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Paint Protection Film Market Climbs on Positive Outlook of Booming Sales | Biggest Opportunity of 2022

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Santosh Autade
Paint Protection Film Market  Climbs on Positive Outlook of Booming Sales | Biggest Opportunity of 2022

Market Analysis 

Cars have become one of the most importance means of conveyance for the modern man. People go out of their way to protect this commodity from various elements. This is one of the major factors that has helped in the growth of the global paint protection market.

paint protection film market is popular by its pseudonyms like clear paint film, PPF, clear bra & clear film. It can be explained as a thin layer of film that that serves the purpose of protecting the exterior surface of a car. It is made up of thermoplastic urethane. It has the ability to safeguard the layer of paint from minor scratches, stone chips and bug splatters. Although it is popularly used for auto motives, its use is not just limited to them. This film can also be applied on cell phones, electronics, motorcycles, screens and airplanes.

Paint protection films have proven to be highly useful in maintaining the visual appeal of any vehicle they are used on. They are gaining a lot of recognition as more and more people are becoming aware of its benefits.

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Market Summary

The worldwide paint protection film market is estimated to develop at a lightning speed in the coming years. Experts suggest that this industry will earn around USD 1276.9 million during the forecast period of 2018 – 2022. The market is anticipated to tread forward at the CAGR of above 5.63%.

There are many factors to which the growth of this market can be attributed. One of the most important ones is the benefits that this film has to offer. Owing to their protective nature many people have had them installed in their vehicles respectively. This fact is a very huge market growth propeller.

Secondary development drivers include growing customer awareness, upsurge in the usage of cars & improved rates of average annual income amongst the masses.

Additional aspects that further boost the growth of the market are higher ratio of internet ratio, improved industrial supply chains, population explosion in the urban areas and higher usage of mobile phones.

The industry may face restraints in the form of higher installation prices. But if all goes well as the market develops this hurdle too shall be overcome.

  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.

Detailed Regional Analysis

The paint protection film market is segmented into the following regions North America, Latin America, Middle East, Europe, Asia Pacific, and Africa. Among these regions, the Asia Pacific region has appeared as the foremost paint protection film market in 2016, motivated by the development of industries such as electrical & electronics and automotive. The Asia Pacific region is projected to achieve USD 492.05 million with a modest CAGR of around 6.1 percent over the forecast period. The demand for paint protection film is expected to surge in developing economies such as India, China, and Japan owing to the rising electronics and automotive sector. Germany, the U.K, and France are among the main suppliers to the regional market growth and will carry on their dominance through the forecast period owing to the extensive utilization of paint protection film in the aerospace and automotive sector. Advanced regions such as North America and Latin America are expected to perceive a noteworthy growth owing to the surge in the volume of vehicle production and sales in these regions. 

 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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