Pune, India, Sept. 12, 2018 (GLOBE NEWSWIRE) -- The paint protection film market size is expected to touch USD 1277.82 million by 2023, as per the findings of Market Research Future (MRFR). The inflated defense budget of various countries, the growing automotive sector, and demand from the electronics sector are factors predicted to fuel the market growth. The adoption by various end-use industries is also predicted to augur the market.
Paint Protection Film Market Scope
Paint protection films (PPF) are coatings designed to protect external surfaces from spatters or abrasions. They first gained prominence due to its use on helicopter blades to protect It from the wind in deserts. Since then, the films have been used on cars to protect it from minor scratches. Taking a cue from its obvious benefits, electronics and aerospace manufacturers have called for PPF to attain an extra layer of protection for its products. They are also known as clear paint films.
The recovery of the automotive industry and the preference of thermoplastic urethane films is bound to augment the paint protection film market volume. Heavy use of paint protection films in the aerospace sector to cover cockpit instrument panels and fuselage valves is likely to facilitate market growth. The market is expected to experience a 5.89% CAGR from 2017 to 2023 (forecast period) thanks to all these factors. But health regulations surrounding the production of these films may be a deterrent in the market.
Competition Analysis
Notable names in the paint protection film market include Saint-Gobain Performance Plastics, SWM International, 3M, Avery Dennison Corporation, PremiumShield, RENOLIT, Eastman Chemical Company, ORAFOL Europe GmbH, XPEL TECHNOLOGIES CORP., and HEXIS S.A. Product development, mergers, and acquisitions are some of the strategies of these players to acquire a larger share of the market. In 2017, XPEL acquired Stratashield LLC, a huge vendor of PPFs.
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Focus on Sustainable Materials
Paint protection films derived from biobased materials is expected to be the new tour de force across all industries. Recently, Covestro, BASF, and Audi decided to collaborate on a biobased PPF. The film offers scratch resistance, glossy appearance, and protection against sunlight and other weather conditions.
Ultraviolet-cured PPFs are the new rage in industrial sector. Companies are investing in UV-based PPFs to reduce the fading time and offer scratch resistance to applied surfaces.
Automotive – The Biggest Application
Major applications in Paint Protection Film Market Report include aerospace & defense, electrical & electronics, automotive, and others.
The automotive segment accounted for 71.5% share in 2016 with an estimated market valuation of USD 615.9 million. It is expected to grow at a 6.17% CAGR during the forecast period owing to the sharp rise in sales of personal vehicles. Furthermore, the need for car owners to preserve the sheen of their vehicles and protect them from dust, debris, and airborne particles can drive the segment growth till 2023. Developments in PPF have extended its use to cover components of various shapes and fit irregular contours.
The electrical & electronics segment is expected to experience the second-highest growth rate owing to the penetration of electronic devices. Devices such as tablets, mobile phones, and laptops require these coatings and have been approved by mobile phone original equipment manufacturers for protection against corrosion.
Browse the market data and information spread across 85 pages with 71 data tables and 11 figures of the report “Paint Protection Film Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/paint-protection-film-market-4458
APAC – The Biggest Revenue Generating Region
Regions covered in the paint protection film market include Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA).
The APAC region accounted close to 38% of the paint protection film market thanks to the rise in automotive production and sales witnessed in South Korea, India, Japan, and China. The rise in expendable income levels of consumers and their penchant for premium and luxury cars is likely to bode well for the market. The region is expected to experience a 6.1% CAGR over the forecast period due to the thriving electronics sector. China, in particular, is estimated to reach a market worth of USD 268.1 million by 2023.
The Europe PPF market accounted for 23% revenue share in 2016. Germany, France, and the U.K. are countries responsible for fueling the regional market growth due to its demand by customers and preference for car care.
North America is also purported to attain a significant demand owing to the high production of cars and focus towards car care. Emergence of servicing centers to provide precut PPFs such as the one offered by XPEL to cover irregular-shaped contours of cars. These centers use plotters to cut the film according to desired customized shapes and applied on various surfaces by installers for a blemish-free appearance.
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Specialty Films Market Information by Film (Barrier, Decorative, Protective, Antimicrobial, Others), Material (Polyester, Fluoropolymer, Polyamide, Others), End-Use Industry (Packaging, Automotive, Construction, Others), & Region—Forecast till 2023
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Industrial Films Market Research Report by Product Type (LLDPE, LDPE, HDPE, PET/BOPET, PP/BOPP, CPP, PVC, Polyamide/BOPA), by End-user Industry (Transportation, Construction, Industrial Packaging, Agriculture, Medical) – Forecast till 2023
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