Paint Protection Film Industry Overview
The global paint protection film market size was valued at USD 297.15 million in 2020 and is projected to reach USD 428.09 million by 2028, registering a CAGR of 5.4% over the forecast period.
The growing application scope of the product and the development of high-performance films are expected to boost the product demand over the coming years. Furthermore, innovations in technology to offer sustainable products with minimal environmental impact are projected to propel the demand in the forecast period. Product variation concerning performance and quality to resist stains, abrasions, and scratches is also anticipated to be one of the key factors defining the demand for Paint Protection Films (PPFs). Furthermore, the introduction of novel technologies to produce long-lasting films with greater resistance against adverse atmospheric conditions is expected to drive the market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Paint Protection Film Market
Technological advancements, such as color variations and superior adhesiveness, in films are estimated to draw consumer attention. In North America, automotive and transportation films accounted for a prominent market share, with most of the demand from the U.S. ceramic coating technologies. These technologies are likely to be utilized as an alternative to PPFs due to their superior performance against scratches and abrasions, thus negatively influencing the market growth.
However, the low cost associated with PPFs is poised to offer them a competitive advantage over the forecast period. Market players invest in R&D to improve product durability, as these films are installed for a longer duration. Initiatives taken by producers to manufacture flexible films, which could be applied on unique shapes and are compatible with diverse qualities of paints that are applied on surfaces, are projected to unfold growth opportunities for the market.
The selection of raw materials is a key factor for manufacturers to meet the industry standards for the production of PPFs for different applications. The availability of these products on online platforms is anticipated to boost market growth. In addition, initiatives taken by industry players to offer installation services through company-owned service stations and third-party installers can bode well for market growth during the projected period.
Paint Protection Film Market Segmentation
Based on the Application Insights, the market is segmented into Automotive & Transportation, Electrical & Electronics, Aerospace & Defense and Others.
The automotive & transportation sector accounted for the largest revenue share of over 72% in 2020 and is anticipated to continue its dominance over the forecast years. Rapid industrialization coupled with the rising need for transportation has been stirring up the demand for passenger and commercial vehicles, thus fueling the market growth.
The aerospace & defense segment is poised to record the fastest CAGR of 7.8% during the forecast period on account of increasing air transportation coupled with growing defense practices by several countries.
Improving living standards coupled with increasing demand for miniature electronic devices is anticipated to bolster the product demand from the electrical & electronics segment.
The others’ segment includes applications, such as construction and turbines. The segment has been a relatively lesser penetrated application market on a global level; however, it is expected to grow considerably over the forecast period.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Asia Pacific accounted for the largest revenue share of over 36% in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028. This growth is attributed to the presence of high automotive production and consumption in the region.
Product demand in the automotive sector of North America is projected to expand at a CAGR of 4.6%, due to a surge in automobile sales and the number of aging fleets.
Europe also accounted for a significant revenue share in the past owing to high manufacturing volumes of aircraft and passenger cars. The regional market will expand further due to increasing defense budgets in countries, such as Germany, the U.K., and France, coupled with rising product demand from the electronics sector.
Market Share Insights
December 2020: The Garware Group’s flagship company, Garware Polyester, and the India’s leading polyester film manufacturer, commenced a Paint Protection Film (PPF) for cars and SUVs.
October 2021: A globally renowned company, and global provider of protective films and coatings, XPEL, Inc. commenced a multi-year designation as the Mercedes-Benz Club of America, Inc.’s exclusive paint protection film, ceramic coating, and window film sponsor. This recent sponsorship drives boosted XPEL brand awareness and usage among the tens of thousands of Mercedes-Benz enthusiasts who proudly join club-sponsored activities and events.
Key Companies Profile:
The market is highly competitive on account of high product volumes and product variation offered by several local and multinational players. Some prominent players in the global paint protection film market include,
KDX Composite Material
Eastman Chemical Company
Premier Protective Films International
Avery Dennison Corp.
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