Paint Protection Film Market Size, Share & Trends Analysis Report By Application (Automotive & Transportation, Electrical & Electronics, Aerospace & Defense), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global paint protection film market size was valued at USD 305.2 million in 2019 and is projected to register a CAGR of 6.9% from 2020 to 2027. Strong product demand for paint protection in vehicles, electronic gadgets, aircraft, boats, and ships drives the market growth. Furthermore, innovations in technology to offer sustainable products with minimal environmental impact are projected to drive the demand for paint protection film.

Product variation in terms of quality and performance to resist scratches, abrasions, and stains is anticipated to be one of the key factors driving the demand for paint protection film (PPF). Furthermore, introduction of new technologies to produce long-lasting films with superior resistance against adverse atmospheric conditions is estimated to drive the paint protection films market over the forecast period.

Technological advancements such as superior adhesiveness and color variations in films are expected to attract consumer attention. In North America, the automotive and transportation segment accounted for the largest market share of more than 70.0% in terms of revenue in 2019, with a majority of demand from the U.S.

Ceramic coating technologies are likely to be used as a substitute for paint protection film on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. However, lower cost associated with paint protection film is expected to offer them a competitive advantage over the forecast period.

Market players are expected to invest in R&D to improve product durability, as longevity is an important attribute for paint protection film. Initiatives taken by manufacturers to produce flexible films that can be applied on unique shapes and are compatible with different qualities of paints applied on surfaces are projected to provide growth opportunities for the paint protection film market.

The market is highly competitive in nature on account of high product volumes and product variation offered by several local and multinational players. Selection of raw materials is a key factor for manufacturers to meet industry standards for the production of paint protection film for different applications.

Availability of paint protection film on online platforms, which makes them user-friendly for clients across the globe, is anticipated to boost the market growth. Furthermore, initiatives taken by industry players to offer installation services through company-owned service stations and third-party installers is expected to drive the market growth over the forecast period.

Application Insights

Automobile and transportation emerged as the leading application segment in terms of value in 2019. Rapid industrialization, coupled with rising need for transportation, has resulted in an increased demand for passenger and commercial vehicles, subsequently driving the demand for paint protection film. In addition, rising awareness regarding vehicle maintenance is expected to support the segment growth over the forecast period.

The aerospace and defense segment is estimated to register a significant CAGR of 12.3% over the forecast period on account of increasing air transportation, coupled with growing defense practices, in several countries. Increase in aircraft manufacturing, wherein paint protection films are used to protect vessels from corrosion and oxidation, is projected to drive product demand.

Consumers across the globe are investing in paint protection film for the maintenance of daily use electronic gadgets including computers, laptops, tablets, television sets, and refrigerators. Improving the standard of living, coupled with increasing demand for miniature electronic devices, is anticipated to drive the demand for paint protection film for electrical and electronic products.

Paint protection film is also used in sports equipment, watches, wakeboards, ski helmets, jet skis, and surfboards for protecting surfaces from the damaging effects of dirt, rain, and heat. Furthermore, growing product demand from the energy, medical devices, and construction industries is estimated to drive the market for paint protection film.

Paint protection film is also used in a number of marine applications, including deep-sea mining and exploration, offshore oil and gas production, maritime safety and security, and offshore wind energy. Paint protection film is widely used in marine applications for protection against UV rays, wear and tear, toxic airborne pollutants, and scratches on boats, yachts, and ships.

Regional Insights

Asia Pacific dominated the market in 2019, as the region is the largest market for automotive production and consumption. Low labor costs, increasing transportation activities, and availability of raw materials encourage vehicle manufacturers to set up new plants in the region, subsequently driving the demand for paint protection films.

The North America market is estimated to register a CAGR of over 5.0%, in terms of value, over the forecast period. This is attributed to rising automotive sales and number of an aging fleet. Matured manufacturing sector, presence of multinational original equipment manufacturers (OEMs), and favorable government regulations are also expected to drive product consumption in the coming years.

The Europe market was valued at USD 64.4 million in 2019 owing to high production volumes of passenger cars and aircraft. Rising defense budgets of countries including the U.K., Germany, and France and the development of the electronics sector are expected to drive the regional market.

Favorable international trade policies and supportive government regulations in Brazil and Mexico are encouraging multinational players in automotive, aerospace, construction, and marine industries to invest in these countries. Growing foreign direct investment (FDI) in Central and South America are also projected to drive the regional market.

Paint Protection Film Market Share Insights

Mergers, acquisitions, and joint ventures are some of the strategies adopted by market players to reduce the overall cost of the product and to sustain in the highly competitive market. Several market players focus on establishing partnerships with raw material suppliers and third-party installers to ensure constant raw material supply and easy installation services.

Prominent players include KDX Composite Material; 3M Company; XPEL, Inc.; Eastman Chemical Company; and Avery Dennison Corporation. Innovations by 3M Company have helped produce paint protection films with superior adhesive properties. The company also provides installation services through its authorized service station and expert installers.

Report Scope

Segments Covered in the Report

This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global paint protection film market report on the basis of application and region:

• Application Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2016 - 2027)

  • Automotive & Transportation

  • Electrical & Electronics

  • Aerospace & Defense

  • Others

• Regional Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

  • Europe

    • Germany

    • France

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Indonesia

    • Thailand

    • Malaysia

  • Central & South America

  • Middle East & Africa