The Paint Protection Film Market continues to grow significantly at 6.57 % CAGR between 2019 and 2025. Product variation in terms of quality and performance to resist scratches, abrasions, and stains is an emerging key trend driving the demand for Paint Protection Films (PPF) and its market growth.
Technological advancements in the formulation of superior adhesiveness and color variations in films are set to draw the consumer attention towards consumption of Paint Protection Film in the medium to long term market growth period.
In addition, automotive paint protection has evolved into a high-quality thermoplastic urethane film that is applied to the topcoat of painted surfaces of a new or used car.
Availability of car paint protection film in multiple colors or an optically clear version in a variety of thickness levels iscapturing large market share. Additionally, initiatives taken by key companies to offer installation services through company-owned service stations is set to merge as a major market trend.
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However, the paint protection film market is highly competitive on account of high product volumes and product variation offered by numerous manufacturers. The selection of raw materials by manufacturers which meets industry standards for the production of films for different applications remains a crucial market challenge.
Large consumption of PPF across key end-users is set to shape the market size during the forecast period
The automotive and transportation industry is set to hold the largest market segment in terms of value and volume, wherein a majority of the demand is derived from the passenger car segment for superior color protection properties of PPF.
In addition, wide usage of paint protection films in automobiles coupled with favorable government policies for automotive manufacturers in emerging countries is driving the growth of this segment.
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Further, strong utilization of PPF across the consumer goods sector over increasing demand for miniature electronic devices is set to strengthen the Paint Protection Film market growth.
Automotive production remains a prominent sector across Asia Pacific and drives the paint protection film market growth
Low labor cost, increasing transportation activities, availability of raw materials is set to entice vehicle manufacturers to set up new plants across Asia Pacific which in turn gains longterm momentum and growth paint protection film market over the forecast period.
Key players in emerging economies are set to invest in R&D to improve product durability as the films are installed for a longer duration. In addition, Initiatives taken by manufacturers to produce flexible films that can be applied to unique shapes and are compatible with different qualities of paints are projected to unfold growth opportunities for paint protection film market.
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Innovative product portfolio, launch of websites and collaboratve promotion of PPF brands is observed across key market players during the forecast period
Key market players are focusing on innovating in product portfolio as well as releasing websites to serve customers across the automotive and transportation industry. For instance, in 2019, Grafityp launched a new quality PVC paint protection film, designed especially for protecting vehicles against stone chips and scratches. In addition, in 2019, Bluegrass Protective Film, LLC launched its paint protection brand LEGEND including the release of its new website.
Additionally, in 2018, ULIMATE PLUS, the most advanced vehicle paint protection film with maximum durability was launched by XPEL, followed by the launch of SPF-XI, supreme protection film which has self-healing properties by Avery Dennison.
Further, in 2019, Lubrizol Engineered Polymers (TPU) created a co-branding network to promote its ESTANE TPU brand of polymers for paint protection film applications through collaboration with global partners.
Key companies promoting the paint protection film market growth include 3M Company, Eastman Chemical Company, KDX Composite Material, XPEL, Inc., DuPont, Eastman Chemical Company, Argotec LLC, Premium Shield, Inc., Renolit Group, and Avery Dennison Corporation among others.
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