-- Paint Protection Films are thin films composed of thermoplastic urethane material which are applied to various products to provide protection against external damages. Their self-healing property is a factor which makes them desirable. The Global Paint Protection Film Market is projected to reach USD 1277.821 Mn at a CAGR of 5.89% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a comprehensive study.
Expanding application range across various industry verticals can be attributed to ten growth of the Global Paint Protection Film Market. End-use industries such as electrical & electronics, aerospace & defense, and automotive.
In the automotive industry, they are widely used for protection against UV rays, scratches, chips, stains, and other damaging elements. They do not alter the color or design elements of the vehicle which make them more desirable. Growing sales of high-end luxury cars generate high demand for Paint Protection Films from the automotive industry and drive the Global Paint Protection Films Market.
Thermoplastic urethane films have a protective role in electronic gadgets and appliances. Growth in the electrical & electronic industry fosters the market growth for Paint Protection Films.
Heavy use of Paint Protection Films in the aerospace industry for the protection of cockpit instrument panels and fuselage valves is likely to augment the growth of the Global Paint Protection Films Market.
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Production innovation is a key factor stimulating the growth of the Global Paint Protection Films Market. Manufacturers are investing huge capital to offer innovative products in a bid to gain an edge over competitors. Rise in R&D activities coupled with modernization of manufacturing technologies has expanded the range of potential applications which further accelerates market growth.
On the downside, exorbitant cost of the product raise the overall price of the end use product which acts as a deterrent to the growth of the Global Paint Protection Films Market.
Segmentation
The Global Paint Protection Film Market has been segmented on the basis of Application which includes automotive, electrical & electronics, aerospace & defense, and others. Application-wise, the automotive segment accounted for the largest share of over 71% in 2016 and is projected to expand at a CAGR of 6.17% over the forecast period. The increasing use of Paint Protection Films in automobiles coupled with favorable government policies for automotive manufacturers in developing countries is the driving force behind the growth of this segment. The electrical & electronics segment is estimated to be the largest segment driven by rise in manufacturing of electronic gadgets such as mobile phones, laptops, and tablets.
Regional Analysis
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key markets for Paint Protection Film Market. APAC is the largest market for Paint Protection Film and held the largest share of around 385 of the global market in 2016. Prolific growth of the automotive and electrical & electronics industry in the region stimulates the growth of the APAC market. APAC market is expected to expand at a CAGR of 6.1% and attain a valuation of 492.05 Mn by the growth of the APAC market owing to the growing electronics and automotive industry in the countries.
APAC is followed by North America and Europe. The rise in the volume of sales of luxury cars in North America drives the market while the Europe market is spurred by extensive utilization of Paint Protection Films in the aerospace industry.
Competitive Landscape
Eastman Chemical Company, Avery Dennison Corporation, Saint-Gobain Performance Plastics, HEXIS S.A., ORAFOL Europe GmbH, XPEL TECHNOLOGIES CORP., RENOLIT, 3M, SWM, and Premium Shield are the key players in the Global Paint Protection Film Market.
Industry Updates
In November 2018, XPEL, Inc., a manufacturer of a variety of paint protection films, announced the acquisition of Apogee Corporation, Taiwan-based distributor of automotive paint protection and window film. Through the acquisition, XPEL will begin directly selling its products to customers in Taiwan.
In October 2018, Avery Dennison, a leader in adhesive technologies, introduced a new paint protection film which has self-healing properties. SPF-XI Supreme Protection Film provides protection against stone chips, road debris, insect stains, weathering, and minor abrasions without degrading a vehicle’s finish.
In June 2018, Tint World Automotive Styling centers, the seller of paint protection films and other auto accessories, announced a partnership with Canadian company Alchemy, a manufacturer of windshield protection application.
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