SAN FRANCISCO, April 7, 2021 /PRNewswire/ -- The global paint protection film market size is projected to reach USD 428.09 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.4% from 2021 to 2028. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs).
Key suggestions from the report:
In 2020, automotive & transportation emerged as the largest application segment and accounted for over 72% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
The aerospace & defense application segment is poised to register the fastest CAGR of 7.8% over the forecast period
The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
In 2020, the electrical & electronics application segment accounted for 4% of the overall market volume
This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central & South America
In 2020, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand
The regional market will expand further at the fastest CAGR from 2021 to 2028 mainly due to a significant rise in automotive sales in emerging economies, such as China, India, Vietnam, Thailand, and South Korea
On the other hand, ceramic coating technologies are likely to be used as a substitute to these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace & deference and electrical & electronics, is anticipated to provide new opportunities to them.
The global market is highly competitive on account of the easy availability of raw material and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers' decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence.
Grand View Research has segmented the global paint protection film market on the basis of application, and region:
Automotive Film Market – The global automotive film market size was estimated at USD 5.84 Million in 2016. The growing utilization of automotive wraps to protect vehicles with booming automotive industry and applications of automotive films in transit advertising is expected to drive growth over the next four years.
72" Paint Protection Film Market – The global 72" paint protection film market size was valued at USD 15.3 million in 2019 and is expected to register a compound annual growth rate (CAGR) of 4.0% from 2020 to 2027.
Paints & Coatings Market – The global paints and coatings market size was valued at USD 146.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.