Market Highlights:
Market Research Future (MRFR) in its report states that the Paint Protection Film Market is estimated to attain the valuation of USD 1277.82 million by 2023. The report adds that the market is set to grow at a rate of 5.89% over the forecast period (2015-2023).
Leading Vendors:
The leading vendors operating in the Worldwide Paint Protection Film Market include Avery Dennison Corporation, RENOLIT, Saint-Gobain Performance Plastics, Eastman Chemical Company, PremiumShield, XPEL TECHNOLOGIES CORP., ORAFOL Europe GmbH, HEXIS S.A., 3M, SWM, among others.
Industry Update:
May 2019: EMN Performance Films of Eastman Chemical Company has recently invested in a cutting-edge 3D scanning technology used for Paint Protection Film patterns. This move by the company is part of its primary commitment of increasing its paint protection film offering, in addition to expanding its customer base.
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Growth Drivers and Key Restraints:
Sharp rise in the demand for Paint Protection Film in electronic gadgets, vehicles, boats, ships and aircraft has given a substantial boost to the market growth. Moreover, with the increasing innovations in the technology, there is a wide range of sustainable products being offered that have a minimal effect on the environment. This factor is bound to augment the product demand in the years ahead, says MRFR. Also, product variation, in terms of performance as well as quality with excellent resistance to abrasions, stains and scratches is presumed to be an important factor backing the growth of the Paint Protection Films Market. Other than this, emergence of latest sophisticated technologies that produce long lasting Paint Protection Films with exceptional resistance to extreme atmospheric conditions is predicted to have a favorable impact on the market in the following years.
Developments in technology, such as color variations in films as well as superior adhesiveness will gain mass attention. But, due to the growing use of ceramic coating technologies as a substitute to paint protection films could result in the market growth waning during the evaluation period. Nonetheless, cheaper cost of Paint Protection Films is slated to provide the market with a competitive edge in the years to come.
In addition, with the growing popularity of the online platform, the availability of these products has risen across the world, rendering them user friendly. This has augmented the product demand among a large base of clients, elevating the market position higher. On top of this, various initiatives being undertaken by the industry participants which entails the introduction of numerous installation services via third-party installers and company-owned service stations are expected to fuel the market growth to a large extent.
Market Segmentation:
The Worldwide Paint Protection Film Market has been segmented based on Application, which is further segmented into automotive, electrical & electronics, aerospace & defense, and others.
Out of these, the automotive segment managed to acquire about 71.5% of the overall share in the year 2016 and is forecasted to surge at the CAGR of approximately 6.17 % during the review period. The primary reasons backing the segmental growth include the surge in the automotive production along with the increasing demand for personal vehicle in the developing nations.
Regional Analysis:
The Regional Segmentation of the Global Paint Protection Film Market has been considered for Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
In 2016, Asia Pacific was identified as the supreme region for Paint Protection Film Market, backed by the expanding industries including electrical & electronics and automotive. According to the report, the Asia Pacific market controlled roughly 38% of the overall regional market in 2016 and, with estimations of it reaching the value of USD 492.05 million at a growth rate of 6.1% over the conjectured time frame. It is estimated that the demand for Paint Protection Film in the region will be growing, mostly in the developing nations like India, China and Japan. The consistently expanding electronics and automotive sector have a big hand in the profitable nature of the regional market. China is currently spearheading the region at the value of USD 173.5 million and is poised to attain the whopping value of USD 268.1 million from 2015 to 2023.
Following Asia Pacific, Europe had been identified as the second leading region in 2016, with a share of roughly 23% of the total market share, value-wise. The region is also predicted to surge at a substantial CAGR over the next couple of years, with countries like the United Kingdom (U.K), Germany, and France touted to be the primary contributors to the regional market growth. These countries are set to be at the forefront of the market growth as a result of the growing use of Paint Protection Film in aerospace and automotive sector. Other lucrative factors supporting the market development in the region include the presence of multinational Original Equipment Manufacturers (OEMs), supportive government in the form of strict regulations and a well-established manufacturing sector.
Mature regions such as North America and Latin America have been evaluated and are predicted to note a considerable growth on account of the boost in the volume of vehicle production as well as sales within the regions. In addition to this, the hike in the adoption rate in the electronics sector coupled with the consistent expansion of aerospace and defense sector are believed to be responsible for the strong market growth. Over and above that, the favorable international trade policies have also done wonders for the regional market in recent years.
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