U.S. Automotive Protection Films Market is estimated to reach a market size of USD 425.4 million by 2025, according to a new report by Hexa Reports. The growth of the U.S. automotive industry is the major factor expected to drive market growth during the forecast period. The increasing vehicle production in the country is slated to have positive impacts on the overall product demand over the coming years.
The demand for polyurethane (PU) films in interior and exterior applications is expected to witness significant growth during the forecast period. The product is widely used in door, floor, and instrument panels for superior moisture resistance.
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The increasing use of paint and surface protection films for windows, rear-view mirrors, roof, bumpers, and lamp housings is expected to increase significantly, on account of improved optical clarity, and impact and moisture resistant properties of the material.
The industry is expected to witness the highest growth in the light commercial vehicles among end-use verticals, projected to grow at a CAGR of 5.6% during the forecast period in terms of revenue. The presence of key industry players such as Ford and General Motors in the country is expected to drive the overall product demand during the forecast period.
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Further key findings from the report suggest:
- The U.S. automotive protection films industry was valued at USD 297.3 million in 2016 and is projected to grow at significantly during the forecast period on account of the increasing use of the product in exterior applications such as roofs, hoods, and doors.
- The PU films accounted for a substantial market share in 2016 and is expected to witness significant growth of 4.6% over the forecast period, primarily owing to the increasing use of PU-based products for paint and surface protection.
- The product demand in exterior applications was recorded at USD 182.5 million in 2016 and is expected to grow significantly, during the forecast period, on account of increasing application scope in car body, lamp housings, and roof.
- The product demand in passenger cars segment was valued at USD 101.8 million in 2016 and is expected to witness steady growth on account of the increasing car production in the country.
- The key strategies adopted by the industry players include distribution agreements and acquisitions. For instance, XPEL Technologies announced the acquisition of Stratashield LLC, involved in the provision of installation services for automotive protection films.