Paint Protection Film Market to Reach USD 697.1 Million by 2028; Increasing Focus on Adoption of Technology to Aid Growth, Says Fortune Business Insights™
Pune, India, June 28, 2021 (GLOBE NEWSWIRE) -- The global paint protection film market size is expected to showcase considerable growth by reaching USD 697.1 million by 2028. This information is published by Fortune Business Insights in its report, titled “Paint Protection Film Market Size, Share & COVID-19 Impact Analysis, By Material (Thermoplastic Polyurethanes, Polyvinyl Chloride, and Others), By End-User Industry (Automotive, Electronics, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 432.6 million in 2020 and is projected to exhibit a CAGR of 6.2% between 2021 and 2028. Automotive are prone to suffer from damage to the paint due to bug splatters, stone chips, and minor abrasions. Therefore, protection films are applied to the high-impact areas of automobiles to prevent degradation of the paint. The increasing technological advancement in the product is anticipated to boost its adoption worldwide.
Market Exhibited a Growth Rate of 2.36% in 2020; Automotive Sector Worst Hit
Lockdown, supply chain restriction, and diminishing sales volume due to lower footfalls are all the factors that have led to the downfall of the automotive sector due to the COVID-19 pandemic. As per Motilal Oswal, a decline of 30-50% of new bookings in the passenger vehicle segment was witnessed due to the pandemic. This led to the market garnering a slower growth rate of 2.36% in 2020. The impact has been significant. However, collective efforts from the government agencies and the manufacturers will ensure that the market returns to the pre-pandemic levels in the near future.
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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.
Based on the end-user, the automotive segment held a global paint protection film market share of about 82.1% in terms of revenue in 2020. The segment is expected to dominate as the increasing demand for automobiles is expected to boost the adoption of the product globally.
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 global market for paint protection film report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
Increasing Adoption of Advanced Technology to Augment Growth
The polymers and materials field has constantly been evolving with remarkable research and development. Companies have been adopting cutting-edge technologies to efficiently choose raw materials and ensure optimum utilization of manufacturing processes. For instance, 3M produced a protection film consisting of the acrylic adhesive layer of cross-linking between polyurethanes, polyolefin, PVC, and other combinations to create a strong bond and protect the surface from abrasion. Besides, the higher adoption of technologically advanced thermoplastic polyurethane owing to its superior capabilities such as excellent chemical and abrasion resistance, hydrophilic resistance, and low-temperature flexibility is anticipated to bode well for the global paint protection film market growth during the forecast period.
Asia-Pacific – The region is expected to remain at the forefront during the forecast period. This is attributable to the abundant availability of raw materials and lower labor costs that will favor the adoption of paint protection films. Asia-Pacific stood at USD 196.0 million in 2020.
Europe – The market in the region is anticipated to experience exponential growth due to established automotive manufacturers in countries such as Germany, France, and the U.K. that are likely to propel the demand for advanced paint protection films in the region between 2021 and 2028.
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Product Launches by Key Players to Intensify Industry Competition
The market is experiencing healthy competition from the major companies that are focusing on introducing new advanced paint protection films to maintain a stronghold. In addition to this, adopting strategies such as partnership, facility expansion, and collaboration by other key players is likely to favor market growth during the forecast period.
List of the Companies Profiled in the Global Paint Protection Film 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
Key Industry Development:
December 2020 – Garware Polyester, a prominent manufacturer of sun control films in India, announced the addition of a new manufacturing plant to develop protection paints for several automotive applications.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Material Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Paint Protective Film Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
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