The global paint protection film market size was valued at USD 468 million in 2017, and is estimated to expand at a CAGR of 7.2% over the forecast period.
The global paint protection film market is estimated to grow at a substantial CAGR due to the various factors, which includes, increasing demand from electronic items, growing automotive sector, and rising defense budgets of various countries. In addition, improved economic condition, increasing automotive production and automotive sales, and rising consumer preferences towards cost-effective products are some of the major factors which are anticipated to provide the potential opportunities to the paint protection film demand over the projected period. On the other hand, high installation cost associated with the target product is estimated to hinder the global market growth over the forecasted period. However, strong product demand from various applications such as paint protection in vehicles, aircraft, electronic gadgets, boats, ships etc., has stimulated the growth of the global market. Furthermore, innovations in technology in order to offer sustainable products with nominal environmental impact are estimated to propel the global market growth.
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The market for paint protection film is highly competitive in nature owing to high product sales and varieties for paint protection films offered by numerous local and international players. Additionally, selection of raw materials is one of a key factor for manufacturers to meet the common industry standards for manufacturing of protection films for wide applications.
The paint protection film global market is divided into product, application, and region. On the basis of product type segment, the worldwide paint protection film advertise is divided into TPU (Thermoplastic Polyurethane), PVC (Polyvinyl Chloride), Polyester, PET (Polyethylene Terephthalate) and Polyethylene. On the basis of application, the worldwide paint protection film showcase is segmented into automotive, aerospace, marine, and electrical & electronics. Based on the region, the worldwide paint protection film advertise is divided into North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
The increasing demand for polyester PET movies is evaluated to rise at a CAGR of 5.6% in terms of revenue over the upcoming years, attributable to its scratch safe and recyclable properties. Also, this item is used to shield the painted surface from debris, gravels, and dust particles, and aides in keeping up the stylish values of vehicles.
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The automobile segment was the most dominant application segment, in terms of revenue in 2017. Swift industrialization, combined with the increased requirement for transportation, has been working up the interest for the passenger and commercial vehicles, consequently feeding the market demand. Moreover, growing awareness related to the maintenance of vehicle is probably going to support the segment growth over the forecast period.
Asia Pacific market dominated the global market in the year 2017, as the region is the largest market for automotive production and consumption. Increasing transportation activities, availability of raw materials, low labor cost, and high consumer demand have been attracting several vehicle manufacturers to start new manufacturing facilities in the region, thereby, augmenting the demand for paint protection films during the forecast period. On the other hand, the Europe market is expected to witness a significant growth rate, owing to high production volumes of air crafts and passenger cars. Rising defense spending of countries including Germany, U.K., France, Spain, and Italy, coupled with increasing demand for the target product from the electronics sector, are providing a boost to the regional paint protection film market.North America market is expected to grow at a significant rate of growth due to the increasing demand for the target product, as automotive sales and number of aging fleets are increasing in the region. Some factors such as presence of multinational OEMs, matured manufacturing sector, favorable government regulations etc., are estimated to poise the consumption of the target product for a wide range of applications.
Industry rivalry is exceptionally considered by product differentiation and pricing. Another significant part of the industry is the expense related to the establishment, where buyers know about the brand contributions however deter from PPF buys because of higher installation costs. Mergers, integrations, tie-ups with third-party installers, wide circulation channel, and innovative assembling methods, are some factors anticipated to be the key factors for producers to support the fierce challenge over the forecast period.
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