According to Market Research Future (MRFR), Global Paint Protection Film Market is projected to reach USD 1277.82 million by 2023, with a CAGR of 5.89% from 2016 to 2023 (forecast period). The report provides a comprehensive overview of the impact analysis of the COVID-19 by Application and Regions.
Paint Protection Film is defined as a thin film made of urethane thermoplastic material. They are added to the painted surface of automobiles, electronic products, and airplanes to prevent it from a variety of abrasion agents, such as bug splatters, minor abrasives, and stone chips. Such films are very effective in maintaining the standard vehicle’s showroom quality appearance. They are generally referred to as clear film, clear paint film, PPF, and others. Such films are primarily used to avoid damage to the surface of automobiles and other transport vehicles induced by rock chips and other surfaces.
Some of the Major Players identified in the Global Paint Protection Film Market are 3M, Avery Dennison Corporation, Eastman Chemical Company, HEXIS S.A., PremiumShield, Saint-Gobain Performance Plastics, ORAFOL Europe GmbH, XPEL TECHNOLOGIES CORP., SWM, and RENOLIT among others.
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The booming automotive industry, increased demand for electronics products, and the raising of defense budgets in many countries are key drivers and developments in the Global Paint Protection Film Market. In addition, increasing automotive production and sales, improving economic conditions, and growing customer preferences for the by-products’ cost benefits are some of the other factors that are expected to give new momentum to the market for Paint Protection Film over the projected period.
Nevertheless, it is estimated that the high installation expenses involved with this product will hinder the growth of the market during the review period.
The Paint Protection Film Market is categorized based on Application.
By Application, the market is categorized into automotive, electrical & electronics, aerospace & defense, and others. Between these, the automotive segment made up around 71.5% of market share in 2016 and is expected to rise with a robust CAGR of approximately 6.17% during the forecast period. The key factor contributing to segmental growth is increased automotive production and increased demand for personal vehicles in developing economies. In addition, the trend of sharing cars and light-weight vehicles with a limited lifespan is becoming more prevalent, which is expected to increase automotive production in the near future.
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The Paint Protection Film Market has been segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific emerged as a major market for Paint Protection Film in 2016 due to the growth of automotive and electrical & electronics industries. The Asia Pacific region reported for around 38% of the total volume share in 2016 and is expected to attain USD 492.05 million with a moderate CAGR of about 6.1% over the forecast period. The demand for Paint Protection Film is likely to increase in emerging countries such as china, India, and Japan due to the increasing electronics and automotive sectors. China has a market value of USD 173.5 million and is predicted to hit USD 268.1 million during the evaluation period.
The European region accounted for around 23% of the total market share (in terms of value) in 2016 and is expected to expand with a considerable CAGR over the review period. Germany, the United Kingdom, and France are key contributors to regional market growth and will continue to dominate during the forecast period due to the extensive use of Paint Protection Film in the automotive and aerospace sectors.
Developed regions, such as North America and Latin America, are anticipated to see tremendous growth owing to the increase in vehicle production and sales in these regions. Moreover, an increase in the rate of adoption in the electronics industry, together with continued development in the defense and aerospace sectors, is estimated to expand regional market growth.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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