Global 31.19 Bn Graphic Film Market Growth, Trends, and Forecasts, 2020-2025
The graphic film market was valued at USD 26.75 billion in 2019, and it is expected to reach USD 31.19 billion by 2025, registering a CAGR of 5.56% during the forecast period (2020 – 2025).
The growing investment in marketing and advertising, increasing adoption of graphic films in the automotive sector, growth in demand for wrap advertisements, and increasing advancement in printing technology and graphic films are some of the major factors driving the studied market growth.
Indoor advertising, outdoor advertising, vehicle graphics, traffic and safety markings, and architectural graphics are some of the significant applications of graphic films. However, after the recent COVID-19 outbreak, the film requirements have changed in many of these applications, which have negatively affected the demand but have also created new opportunities in the studied market. Indoor and outdoor advertising are applications that have changed the most.
Growth in outdoor advertising is expected to be slower in 2020, owing to the COVID-19 outbreak and increasing adoption of digital out-of-home advertising. However, due to COVID-19, the market is also witnessing high product innovation in terms of growing launches of graphic films with additional characteristics like anti-bacterial feature. This could force manufacturers to change processes and help companies, especially in Europe and Asia, to make profits due to a surge in demand for these products.
Cast vinyl films are also witnessing increasing adoption, especially in applications with complex surfaces, such as vehicles. Water-based graphic films are also becoming rapidly expanding segment. Polyethylene is the cheapest film, but due to inadequate gas barrier properties and low-temperature resistance, their adoption is limited in some applications.
Many market vendors make significant improvements in formulation and building their cast polyvinyl chloride (PVC) film to enhance product performance. The recent COVID-19 has further promoted these strategies in the market. Companies like 3M are mainly adopting these methods. In May 2020, due to the recent COVID-19 outbreak, UK-based Graphic Image Films launched a new BOPP product to give additional protection featuring the anti-bacterial property.