Paint Protection Film Market is forecast to reach $383.7 million by 2025, after growing at a CAGR of 6.7% during the forecast period from 2020-2025. With rise in the demand of luxury vehicles, electronic gadgets, aircraft, boats & ships, the paint protection film market is witnessing an increase in demand, as it is applied to painted surfaces in order to protect the paint from stone chips, bug splatters, and minor abrasions. Increasing sales of high-end cars especially in APAC region will further enhance the overall market demand for paint protection film during the forecast period.
- Asia-Pacific dominates the paint protection film market owing to increasing demand from automotive industries.
- Increasing demand of high-end cars especially in developing nations of APAC region, is likely to aid in the market growth of paint protection film.
- Increasing adoption of paint protection film to prevent and decrease damage caused by stone chips, minor abrasions and environmental elements when installed to painted surfaces. This will further increase the overall market demand in the near future.
Material – Segment Analysis
Thermoplastic polyurethane (TPU) segment held the largest share in the paint protection film market in 2019 due to its reliability and consistent performance. Other properties such as self-healing, elasticity, non-yellowing, and recyclability are further expected to fuel the market growth for thermoplastic polyurethane based paint protection films in forecast timeframe. In addition, easy availability of raw materials if further expected to enhance the overall demand of this segment.
End-use Industry – Segment Analysis
Automotive sector has been the primary market for paint protection film for many years and is expected to maintain its leadership in forecast period as well. Due to increase in the global consumer spending in high-end vehicle, rising awareness towards the protection of vehicle, maintaining its aesthetic looks, and increasing technological advancements, the consumption of paint protection film has always been considerably high in automotive application in comparison to other applications. Furthermore, many advantages including preserve the showroom quality finish of vehicle, vehicle looking newer longer without changing the design features or color by protecting vulnerable areas, and enhancing the resale value of the vehicle in the future; are expected to enhance the overall demand of PPF in automotive application.
Geography – Segment Analysis
APAC dominated the paint protection film market with a share of more than 30%, followed by North America and Europe. Growing demand of high-end vehicles, increasing awareness for maintaining showroom finish of the vehicles, and enhancing the resale value of the vehicle in the future; are the prime factors contributing in the growth of PPF in APAC region.
The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the aviation and automotive industries. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.
Drivers – Paint Protection Film Market
- Growing demand for high-end luxury vehicles
Rising consumer spending in high-end luxury vehicles especially in developing region is expected to boost the demand of paint protection film in the forecast timeframe. Changing trends of using PPF in in mid-priced vehicles including SUVs and passenger cars due to the presence of low cost PPF in the market place and rising awareness, is further enhancing the demand of PPF.
China has the largest automotive industry in the world and one of the largest civilian aircraft markets. According to OICA, China held 35 percent share in global passenger cars sales in 2017. India also has excellent potential for automotive industry growth in the future. The country’s automotive industry experienced 8% growth in production in 2018, over the previous year. This will create tremendous demand for paint protection film in the automotive application.
- Increasing awareness towards the protection of vehicle
Rising awareness among the consumer to use paint protection films to protect the painted substrate from stone chips, bug splatters, and minor abrasions; is also anticipated to fuel the overall demand of the market. The film preserves the painting of the car from scratches, dents and damage caused by road debris and rocks as well as from environmental factors. Further, using PPF preserves the showroom quality finish of vehicle, vehicle looking newer longer by protecting vulnerable areas, and enhancing the resale value of the vehicle. This attracts the consumer which resulted in higher demand of paint protection films.
Challenges – Paint Protection Film Market
- High cost of installation
The paint protection film is very expensive which increased the overall cost of the vehicle. Also, this require skilled labor to install which further increase the installation cost. All these factors may hinder the overall growth of the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the paint protection film market. In 2019, the market of paint protection film has been consolidated by the top five players accounting for xx% of the share. Major players in the Paint Protection Film Market are 3M Company, XPEL, Inc., Eastman Chemical Company, Avery Dennison Corporation, Hexis S.A., Schweitzer-Mauduit International, Inc., GRAFITYP Selfadhesive Products NV, ORAFOL Europe GmbH, Premiumshield Limited, Saint-Gobain Performance Plastics Corporation, Kangde Xin Composite Material Group Co. Ltd (KDX), Sharpline Converting Inc., Scorpion Window Film, Ziebart International Corporation, Ad-Winner Co., Ltd., Garware Suncontrol, Prestige Film Technologies, Reflek Technologies Corporation, STEK-USA, Klingshield, Madico, Inc., OPTICSHIELD, Haverkamp GmbH, Tesa Se – A Beiersdorf Company, among others.
In October 2019, Garware Polyester, the Garware Group’s flagship company and the India’s leading polyester film manufacturer, launched a Paint Protection Film (PPF) for cars and SUVs. The product is designed as transparent and self-healing to provide the highest level of protection and impact resistance. The PPF is produced using a specially formulated polyurethane thermoplastic film (TPU) that delivers durability and consistent performance. The price of Garware PPF is INR 675 per square feet and is comparatively cheaper than competitive products imported at around INR 900 per square feet.
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