Synopsis of Paint Protection Film
Paint protection film belongs to thermoplastic urethane material. These are the special type of protective films applied on the painted surface of a vehicle to protect the surface from impact, abrasion agents, and offers resistance against light and heat. The abrasion agents include bug splatters, minor abrasives, and stone chips.
The major advantage of these films is that they greatly help in retaining the showroom quality of vehicle and enhances its appearance. Pain protective films are commonly known as clear film, clear paint film, and PPF. They are majorly used to prevent damage to the automotive surface and other vehicles, from rock chips and dust particles. Apart from automotive, these films are also used in the electrical & electronics and aerospace & defense.
The market is projected to value at USD 1277.82 million at a a CAGR of 5.89% by the year 2023.
According to MRFR estimation, the global paint protection film market was pegged at USD 861.5 million in 2016 and is projected to be valued at USD 1277.82 million at a CAGR of 5.89% by 2023 The protuberant factors responsible for this growth are, the growing automotive sector, increasing demand for electronic items, and rising defense budgets of various countries. Additionally, increasing production of the passenger as well commercial vehicles, improving the economic condition of developing countries, and shifting consumer patterns in favor of cost benefits offered by the products are predicted to propel the growth of the global paint protection film over the review period. However, the factors hindering this growth trajectory over the forecast period is a high installation cost associated with this product.
Global paint protection film market, by application, 2016 (%)
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Based on the geography, the paint protection film market is spanned across five key regions viz. North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia Pacific is the largest market, which is majorly driven by the emerging industries such as automotive and electrical & electronics in this region. This region accounted for 38% share of the market in, terms of volume, in 2016. It is estimated to mark USD 492.05 million at a considerable CAGR of around 6.1% over the review period. As per the analysis of MRFR, the countries namely China, India, and Japan are likely to fetch sizeable demand for paint protection film from the growing end users such as automotive sector and electrical & electronics. It has been estimated that China registered the value of USD 173.5 million and is expected to reach USD 268.1 million during the period under consideration.
Europe is another important region in the global paint protective films market, which held 23% of the global market, in terms of value, in 2016. In coming years, this region is anticipated to expand at a considerable growth rate. Germany, the U.K, and France are the major contributors to the European market. The major factors driving this trend are surging demand for paint protection films leading end users in this region namely aerospace & defense and automotive.
The global paint protection film market is segmented based on application and region.
Based on application, the market is categorized into automotive, electrical & electronics, aerospace & defense, and others. Among these segments, the automotive segment is the largest application, which accounted for 71.5% share of the global paint protective films market in 2016. The automotive segment is projected to grow at a robust CAGR of around 6.17% during the forecast period. Increasing automotive production mingled with the surging demand for personal vehicles in emerging economies such as India, South Korea, and China are driving the market growth. Furthermore, the trend of sharing cars and lightweight vehicles is gainig popularity.
Lastly regionally, the market is segmented into Europe, Latin America, the Middle East & Africa, Asia Pacific, and North America.
The prominent players operating in the global paint protective films market are HEXIS S.A., RENOLIT, The 3M Company, Saint-Gobain Performance Plastics, Eastman Chemical Company, PremiumShield, XPEL TECHNOLOGIES CORP., Avery Dennison Corporation, ORAFOL Europe GmbH, and SWM.
The report covers brief analysis of geographical region such as:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of the Middle East & Africa
Global paint protection film market is projected to reach USD 1277.821 million by 2023 at a CAGR of 5.89% over the forecast period 2017-2023. The Asia Pacific accounted for largest share (~38%) due to increasing automotive production and sales in countries such as China, Japan, India, and South Korea. Furthermore, increasing disposable income along with strong demand for premium cars in India and Southeast Asia is predicted to surge the demand for paint protection film. The automotive segment accounted for the largest share of 71.5% in 2016, with a market value of USD 615.972 million and is estimated to grow at the highest CAGR of 6.17% due to rising number of personal vehicles along with shifting consumer preference to protect their vehicle from day to day attack from debris, dirt, and airborne particulates.
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