According to a report by Grand View Research, Inc., global paint protection film (PPF) market is anticipated to value USD 369.3 million by 2022. Growing need for material that can protect electronic devices and automobiles from corrosion, wear, chipping, and abrasion is anticipated to propel demand for paint protection film. These films are likely to be thermoplastic urethane films, which can act as surface protectors for products ranging from electronic devices to helicopter blades.
Changing lifestyle coupled with rising concerns towards keeping intact looks and finishing of vehicles can influence growth of market. Increasing use of PPF in multiple end-use industries such as defense, electronics, and automobiles can augment market growth. Growing adoption of PPF in automotive and electronic sector to provide protection from corrosion, wear, and abrasion is likely to fuel growth of market during the forecast period (2012 to 2022).
Full Research Report On Paint Protection Film (PPF) Market Analysis:
The paint protection film market can be segregated on the basis of application and region. Based on application, the market can be categorized into, aerospace & defense, automotive, electrical & electronics, and offshore. In 2014, automotive segment dominated the market and accounted for major 75% of market share. Increasing sales of premium or high-end luxury automobiles coupled with growing awareness among buyers regarding maintenance of vehicles and aftermarket care can fuel growth of market. Rising penetration of automotive technologies in Asian region coupled with high demand for after sales service is anticipated to spur demand for automobiles in this region. However, product innovation is likely to remain major factor while understanding growth of automotive segment for PPF market. Moreover, development of high-end films offering specialized applications by large corporations attributed to entry of PPF marketers for automotive at domestic level can spur market growth.
On the contrary, aerospace segment is likely to grow at CAGR of 4.7% from 2015 to 2022 attributed to increasing use of PPF on rotor blades, airplane fuselages, and cockpit panels.
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Moreover, electronics devices such as mobile phones, display screens, and tablets can also be protected from scratches, wear, and abrasions using paint protection films. This, in turn, can fuel market growth during the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In Asia Pacific, the market is expected to witness significant growth attributed to growing investments from major companies such as Daimler, Volkswagen, and General Motors. Such investments can lead to development of automotive sector in the forthcoming years, which in turn can augment demand for PPF in the region. Entry of part manufacturers, automotive OEMs, and aftersales service providers in the region in past few years is likely to form circular economy for adoption of PPF. High prevalence of PPF manufacturers in Japan, China, and South Korea offering low prices can spur growth of market during the forecast period. In addition, increasing disposable income among vehicle buyers coupled with flourishment of custom auto part can influence market growth. Moreover, China as major automotive manufacturing hub can grow at CAGR of 8.2% from 2015 to 2022. This, in turn, can fuel growth of market in this region.
In North America and Europe, the market is expected to reach its saturation point. Almost every vehicle in these regions is likely to have paint protection film installed at factory level. Major demand for PPF is predicted to come from replacement of existing films at product expiration. Hence, companies are likely to focus on specialized applications and unique agreements with automotive manufacturers to maintain competitiveness. Moreover, recovery of automotive sector in Europeans nations such as France, Germany, United Kingdom, and Italy can also surge demand for PPF during the forecast period.
Some of the leading companies, offering paint protection film are Solar Gard, 3M Company, Lubrizol, SunTek Films, and XPEL Technologies. Market’s competition can be described on two fronts, R&D by manufacturers of paint protection films and installer’s margin. In terms of manufacturing, market is expected to reach stage where price based competition has become obsolete attributed to involvement of small scale companies. It’s product differentiation acting as key front for manufacturers to compete.
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