The Paint Protection Film Market revenue is reportedly increasing over the course of
Selbyville, Delaware, September 27, 2021 (GLOBE NEWSWIRE) – According to the recent report released by Global Market Insights Inc., the Paint Protection Films Market the size was estimated at $ 440 million in 2020 and is expected to exceed 650 million US dollars by 2027, the registration of a 5.89% CAGR from 2021 to 2027. The report provides a comprehensive analysis of market size and estimates, major drivers and opportunities, major pockets of investment, hesitant market trends, best winning strategies and competitive outlook.
The growing demand for passenger vehicles is fueling the growth of the paint protection films market in recent years. Paint protection films are coatings that protect a painted surface against acid rain, hard and soft water stains, and mineral deposits. These films have also been shown to reduce oxidation on factory paint resulting from exposure to UV light. Several forms of pain protection films have been available in the market over the past decades; however, the technology involved in the products has evolved rapidly in recent years. Hence, technological advancements in the industry are expected to drive the market growth throughout the forecast period.
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Paint protection films made from thermoplastic polyurethane offer high transparency, glossy finish and low weight. This has propelled the demand for the material in several application segments. In 2020, the polyurethane thermoplastic materials segment held around 70% of the market share and is expected to see notable growth during the study period.
Main reasons for Paint Protection Films Market Growth:
- Widespread adoption in the automotive industry.
- Growing demand for thermoplastic polyurethane in various applications.
- Increased focus on technologically advanced coatings.
The 2027 forecasts show that the âmatâ segment retains its predominance:
On a trim basis, the mat segment is expected to grow at a CAGR of approximately 4.5% over the analysis period. Matte finish films help prevent sunburn and minor scratches as well as prevent mechanical damage. The growing adoption of matte type films in the building and construction industry is expected to boost the market growth for paint protection films of the segment in the years to come.
Asia-Pacific to maintain its leadership status in terms of turnover:
Asia-Pacific contributes a significant share of the overall industry revenue and is expected to register significant growth in the period 2021-2027. The growing demand for automobiles and the booming national building and construction industry are expected to support the expansion of the regional market in the following years. India and China dominate the global auto industry due to the presence of many small and medium-sized manufacturers in the countries, which has boosted product adoption across APAC. In addition, the shift in consumer preference from two-wheelers to four-wheeled vehicles is also expected to favor the prospects of the regional paint protection films market in the future.
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Impact of the COVID-19 pandemic on Paint Protection Films Market:
The COVID-19 outbreak has severely disrupted the industry landscape. However, with successful vaccination campaigns around the world, construction activities and auto sales are regaining their pre-COVID momentum. Increasing consumer attention to reducing auto maintenance and repair costs has positively impacted product demand in recent years. In particular, paint protection films have acquired great importance in the automotive sector because they are invisible, hydrophobic, customizable and easy to apply, and help to extend the life of automobiles.
Major market players:
XPEL, 3M, Hexis, Eastman Performance Films and Premium Shield Limited are among other leading companies operating in the paint protection films market.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services. Offering syndicated and personalized research reports, growth advice, and business intelligence services, Global Market Insights, Inc. aims to help clients with insightful insights and actionable market data that aid strategic decision making.