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The paint protection film market size is estimated to grow at a CAGR of 2.33% between 2023 and 2028. The market size is forecast to increase by USD 128.31 million. The growth of the market depends on several factors, including the expansion of the consumer electronics industry, the emerging demand from developing economies, and the growing demand for fuel-efficient automobiles.
The report offers extensive research analysis on the Paint Protection Film Market, with a categorization based on End-user, including automobile, aerospace and defense, electrical and electronics, and others. It further segments the market by Type, encompassing thermoplastic polyurethane, polyvinyl chloride, and others. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
PPF is a TPU film used on week painted surfaces for protection against external environmental conditions, such as bug splatters, stone chips, and minor abrasions. Major properties of PPF include transparency, high tensile strength, microbial and water resistance, durability, impact resistance, UV protection, and others.
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One of the key factors driving the paint protection film market growth is the expansion of the consumer electronics industry. There has been an increasing adoption of PPFs by the consumer electronics industry for a long time. In addition, it offers scratch and heat resistance to a range of applications such as cell phones, LED, document handling systems, displays and projectors, wearable electronic devices, gasket optics, lighting, rollers, and others.
Moreover, the demand for consumer electronics is being driven by the increasing urban population, the rise in disposable income, a strong supply chain, and increasing internet penetration worldwide. Furthermore, the increasing demand for consumer electronics has given rise to the demand for PPFs. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the paint protection film market growth is the increasing demand for ultraviolet (UV)--curable PPF. There has been an increase in the demand for UV curable resins over the years due to the growing acceptance of environmentally friendly curable products. In addition, properties such as low emission, high production speed, high productivity, line-on-sight cure, and eliminated mixing errors of UV-curable resins have resulted in the adoption of UV-curable PPF.
Moreover, UV-curable PPF exhibits high performance and offers quicker assembly line benefits. In addition, the focus on R&D to develop UV-curable PPF that offers scratch resistance is increasing the growth rate of the global automotive film market. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The slower adoption rate of emerging applications is one of the key challenges hindering the paint protection film market growth. Even though there is an increase in awareness about energy savings worldwide, consumers are ignorant about the benefits of PPFs in terms of energy efficiency and other superior properties. In addition, PPFs are being used extensively in high-performance automotive aerospace and defense industries.
However, the commercial application of PPF in high-temperature industrial applications is still used by a few number of industries. In addition, the demand for PPF is mostly limited to applications in automobiles because of the lack of awareness of its other uses by industry players in developing countries, especially. Therefore, this lack of awareness has led to the slower adoption of PPF in emerging countries. Furthermore, the installation cost and the availability of PPF have impacted this slowdown. Hence, such factors hinder the market growth during the forecast period.
The automobile segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of PPF in the automobile segment as a coating to protect the vehicle from scratches and environmental damage. In addition, it is predominantly used in the most vulnerable parts, such as bumpers, front hoods, side-view mirrors, and door edges. Furthermore, these films give a glossy sheen to the exterior of vehicles. Moreover, it is easy to remove and leaves only minimal residue.
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The automobile segment was the largest segment and was valued at USD 731.59 million in 2018. Moreover, the developing countries of APAC, such as China and India, are the largest producers of automobiles. As a result, there is an increasing demand for automotive products here. In addition, the ongoing economic recovery processes in the US and Europe will increase the demand for automotive products, which will further compel automotive OEM manufacturers to increase their production levels either by installing new capacities or expanding their existing capacities. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the segment is classified into thermoplastic polyurethane, polyvinyl chloride, and others. The thermoplastic polyurethane (TPU) segment can be referred to as a type of polyurethane that exhibits thermoplastic properties, meaning it can be repeatedly melted and molded without undergoing significant chemical degradation. In addition, this feature is particularly advantageous in PPF applications where flexibility and conformability to complex surfaces such as vehicle contours, are crucial. Moreover, One of the primary benefits of TPU-based PPF is its exceptional resistance to abrasion and impact. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Another region offering significant growth opportunities to companies is APAC. Some of the major end-user industries of the PPF market, including aerospace and defense automobiles are expected to flourish during the forecast period, owing to the significant economic growth rate in APAC. In addition, the automobile market in APAC is flourishing due to demand from India, Indonesia, Thailand, and Vietnam. Moreover, the increasing automobile demand from APAC has elevated the use of automotive film usage. For instance, in July 2023, the combined production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in India totaled 2.08 million units. Hence, the increasing demand for automobiles in developing economies such as India will spur the demand for PPF, which, in turn, will drive the growth of the regional PPF market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
3M Co: The company offers paint protection films such as scotchgard paint protection film pro series 200, and 3M paint protection film series 100. The company also provides a warranty for 10 years for this product.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Paint Protection Film Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.33% |
Market Growth 2024-2028 |
USD 128.31 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.0 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Avery Dennison Corp., Bluegrass Protective Films LLC, Compagnie de Saint Gobain, DuPont de Nemours Inc., Eastman Chemical Co., GARWARE HI TECH FILMS Ltd., Global Pet Films Inc., HEXIS SAS, LINTEC Corp., Mativ Holdings Inc., Polor Pro, POYA TECH CO. LTD., RENOLIT SE, The Lubrizol Corp., Top Color Film Ltd., UPPF Inc., XPEL Inc., Zhejiang Shichuang Optics Film Manufacturing Co. Ltd., and Ziebart International Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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