Market Analysis=

Paint protection films are thin films composed of thermoplastic urethane material which are applied to various products to provide protection against external damages. Their self-healing property is a factor which makes them desirable. The global paint protection film market is projected to reach USD 1277.821 Mn at a CAGR of 5.89% over the forecast period, asserts Market Research Future (MRFR) in a comprehensive study.

 Expanding application range across various industry verticals can be attributed to ten growth of the global Paint Protection Film Market. End-use industries such as electrical electronics, aerospace defense, and automotive.

 In the automotive industry, they are widely used for protection against UV rays, scratches, chips, stains, and other damaging elements. They do not alter the color or design elements of the vehicle which make them more desirable. Growing sales of high-end luxury cars generate high demand for paint protection films from the automotive industry and drive the global paint protection films market.

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 Thermoplastic urethane films have a protective role in electronic gadgets and appliances. Growth in the electrical electronic industry fosters the market growth for paint protection films.

Heavy use of paint protection films in the aerospace industry for the protection of cockpit instrument panels and fuselage valves is likely to augment the growth of the global paint protection films market.

Production innovation is a key factor stimulating the growth of the global paint protection films market. Manufacturers are investing huge capital to offer innovative products in a bid to gain an edge over competitors. Rise in RD activities coupled with modernization of manufacturing technologies has expanded the range of potential applications which further accelerates market growth.

 On the downside, exorbitant cost of the product raise the overall price of the end use product which acts as a deterrent to the growth of the global paint protection films market. 

 Segmentation

The global paint protection film market has been segmented on the basis of application which includes automotive, electrical electronics, aerospace defense, and others. Application-wise, the automotive segment accounted for the largest share of over 71% in 2016 and is projected to expand at a CAGR of 6.17% over the forecast period. The increasing use of paint protection films in automobiles coupled with favorable government policies for automotive manufacturers in developing countries is the driving force behind the growth of this segment.  The electrical electronics segment is estimated to be the largest segment driven by rise in manufacturing of electronic gadgets such as mobile phones, laptops, and tablets.

Detailed Regional Analysis

The paint protection film market is segmented into the following regions North America, Latin America, Middle East, Europe, Asia Pacific, and Africa. Among these regions, the Asia Pacific region has appeared as the foremost paint protection film market in 2016, motivated by the development of industries such as electrical electronics and automotive. The Asia Pacific region is projected to achieve USD 492.05 million with a modest CAGR of around 6.1 percent over the forecast period. The demand for paint protection film is expected to surge in developing economies such as India, China, and Japan owing to the rising electronics and automotive sector. Germany, the U.K, and France are among the main suppliers to the regional market growth and will carry on their dominance through the forecast period owing to the extensive utilization of paint protection film in the aerospace and automotive sector. Advanced regions such as North America and Latin America are expected to perceive a noteworthy growth owing to the surge in the volume of vehicle production and sales in these regions. 

 Competitive Landscape

Eastman Chemical Company
Avery Dennison Corporation
Saint-Gobain Performance Plastics
HEXIS S.A.
ORAFOL Europe GmbH
XPEL TECHNOLOGIES CORP.
RENOLIT
3M
SWM

Industry Updates

• In November 2018, XPEL, Inc., a manufacturer of a variety of paint protection films, announced the acquisition of Apogee Corporation, Taiwan-based distributor of automotive paint protection and window film. Through the acquisition, XPEL will begin directly selling its products to customers in Taiwan.
• In October 2018, Avery Dennison, a leader in adhesive technologies, introduced a new paint protection film which has self-healing properties. SPF-XI Supreme Protection Film provides protection against stone chips, road debris, insect stains, weathering, and minor abrasions without degrading a vehicle’s finish.
• In June 2018, Tint World Automotive Styling centers, the seller of paint protection films and other auto accessories, announced a partnership with Canadian company Alchemy, a manufacturer of windshield protection application.

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