Automotive Labels market
The rising demand for packaging and labeling in various industries has propelled the market in past years. Also, these key factors are expected to be the major market drivers in the future to boost the market growth. Recent studies show that the Global Automotive Labels market has undergone a steep growth in past few years and the market is expected to witness a lucrative growth in the projected period of 2023 to 2030. The Automotive Labels market revenue was valued at USD 7,633.15 million in 2021 which is anticipated to reach the valuation of USD 10,527.63 million with the CAGR rate of 4.7% within the forecasted period.
Market Segmentation
The Global Automotive Labels market is segmented into Identification technology, Type, Material, Application, and region.
Based on the Identification technology, the market is divided into RFID tags, Bar codes, QR codes.
Based on the Type, the market is divided into Branding, Warning and Safety, Tracking and tracing, Asset labeling and others.
Based on the Material type, the market is divided into polypropylene, polythene, polyethylene terephthalate, polyvinyl Chloride, Polycarbonate and others.
Based on application, the market is divided into Exterior application, Interior application, Engine component application and others. Growing use of automotive labels in engine compartments will help in the growth of the Global Automotive Labels market size.
Regional Classification
According to the regional classification the Global Automotive Labels market is divided into North America, South America, Asia Pacific, Europe, Middle East Asia and Africa.
Asia Pacific region holds the largest Global Automotive Labels market due to the high demand for automotive labeling, rising labeling, and packaging industries in this region.
North America is expected to be the fastest growing market and occupy a significant share of the Global Automotive Labels market revenue in the foreseeable future due to the rising demand for RTE and RTD products and other labeling products in this region.
Also, Europe, Middle East Asia and Africa are expected to witness stable growth in the forecasted period 2021-2026.
Market News
Some of the key players in the Global Automotive Labels market are Brandy worldwide Inc., 3M Company, Resource Label Group, Avery Dennison Corporation, Computer Imprint able System Ltd. These key companies are focusing on increasing production capacity, innovative product launches, collaborations, and acquisition etc. to maintain a stronghold in this highly competitive market and gain more market.
In 2018, the UPM Raflatac launched a new solvent free adhesive series for better labeling application.
In May 2019, Jowatherm-Reaktant introduced a new PU hot melt adhesive with low monomer content in the market. This adhesive is hazard free and easy to use. This PU hot melt adhesive is currently a high demand adhesive in the automotive market.
July 2019, Coveries announced its 100% share accusation of Amberley Adhesive Ltd. This accusation will help Coveries to strengthen its position in the market as Amberley is the top rated safe self-adhesive labeling manufacturer of Dorset, U.K.
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