Heat Transfer Films Market is Appraised to be Valued US$ 3,259.6 Mn by 2028
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Competition in the U.S., APEJ, and South Asia is relatively higher among the players operating in these regional markets. The intensity of competition in U.S. heat transfer films market is very high due to the low cost imports of heat transfer films from Germany, Korea, China, and some of the countries in South Asia. The manufacturers in South Asia enjoy access to cheap labor, low raw material prices, easily available raw materials, and major textile markets.
Moreover, the vendor landscape is undergoing a vast change owing to the U.S. Government’s initiative to protect domestic manufacturers. Manufacturers in the U.S. are entering new joint ventures, forming subsidiaries, and collaborating with manufacturers in South Asia to stay competitive. APEJ has a large number of SMEs that are already selling at cheaper rates. Consequently, the market expects fierce competition among key players across all these regions in next few years.
According to the report published by Future Market Insights (FMI), the global heat transfer films market is expected witness a CAGR of 5.7% from 2018 to 2028. The market is projected to touch US$ 3,259.6 Mn by the end of 2028 from a valuation of US$ 1,793.0 Mn by 2017.
Vinyl Printed and Glossy Sportswear to be Preferred Highly by Millennial Population
Increasing health awareness, and growing participation in sports and fitness activities is driving the sportswear industry, providing an indirect boost to heat transfer films market. Premium sportswear brands are gradually adopting glossy and metallic heat transfer films to print logos and graphics on T-shirts and other garments. Women sportswear manufacturers are actively using heat transfer vinyl, which are especially vented, glossy, and metallic. Vented heat transfer vinyl films provide breathing or air circulation to garments.
Augmented adoption of activities such as surf boating, community marathons, and swimming is driving significant demand for surf clothing and swimwear. Glossy and metallic films are extensively used in sales and promotional activities, to print point of purchase displays and banners. Using this type of vinyl makes the devices look more attractive and eye-catching, escalating the demand.
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Heat transfer printing is driving the textiles and apparels sales. A burgeoning trend of printing on textiles and apparels is currently driving the textile industry. Tech savvy millennial prefer better quality, yet inexpensive textiles. Changing purchasing patterns of millennial puts forth the need for a large variety of appealing designs on textiles on both online and offline platforms, which will in turn supplement the sales.
Rising Labour and Manufacturing Costs to Impact Production
The cost of both labor and manufacturing in the U.S. is increasing rapidly, drastically influencing the production of materials. Strict governmental regulations on minimum wages and other labor protection laws have led to higher investment at the cost of declining profit margins. Strict environmental guidelines and industry standards have resulted into growing investments in facility up-gradation. High raw material costs and volatility of raw material prices have been negatively impacting manufacturers in the U.S. Heat transfer film industries need low cost-unskilled labor for a majority of their operations, which currently seems to be unfeasible. However, manufacturers are addressing this issue with employing cheap labor and purchasing low-cost raw materials from Asia.
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