According to Market Research Future (MRFR), the global paint protection film market size is estimated to reach USD 1277.82 million, with a CAGR of 5.89% from forecast period. The report focuses on the prospects of paint protection film by analyzing various market elements, including recent trends, opportunities, constraints, and market drivers. Furthermore, the report also measures the COVID-19 impact on the paint protection film market.
Paint protection film is categorized as a thin film made of urethane thermoplastic material. These are applied to the painted surface of automotive, airplanes, and electronic products to protect it from several abrasion agents, such as bug splatters, minor abrasives, and stone chips. These films are beneficial in retaining the quality appearance of the vehicle showroom. They are commonly referred to the as clear film, clear paint film, PPF, and others. Such films are primarily used to avoid damage to the surface of the automotive and other transport vehicles caused by rock chips and other surfaces. These are commonly used in various applications, such as automotive, electrical & electronics, aerospace & defense, and others.
Market Dynamics
According to MRFR's analysis, some of the market factors and trends identified in the global paint protection market include the growing automotive sector, increasing demand for electronic products, and rising defense budgets in various countries. In addition, increasing automotive production and sales, improving economic conditions and growing consumer preferences for the cost benefits offered by the by-products are some of the other factors that are expected to give new impetus to the demand for paint protection films over the estimated period.
However, it is expected that the high installation costs associated with this product would impede the growth of the market over the assessment period.
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Segmentation
The global paint protection film market size has been segmented on the basis of application which includes automotive, electrical & electronics, aerospace & defense, and others. Application-wise, the automotive segment accounted for the largest share of over 71% in 2016 and is projected to expand at a CAGR of 6.17% over the forecast period. The increasing use of paint protection films in automobiles coupled with favorable government policies for automotive manufacturers in developing countries is the driving force behind the growth of this segment. The electrical & electronics segment is estimated to be the largest segment driven by rise in manufacturing of electronic gadgets such as mobile phones, laptops, and tablets.
Regional Analysis
The paint protection film market has been segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific emerged as a major market for paint protection film in 2016 due to the growth of automotive and electrical & electronics industries. The Asia Pacific region reported for around 38% of the total volume share in 2016 and is expected to attain USD 492.05 million with a moderate CAGR of about 6.1% over the forecast period. The demand for paint protection film is likely to increase in emerging countries such as china, India, and Japan due to the increasing electronics and automotive sectors. China has a market value of USD 173.5 million and is predicted to hit USD 268.1 million during the evaluation period.
The European region accounted for around 23% of the total market share (in terms of value) in 2016 and is expected to expand with a considerable CAGR over the review period. Germany, the United Kingdom, and France are key contributors to regional market growth and will continue to dominate during the forecast period due to the extensive use of paint protection film in the automotive and aerospace sectors.
Developed regions, such as North America and Latin America, are anticipated to see tremendous growth owing to the increase in vehicle production and sales in these regions. Moreover, an increase in the rate of adoption in the electronics industry, together with continued development in the defense and aerospace sectors, is estimated to expand regional market growth.
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Competitive Landscape
Eastman Chemical Company
Avery Dennison Corporation
Saint-Gobain Performance Plastics
HEXIS S.A.
ORAFOL Europe GmbH
XPEL TECHNOLOGIES CORP.
RENOLIT
3M
SWM
Industry Updates
- In November 2018, XPEL, Inc., a manufacturer of a variety of paint protection films, announced the acquisition of Apogee Corporation, Taiwan-based distributor of automotive paint protection and window film. Through the acquisition, XPEL will begin directly selling its products to customers in Taiwan.
- In October 2018, Avery Dennison, a leader in adhesive technologies, introduced a new paint protection film which has self-healing properties. SPF-XI Supreme Protection Film provides protection against stone chips, road debris, insect stains, weathering, and minor abrasions without degrading a vehicle’s finish.
- In June 2018, Tint World Automotive Styling centers, the seller of paint protection films and other auto accessories, announced a partnership with Canadian company Alchemy, a manufacturer of windshield protection application.
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The research report titled Global Paint Protection Film Market is an all-inclusive document containing crucial data pertaining to sales and revenue of the Paint Protection Film industry.
The report provides historical data (2017-2018) of the industry and provides valuable forecast information for the period of 2020-2027.
The report is formulated with the analysis of current and emerging trends based on the impact of the COVID-19 pandemic.
The pandemic has changed the dynamics of the market and has drastically shaken up the economic scenario of the world.
It also covers trends, demands, and growth rates impacted by the ongoing crisis.Market Size – USD 267.5 Million in 2019, Market Growth - CAGR of 6.9%, Market Trends – High demand from developing nations.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3347Key participants include Zhejiang Shichuang Optics Film Manufacturing Co. Ltd., Avery Dennison Corporation, Eastman Chemical Company, 3M, CCL Industries, Reflek Technologies Corp., Xpel Inc., Hexis S.A., Saint-Gobain, and STEK USA, among others.The forecast estimation states the global Paint Protection Film market is expected to dominate the economic sphere of the world with significant growth in the coming years.
The current and emerging trends are expected to shape up the industry and help in gaining a strong foothold in the global market to contribute to the revenue generation.The Global Paint Protection Film market is further analyzed on the basis of key companies operating in the business sphere and major geographical regions where the market has a substantial size and growth rate.Material Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)Thermoplastic PolyurethanePolyvinyl ChloridePolyethylene Terephthalate (PET)PolyesterOthersFinish Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Million; 2017-2027)Matte FinishGloss FinishTo read more about the report @ https://www.reportsanddata.com/report-detail/paint-protection-film-marketApplication Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)Automotive & TransportationElectrical & ElectronicsAerospace & DefenseOthersZonal Partition of the Market: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.The report covers extensive analysis of market segments that are anticipated to lead by the end of the forecast period (2020-2027).
