The global paint protection film market is expected to reach USD 1.49 billion by 2022, according to a new report by Grand View Research, Inc. The growth of automotive industry coupled with rising consumer awareness regarding car protection is expected to remain key factors driving the market growth.
Increasing application scope in end-use industries such as electrical & electronics and aerospace & defense is expected to further contribute towards the industry growth. Changing lifestyle along with a shift in preference towards the looks of the vehicle is also expected to have a positive influence on the market growth.
Increasing per capita disposable income levels in emerging economies of Asia Pacific such as China, India, and Thailand coupled with the advent of technologies such as internet connected cars is expected to fuel automotive sales and in turn compliment paint protective film market growth.
Automotive emerged as the leading application segment and accounted for 76.9% of total demand in 2014. It is also expected to witness the highest growth of 5.4% from 2015 to 2022.Increasing demand from heavy-duty vehicles owing to longer shelf life of these films is expected to drive application segment growth.
Further key findings from the report suggest:
- Global paint protection film market demand was 5,331.1thousand sq. meters in 2014 and is expected to reach 8,018.0 thousand sq. meters by 2022, growing at a CAGR of 5.3%from 2015 to 2022
- Increasing defense sector investment in countries such as China, India and Russia is expected to drive PPF demand in aerospace & defense applications over the forecast period
- Asia Pacific was the leading regional market with demand share estimated at 33.3% in 2014. Automotive production growth and advent of China as the leading producer in the industry is expected to drive the regional growth over the forecast period. Strong demand for premium passenger cars in India and Southeast Asia alike is also expected to help in market development.
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- The industry is characterized by the strong scope for development in the electronics sector. Though a niche segment currently, electronics such as mobile phones, tablets, and display screens are being applied with protection films to preserve their aesthetics and design integrity
- Global paint protection film market share is moderately fragmented among multinational corporations and small domestic companies. Major industry participants with a global presence include 3M Company, Avery Denison, SunTek Films, XPEL, Solar Gard, Premier Protective Films International, Argotec, Premium Shield and Vanzetti Engineering S.R.L. There is a considerable presence of integrated companies in the industry that are involved in TPU films manufacturing along with its downstream application as paint protection.