Paint Protection Film Market 2022 Deep Analysis of Current Trends and Future Demand by Top Key Players By 2030

Posted by Mrudula Karmarkar on September 23rd, 2022

The global paint protection film market size is projected to reach USD 497.4 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.9% from 2022 to 2030. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs). On the other hand, ceramic coating technologies are likely to be used as a substitute for these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace and deference and electrical and electronics, is anticipated to provide new opportunities to them.

The market is highly competitive on account of the easy availability of raw materials and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers’ decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence. The COVID-19 outbreak had a significant impact on trade and industry. The government directives and tight enforcement of the lockdown and other pandemic-curbing practices caused a disruption in the supply chain and demand for products and services.

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).

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Furthermore, the introduction of novel technologies to produce long-lasting films with greater resistance to adverse atmospheric conditions is expected to drive the market for paint protection films over the forecast period. The COVID-19 pandemic impacted economies throughout the world owing to massive manufacturing and supply chain disruptions. The government directives and tight enforcement of the lockdown and other pandemic-curbing practices caused a disruption in the supply chain and demand for products and services. Due to the worldwide shutdown and suspension of production activity, the automotive industry was one of the most severely damaged sectors. Technological advancements, such as color variations and superior adhesiveness, in films are estimated to draw consumer attention.

Paint Protection Film Market Report Highlights

• In 2021, the automotive and transportation segment emerged as the largest application segment and accounted for over 72.0% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
• The aerospace and defense application segment is poised to register the fastest CAGR of 8.3% over the forecast period. The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
• In 2021, the electrical and electronics application segment accounted for 4.4% of the overall market volume. This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central and South America
• In 2021, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand. The regional market will expand further at the fastest CAGR of 7.6% from 2022 to 2030 mainly due to a significant rise in automotive sales in emerging economies, such as China, India, Vietnam, Thailand, and South Korea
• IVIOS introduced Kaizer Paint Protection Film, a top-quality paint protection film that offers excellent paint protection as well as ground-breaking high durability. IVIOS is a top-quality film brand founded in 2021 by experts with greater film technology effects of nano and nano-coating, as well as long-standing film know-how. IVIOS Coating and Material Science Laboratory, which specializes in designing and developing automotive films, develops and markets long-lasting automotive films

A majority of the manufacturers are also involved in the production of Thermoplastic Polyurethane (TPU)-based protective films, which are widely accepted by the end-use industries, particularly automotive and aerospace. The companies offer standardized products with little variations in quality across various applications. In April 2022 Covestro AG reported an expansion in domestic investments to increase its production of paint protection film, a protective film for automobiles that is in high demand in Asia. In October 2021 XPEL announced multiple acquisitions in North America which provides automotive paint protection film, surface protection film, vehicle, and architecture window films porcelain coatings, and others. For instance, 3M Company started its installation centers across the globe that are equipped with suitable tools that make easy installation of films on vehicles. Furthermore, the company also acquired many individual service stations to expand its business in the service segment. Some of the prominent players in the global paint protection film market include:

• KDX Composite Material
• 3M Company
• Eastman Chemical Company
• Premier Protective Films International
• Renolit
• SWM, Inc.
• XPEL, Inc.
• Avery Dennison Corp.