The global paint protection films market size is projected to reach USD 806.4 Million by 2025
NEW YORK, May 14, 2019 /PRNewswire/ -- Paint Protection Film Market Size, Share & Trends Analysis Report By Product (TPU, PVC, Polyester PET, Polyethylene), By Application (Automotive, Aerospace, Marine), And Segment Forecasts, 2019 - 2025
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The global paint protection films market size is projected to reach USD 806.4 Million by 2025, expanding at a CAGR of 7.1% during 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 films.
The market is moderately fragmented in nature and is moving towards consolidations.Abundant raw material availability and presence of several major players with adequate production capacities have resulted in a highly competitive market.
Product durability, price, and environmentally friendly properties are estimated to be key factors for influencing buyers' decision.
The product is widely available on retail as well as online platforms.However, their installation requires expertise and specially trained personnel for optimum results.
As a result, a majority of players are also engaged in after purchase services. Furthermore, a few players have established contracts with local installers in order to strengthen their geographical presence.
Frequent variations in raw material pricing and declining automotive production in major economies including the U.S., Japan, and Korea are expected to act as a stumbling stone for industry players. However, rapid growth of other application sectors including electrical & electronics and aerospace is likely to open new avenues for them.
Further key findings from the report suggest:
• TPU paint protection films dominated the market with 85.3% of the overall demand in 2017, on account of their superior flexibility, toughness, easy workability, and plasticizer-free properties
• In 2017, the automotive industry emerged as the largest application segment 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
• The demand for TPU-based paint protection films in the aerospace application is poised to experience a CAGR of 8.6% over the forecast period, owing to increasing investments in the aircraft and defense sectors in China, U.S., and India
• Asia Pacific represented the largest market for paint protection film. It was valued at USD 153.3 million in 2017. The growth of the regional market can be attributed to the fact that it is the largest producers and consumers of automotive and electrical & electronic industry
• 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 fierce competition.
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