The global paint protection film market is expected to reach USD 1.49 billion by 2022, according to a new report by Grand View Research, Inc. Growth of automotive industry coupled with rising consumer awareness regarding car protection is expected to remain key factors driving growth.
Increasing application scope across key end-use industries such as electrical & electronics and aerospace & defense is expected to further contribute towards industry growth. Changing lifestyle along with shift in preference towards look of the vehicle is also anticipated to positively influence growth.
Increasing per capita disposable income in emerging economies of Asia Pacific and Latin America coupled with advent of technologies such as internet connected cars is expected to fuel automotive sales and in turn compliment paint protective film market growth.
Automotive emerged as the leading application segment and accounted for over three quarters of total demand in 2014. It is also expected to witness highest CAGR of 6.4% from 2015 to 2022. Increasing demand from heavy-duty vehicles owing to longer shelf life of these films is expected to drive application segment growth.
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Further key findings from the report suggest:
- Global paint protection film market demand was 1,103.4 thousand sq. meters in 2014 and is expected to reach 1,659.5 thousand sq. meters by 2022, growing at a CAGR of 5.3% from 2015 to 2022.
- Aerospace & defense accounted for over 10% of total market volume in 2014. Increasing defense sector investment in countries such as China, India and Russia is expected to drive application segment growth at a CAGR of 2.9% from 2015 to 2022
- Asia Pacific was the leading regional market and accounted for over one-third of the global demand in 2014. Automotive production growth and advent of China as the leading producer in the industry shall drive growth over the forecast period. Strong demand for premium passenger cars in India and Southeast Asia alike shall also aid in the region’s development.
- The industry is characterized by strong scope for development in electronics sector. Though a niche segment currently, electronics such as mobile phones, tablets, and display screens are being applied with protection films in order to preserve their aesthetics and design integrity
- There is also considerable presence of integrated companies in the industry that are involved in TPU films manufacturing along with its downstream application as paint protection. A few such companies include DuPont, Lubrizol and Eastman Chemical Co.
- Global paint protection film market share is moderately fragmented among multinational corporations and small domestic companies. Major industry participants with global presence include 3M Company, Avery Denison, SunTek Films, XPEL, Solar Gard, Premier Protective Films International, Agrotec, PremiumShield and Vanzetti Engineering S.R.L.
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