The global Paint Protection Film market size is expected to be worth around US$ 528.09 million by 2030, according to a new report by Vision Research Reports.
The global Paint Protection Film market size was valued at US$ 297.15 million in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.
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Growth Factors
Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs).
On the other hand, ceramic coating technologies are likely to be used as a substitute to these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace & deference and electrical & electronics, is anticipated to provide new opportunities to them.
The global market is highly competitive on account of the easy availability of raw material and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers’ decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence.
Report Highlights
The aerospace & defense segment is poised to record the fastest CAGR of 7.8% during the forecast period on account of increasing air transportation coupled with growing defense practices by several countries. The rapidly growing aircraft producing segment, wherein PPFs are utilized to defend vessels from oxidation and corrosion, is predicted to boost the product demand.
Consumers across the globe are investing in paint protection products for the maintenance of daily-use electronic gadgets including computers, laptops, tablets, television sets, and refrigerators. Improving living standards coupled with increasing demand for miniature electronic devices is anticipated to bolster the product demand from the electrical & electronics segment.
The rising demand for the product from the energy, medical devices, and construction industries is also estimated to propel the market growth. The product is also utilized in several marine applications, such as offshore oil and gas production, maritime safety and security, deep-sea mining and exploration, and offshore wind energy. Marine applications are expected to escalate the demand for PPFs for protection against UV rays, wear and tear, toxic airborne pollutants, and scratches on boats, yachts, and ships.
The others’ segment includes applications, such as construction and turbines. The segment has been a relatively lesser penetrated application market on a global level; however, it is expected to grow considerably over the forecast period. The product is widely utilized for protecting painted surfaces that are prone to damage by elements, such as sand, gravel, slurry, and debris.
Asia Pacific accounted for the largest revenue share of over 36% in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028. This growth is attributed to the presence of high automotive production and consumption in the region. Increasing transportation activities and low labor cost, obtainability of raw materials, and high demand have been attracting vehicle producers to set up new facilities in the region, thus, triggering the product demand. Product demand in the automotive sector of North America is projected to expand at a CAGR of 4.6%, due to a surge in automobile sales and the number of aging fleets. In addition, factors, such as Matured manufacturing sector, the presence of multinational Original Equipment Manufacturers (OEMs), and favorable government regulations, are poised to support the regional market growth in the years to come.
Europe also accounted for a significant revenue share in the past owing to high manufacturing volumes of aircraft and passenger cars. The regional market will expand further due to increasing defense budgets in countries, such as Germany, the U.K., and France, coupled with rising product demand from the electronics sector. Supportive government regulations and encouraging international trade policies in Brazil and Mexico are encouraging multinational players in the automotive, aerospace, construction, and marine industries to invest in these countries. Growing Foreign Direct Investments (FDI) in Central and South America are also spurring the growth of the regional market.
Key Players
Market Segmentation
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