Paint Protection Film Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Automotive & Transportation), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2022 - 2030

Report Overview

The global paint protection film market size was valued at USD 296.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The growing application scope of the product and the development of high-performance films are expected to boost the product demand over the coming years. Furthermore, innovations in technology to offer sustainable products with minimal environmental impact are projected to propel the demand in the forecast period. Product variation concerning performance and quality to resist stains, abrasions, and scratches is also anticipated to be one of the key factors defining the demand for Paint Protection Films (PPFs).

Furthermore, the introduction of novel technologies to produce long-lasting films with greater resistance to adverse atmospheric conditions is expected to drive the market for paint protection films over the forecast period. The COVID-19 pandemic impacted economies throughout the world owing to massive manufacturing and supply chain disruptions. The government directives and tight enforcement of the lockdown and other pandemic-curbing practices caused a disruption in the supply chain and demand for products and services. Due to the worldwide shutdown and suspension of production activity, the automotive industry was one of the most severely damaged sectors. Technological advancements, such as color variations and superior adhesiveness, in films are estimated to draw consumer attention.

In North America, automotive and transportation films accounted for a prominent market share, with most of the demand from U.S. ceramic coating technologies. These technologies are likely to be utilized as an alternative to paint protection films due to their superior performance against scratches and abrasions, thus negatively influencing the market growth. However, the low cost associated with paint protection films is poised to offer them a competitive advantage over the forecast period. Market players invest in R&D to improve product durability, as these films are installed for a longer duration. Initiatives taken by producers to manufacture flexible films, which could be applied on unique shapes and are compatible with diverse qualities of paints that are applied on surfaces, are projected to unfold growth opportunities for the market.

The selection of raw materials is a key factor for manufacturers to meet the industry standards for the production of paint protection films for different applications. The availability of these products on online platforms is anticipated to boost the growth of the market for paint protection films. In addition, initiatives taken by industry players to offer installation services through company-owned service stations and third-party installers can bode well for market growth during the projected period.

Application Insights

The automotive and transportation sector dominated the paint protection film market and accounted for the largest revenue share of more than 70.0% in 2021. The segment is anticipated to continue its dominance over the forecast years. Rapid industrialization coupled with the rising need for transportation has been stirring up the demand for passenger and commercial vehicles, thus fueling market growth. In addition, increasing awareness about vehicle maintenance is predicted to support the segment growth in the near future.

The aerospace and defense segment is poised to record the fastest CAGR of 8.3% during the forecast period on account of increasing air transportation coupled with growing defense practices by several countries. The rapidly growing aircraft producing segment, wherein paint protection films are utilized to defend vessels from oxidation and corrosion, is predicted to boost the product demand. Consumers across the globe are investing in paint protection products for the maintenance of daily-use electronic gadgets including computers, laptops, tablets, television sets, and refrigerators. Improving living standards coupled with increasing demand for miniature electronic devices is anticipated to bolster the product demand from the electrical and electronics segment.

The rising demand for the product from the energy, medical devices, and construction industries is also estimated to propel the growth of the market for paint protection films. The product is also utilized in several marine applications, such as offshore oil and gas production, maritime safety and security, deep-sea mining and exploration, and offshore wind energy. Marine applications are expected to escalate the demand for paint protection films for protection against UV rays, wear and tear, toxic airborne pollutants, and scratches on boats, yachts, and ships. The other’ segment includes applications, such as construction and turbines. The segment has been a relatively lesser penetrated application market on a global level; however, it is expected to grow considerably over the forecast period. The product is widely utilized for protecting painted surfaces that are prone to damage by elements, such as sand, gravel, slurry, and debris.

Regional Insights

Asia Pacific accounted for the largest revenue share of 37.0% in 2021 and is estimated to expand further at the fastest CAGR of 7.6% from 2022 to 2030. This growth is attributed to the presence of high automotive production and consumption in the region. Increasing transportation activities and low labor cost, obtainability of raw materials, and high demand have been attracting vehicle producers to set up new facilities in the region, thus, triggering the product demand. Product demand in the automotive sector of North America is projected to expand at a CAGR of 5.2%, due to a surge in automobile sales and the number of aging fleets. In addition, factors, such as Matured manufacturing sector, the presence of multinational Original Equipment Manufacturers (OEMs), and favorable government regulations, are poised to support the regional market growth in the years to come.

Europe also accounted for a significant revenue share in the past owing to high manufacturing volumes of aircraft and passenger cars. The regional market will expand further due to increasing defense budgets in countries, such as Germany, the U.K., and France, coupled with rising product demand from the electronics sector. Supportive government regulations and encouraging international trade policies in Brazil and Mexico are encouraging multinational players in the automotive, aerospace, construction, and marine industries to invest in these countries. Growing Foreign Direct Investments (FDI) in Central and South America are also spurring the growth of the regional market.

Key Companies & Market Share Insights

The market for paint protection films is highly competitive on account of high product volumes and product variation offered by several local and multinational players. Mergers, acquisitions, and joint ventures are some of the commonly adopted strategies by market players to reduce overall costs of the product and to sustain in the highly competitive arena. Many industry players establish partnerships with third-party installers and raw material suppliers to safeguard a continuous raw material supply and easy installation services. Manufacturers are aiming to achieve optimum business growth and a strong market position through the implementation of various strategies, such as integration by acquisition, joint ventures, production capacity expansion, new product development, promotion of key product brands, and significant R&D investments.

A majority of the manufacturers are also involved in the production of Thermoplastic Polyurethane (TPU)-based protective films, which are widely accepted by the end-use industries, particularly automotive and aerospace. The companies offer standardized products with little variations in quality across various applications. In April 2022 Covestro AG reported an expansion in domestic investments to increase its production of paint protection film, a protective film for automobiles that is in high demand in Asia. In October 2021 XPEL announced multiple acquisitions in North America which provides automotive paint protection film, surface protection film, vehicle, and architecture window films porcelain coatings, and others. For instance, 3M Company started its installation centers across the globe that are equipped with suitable tools that make easy installation of films on vehicles. Furthermore, the company also acquired many individual service stations to expand its business in the service segment. Some of the prominent players in the global paint protection film market include:

• KDX Composite Material

• 3M Company

• Eastman Chemical Company

• Premier Protective Films International

• Renolit

• SWM, Inc.

• XPEL, Inc.

• Avery Dennison Corp.

Paint Protection Film Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. 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, 2017 - 2030)

  • Automotive & Transportation

  • Electrical & Electronics

  • Aerospace & Defense

  • Others

• Regional Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Indonesia

    • Thailand

    • Malaysia

  • Central & South America

  • Middle East & Africa