Paint Protection Film Market Research Report, Industry Growth, Business Share, Size, Developments, Competitive Landscape Analysis Demand, Importance of Key Trends and Forecast by 2028
The
global paint protection film market size is
expected to gain traction by reaching USD 697.1 million by 2028 while exhibiting a CAGR of 6.2% between 2021 and
2028. Fortune Business Insights, in its report titled “Paint Protection Film Market, 2021-2028.”, observes
that the market stood at USD 432.6
million in 2020. Factors such as the increasing demand for the product across
end-user industries and the growing adoption of protection films owing to their
superior attributes will propel its adoption worldwide.
The negative effect of the global pandemic, COVID-19, has been felt
across several economies facing unprecedented loss. Owing to the lockdown
announced by the government agencies, several industries have been at a
standstill with limited operational activities. However, a collective effort
from the government and the industries is likely to bring the economy back on
track and aid in the resumption of industrial activities.
Market Segmentation:
Based on type, the market is trifurcated into
thermoplastic polyurethane, polyvinyl chloride, and others. Additionally, on
the basis of application, the market is classified into automotive,
electronics, aerospace and defense, and others. Finally, on the basis of
region, the market is categorized into North America, Europe, Asia-Pacific,
Latin America, and the Middle East and Africa.
What does the Report Provide?
The market report includes an in-depth analysis of
several factors such as the key drivers and restraints that will impact the
market. In addition to this, the report furnishes significant insights into the
regional analysis that includes different regions, contributing to the growth
of the market. It further includes the competitive landscape involving the
leading companies and adopting strategies by them to introduce new products,
announce partnerships, collaborate, and acquire other companies that will contribute
to the market growth during the forecast period. Moreover, the research analyst
has adopted several research methodologies to obtain information about the
current trends and industry developments that will drive the market growth
between 2021 and 2028.
DRIVING FACTORS
Increasing
Demand from End-User Industries to Aid Growth
In March 2021, Avery Dennison Graphics Solutions
announced the launch of Avery Dennison Supreme Defense gloss, a next-generation
gloss clear protection film. This film protects the vehicles against dings,
stones, insects, and scrapes. The increasing demand from several industrial
applications such as defense, electronics, and automotive is anticipated to
boost the adoption of the product across the globe. Besides, the increasing
demand for lower-emission through paints and coatings has propelled the
manufacturers to develop eco-friendly variants of paints that will contribute
to the global paint protection film market growth during the forecast period.
Further Report Findings:
·
Asia Pacific stood at USD 196.0
million in 2020 and is expected to hold the largest global paint protection
film market share in the forthcoming years. This is due to the presence of
leading automotive manufacturers in countries such as India, Japan, and China.
·
The market in North America is
expected to experience significant growth backed by the rising number of
manufacturing and end-user industries that will propel the demand for advanced
protection films in the region between 2021 and 2028.
·
Based on the end-user industry, the
automotive segment held a market share of about 82.1% in 2020 and is expected
to experience substantial growth in the forthcoming years. This is owing to the
increasing sales of automotive worldwide that will favor the adoption of the
product during the forecast period.
COMPETITIVE
LANDSCAPE
Facility
Expansion by Prominent Companies to Boost Production
The market is consolidated by the presence of
major companies that are actively focused on the development of advanced paint
protection films. These companies are expanding their facilities to surge the
production rate on account of catering to the growing demand from end-user industries
globally. Additionally, other key players are adopting strategies such as
collaborations and partnerships that are likely to bode well for the market
growth during the forecast period.
Industry Development:
·
August 2019 – Eastman announced its plan to invest in the
leading edge paint protection film technology. The company will adopt advanced
3D scanning technology to expand its database for PPF patterns.
List of the Companies Profiled in the
Global Market:
·
Eastman Performance Films LLC (Tennessee, US)
·
3M Company (Minnesota, US)
·
XPEL, Inc. (Texas, US)
·
Avery Dennison
Corporation (California, US)
·
LG Chem (Seoul, South Korea)
·
KDX Composite Material (Maryland, US)
·
Premier Protective Films International (California, US)
·
Renolit (Worms, Germany)
·
SWM, Inc. (Georgia, US)
·
Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/paint-protection-film-market-102936
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