According to a research study by Grand View Research, Inc., the worldwide paint protection film market is anticipated to reach USD 1.49 billion by 2022.Paint protection films are generally used on painted vehicle surfaces such as side mirrors, front bumpers, door edges, and hoods. These films protect vehicle paints from bug splatters, stone chip, and minor abrasion. They can also be used for RVs, electronics, and cell phones. Rapid growth in the automotive industry on a global level is expected to boost the demand for paint protection films, thereby augmenting the demand for paint protection films. Rising awareness among consumers regarding vehicle protection is said to be one of the major growth driving factors for the global market.
Growing scope of application in various end-use sectors such as electrical, electronics, aerospace, and defense is also likely to contribute toward the growth of this market. The introduction of advanced technologies such as Internet-connected cars is predicted to have a huge and positive impact on market expansion. Furthermore, rising per capita disposable income in various developing countries such as India and China is helping the global market.
Initially, luxury car manufacturers were the prime consumers of paint protection films; however, the sefilms are now being used by almost all automobile companies. This is anticipated to augment the growth of the global market over the next few years. These paints are witnessing high demand due to factors such as easy replaceability and saving costs for replaced and repaired parts.
U.S. paint protection film market revenue by application, 2012 – 2022 (USD Million)
The global paint protection film market is categorized by way of application and region. On the basis of application, the market is segregated into electrical and electronics, aerospace and defense, and automotive. On the basis of region, the market is divided into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and South and Central America.
Asia Pacific was the dominant regional market for paint protection filmsin 2014 and accounted for 30 % of the overall volume. Factors driving the region include thriving automobile and electronics and electrical sectors in countries like India. It is also expected to be fastest-growing region during estimated years. Rapid urbanization, development of major cities, and increased employment have generated increased sales of cars and this is expected to propel the region’s growth over the coming years.
Rapid economic development in this region has resulted in increased sales of luxury cars. This is also projected to boost market growth through 2022.The ongoing trend of shifting automobile manufacturing bases to countries such as China and India due to low capital investments and cheap labor has also contributed toward regional growth.
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Central & South America and MEA regions collectively occupied 15 % of the global volume in the past. These markets are characterized by high economic growth and increased spending in these regions. Rapidly developing automotive industry in countries such as Peru, Uruguay, Brazil, Cuba, and Colombia is predicted to spur regional growth. Rising awareness levels among consumers, along with socio-economic development in nations such as Oman, Qatar, and United Arab Emirates, are likely to be key growth drivers for the MEA region. Increasing aftermarket for the automotive sector in the region is also said to offer a higher scope of penetration to the market.
Some of the prominent companies operating in the global paint protection filmmarket are E. I. du Pont de Nemours and Company; Himark Paint Protective Film Ltd.; Premier Protective Films International; XPEL Technologies Corp.; Argotec, LLC.; The Lubrizol Corp.; and The 3M Company. Novel product development is apopular trend among these players to maintain market position.
For example, Solar Gard, a leading firm in advanced film technologies for sun and paint protection, recently presented the Zero to 60 Designs’ fully personalized Tesla Model S at the SEMA Show2017. The car model features the manufacturer’s latest automobile product innovation called Clearsheild Pro Hydro—anext-gen paint protection film—in partnership with Solar Gard.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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