is acting as a major driver for North America and Europe.
Middle East is expected to project a high growth for graphic films due to the rapid growth of the automotive industry in the region. U.A.E and Qatar are the major contributors to the growth of this market. Further, rising demand for graphic films from the advertising industry, the growth of which is majorly backed by the tourism industry is high fuelling the growth of the graphic films market in the Middle East
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The major players, operating in the global graphic films market include Avery Dennison Corporation, E. I. du Pont de Nemours and Company, CCL Industries Inc., Amcor Limited Hexis S.A., Constantia Flexibles Group, DUNMORE Corporation and others.