Selbyville, Delaware, Sept. 27, 2021 (GLOBE NEWSWIRE) -- As per the recent report published by Global Market Insights Inc., the Paint Protection Films Market size was estimated at $440 million in 2020 and is slated to exceed US$650 million by 2027, registering a CAGR of 5.89% from 2021 to 2027. The report provides a comprehensive analysis of the market size & estimations, major drivers & opportunities, key pockets of investment, wavering market trends, best winning strategies, and insight into the competitive outlook.
The escalating demand for passenger vehicles is fueling the growth of the paint protection films market over the past years. Paint protection films are coatings that protect a painted surface against acid rain, hard and soft water spots, and mineral deposits. These films have also been found to reduce oxidation on factory paint resulting from exposure to UV light. Several forms of pain protection films have been available in the market for the past few decades; however, the technology involved in the products has evolved rapidly in recent years. Consequently, technological advancements in the sector are expected to stimulate market growth through the forecast period.
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Paint protection films fabricated from thermoplastic polyurethane provide high transparency, gloss finish, and low weight. This has propelled the demand for the material in several application segments. In 2020, the thermoplastic polyurethane material segment held around 70% share in the market and is speculated to observe notable growth over the study timeframe.
Key reasons for paint protection films market growth:
- Prevalent adoption across the automotive industry.
- Soaring demand for thermoplastic polyurethane in varied applications.
- Increasing focus on technologically advanced coatings.
2027 forecasts show the ‘matte’ segment retaining its dominance:
On the basis of finish, the matte segment is anticipated to expand at a CAGR of around 4.5% over the analysis timeline. Matte finish films help avoid sun scorches and minor scratches as well as prevent mechanical damages. The rising uptake of matte-type films in the building & construction sector is expected to boost the paint protection films market growth of the segment in the coming years.
The Asia Pacific to maintain top status in terms of revenue:
The Asia Pacific contributes to a significant portion of the overall industry revenue and is projected to register sizable growth over 2021-2027. Proliferating demand for automobiles and the booming domestic building & construction sector are set to support regional market expansion over the following years. India and China dominate the global automotive industry due to the presence of numerous small- to medium-scale manufacturers in the countries, which has impelled product adoption across APAC. Moreover, shifting consumer preference from two-wheelers to four-wheeler vehicles is also slated to foster regional paint protection films market outlook in the future.
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Impact of COVID-19 pandemic on paint protection films market:
The COVID-19 outbreak disrupted the industry landscape severely. However, with successful vaccination drives worldwide, construction activities and automotive sales are regaining their pre-COVID momentum. Growing consumer focus on reducing automotive maintenance & repair costs has positively impacted product demand in recent years. Notably, paint protection films have garnered high prominence in the automotive sector as they are invisible, hydrophobic, customizable, and easy to apply, and help extend the service life of automobiles.
Leading market players:
Some prominent companies operating in the paint protection films market are XPEL, 3M, Hexis, Eastman Performance Films, and Premium Shield Limited, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
