Paint Protection Film Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027
- February 2020 •
- 79 pages •
- Report ID: 5360545 •
- Format: PDF
The global paint protection film market size is projected to reach USD 484.7 million by 2027. It is projected to register a CAGR of 6.9% over the forecast period. Rising consumer awareness regarding vehicle paint protection against bug splatters, stone chipping, and abrasions is anticipated to fuel the demand for paint protection film (PPF).
paint protection films market is moderately fragmented in nature and is moving towards consolidation. Abundant availability of raw materials and presence of several major players with adequate production capacities have resulted in an increased competition among the players. Product durability, price, and environment friendliness are estimated to be the key factors influencing buyer decision.
The product is widely available on retail as well as online platforms.However, its installation requires expertise and specially trained personnel for optimum results.
Hence, a majority of players also provide after-purchase services. Furthermore, a few players have established contracts with local installers to strengthen their geographical presence.
Frequent variations in raw material pricing and declining automotive production in major economies including U.S., Japan, and Korea are expected to act as a challenge for market players. However, rapid growth of other application sectors including electrical and electronics and aerospace is likely to open new avenues for them.
Further key findings from the report suggest:
• In 2019, the automotive and transportation segment dominated the paint protection film market in terms of volume, wherein a majority of the demand is derived from the passenger cars segment owing to the superior color protection properties of PPF
• In terms of value, the aerospace and defense segment is estimated to register a CAGR of over 12.0% over the forecast period. This is attributed to increasing investments in the aircraft and defense sectors in China, U.S., and India
• Asia Pacific dominated the market with USD 109.5 million in 2019 since it is the largest producer and consumer of automotive as well as electrical and electronic products
• Key players operating in the market are 3M Company; Eastman Chemical Company; KDX Composite Material; XPEL, Inc.; and Avery Dennison Corporation
• Mergers, integrations, tie-ups with third-party installers, innovative manufacturing techniques, and wide distribution channel are projected to be the key success factors for manufacturers to sustain competition.