Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Paint Protection Film market.
Trusted Business Insights presents an updated and Latest Study on Paint Protection Film Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Paint Protection Film market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Paint Protection Film Market
The global paint protection film market size was valued at USD 305.2 million in 2019 and is projected to register a CAGR of 6.9% from 2020 to 2027. Strong product demand for paint protection in vehicles, electronic gadgets, aircraft, boats, and ships drives market growth. Furthermore, innovations in technology to offer sustainable products with minimal environmental impact are projected to drive the demand for paint protection film.
Product variation in terms of quality and performance to resist scratches, abrasions, and stains is anticipated to be one of the key factors driving the demand for paint protection film (PPF). Furthermore, introduction of new technologies to produce long-lasting films with superior resistance against adverse atmospheric conditions is estimated to drive the paint protection films market over the forecast period.
Technological advancements such as superior adhesiveness and color variations in films are expected to attract consumer attention. In North America, the automotive and transportation segment accounted for the largest market share of more than 70.0% in terms of revenue in 2019, with a majority of demand from U.S.
Ceramic coating technologies are likely to be used as a substitute for paint protection film on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. However, lower cost associated with paint protection film is expected to offer them with a competitive advantage over the forecast period.
Market players are expected to invest in R&D to improve product durability, as longevity is an important attribute for paint protection film. Initiatives taken by manufacturers to produce flexible films that can be applied on unique shapes and are compatible with different qualities of paints applied on surfaces are projected to provide growth opportunities for the paint protection film market.
The market is highly competitive in nature on account of high product volumes and product variation offered by several local and multinational players. Selection of raw materials is a key factor for manufacturers to meet industry standards for the production of paint protection film for different applications.
Availability of paint protection film on online platforms, which makes them user-friendly for clients across the globe, is anticipated to boost the market growth. Furthermore, initiatives taken by industry players to offer installation services through company-owned service stations and third-party installers is expected to drive the market growth over the forecast period.
Application Insights of Paint Protection Film Market
Automobile and transportation emerged as the leading application segment in terms of value in 2019. Rapid industrialization, coupled with rising need for transportation, has resulted in an increased demand for passenger and commercial vehicles, subsequently driving the demand for paint protection film. In addition, rising awareness regarding vehicle maintenance is expected to support the segment growth over the forecast period.
The aerospace and defense segment is estimated to register a significant CAGR of 12.3% over the forecast period on account of increasing air transportation, coupled with growing defense practices, in several countries. Increase in aircraft manufacturing, wherein paint protection films are used to protect vessels from corrosion and oxidation, is projected to drive product demand.
Consumers across the globe are investing in paint protection film for the maintenance of daily use electronic gadgets including computers, laptops, tablets, television sets, and refrigerators. Improving standard of living, coupled with increasing demand for miniature electronic devices, is anticipated to drive the demand for paint protection film for electrical and electronic products.
Paint protection film is also used in sports equipment, watches, wakeboards, ski helmets, jet skis, and surfboards for protecting surfaces from the damaging effects of dirt, rain, and heat. Furthermore, growing product demand from the energy, medical devices, and construction industries is estimated to drive the market for paint protection film.
Paint protection film is also used in a number of marine applications, including deep-sea mining and exploration, offshore oil and gas production, maritime safety and security, and offshore wind energy. Paint protection film is widely used in marine applications for protection against UV rays, wear and tear, toxic airborne pollutants, and scratches on boats, yachts, and ships.
Regional Insights of Paint Protection Film Market
Asia Pacific dominated the market in 2019, as the region is the largest market for automotive production and consumption. Low labor cost, increasing transportation activities, and availability of raw materials encourage vehicle manufacturers to set up new plants in the region, subsequently driving the demand for paint protection films.
The North America market is estimated to register a CAGR of over 5.0%, in terms of value, over the forecast period. This is attributed to rising automotive sales and number of aging fleet. Matured manufacturing sector, presence of multinational original equipment manufacturers (OEMs), and favorable government regulations are also expected to drive product consumption in the coming years.
The Europe market was valued at USD 64.4 million in 2019 owing to high production volumes of passenger cars and aircrafts. Rising defense budgets of countries including U.K., Germany, and France and the development of the electronics sector are expected to drive the regional market.
Favorable international trade policies and supportive government regulations in Brazil and Mexico are encouraging multinational players in automotive, aerospace, construction, and marine industries to invest in these countries. Growing foreign direct investment (FDI) in Central and South America are also projected to drive the regional market.
Market Share Insights of Paint Protection Film Market
Mergers, acquisitions, and joint ventures are some of the strategies adopted by market players to reduce the overall cost of the product and to sustain in the highly competitive market. Several market players focus on establishing partnerships with raw material suppliers and third-party installers to ensure constant raw material supply and easy installation services.
Prominent players include KDX Composite Material; 3M Company; XPEL, Inc.; Eastman Chemical Company; and Avery Dennison Corporation. Innovations by 3M Company have helped produce paint protection films with superior adhesive properties. The company also provides installation services through its authorized service station and expert installers.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Paint Protection Film Market Research Report
This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global paint protection film market report on the basis of application and region:
Application Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2019 – 2030)
Automotive & Transportation
Electrical & Electronics
Aerospace & Defense
Quick Read Table of Contents of this Report @ Paint Protection Film Market Size, Share, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)
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