Paint Protection Film Market Size, Share & Trends Analysis Report By Application (Automotive & Transportation, Electrical & Electronics, Aerospace & Defense), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global paint protection film market size was valued at USD 285.75 million in 2018, and is projected to expand at a CAGR of 6.7% from 2019 to 2025. Strong product demand for paint protection in vehicles, electronic gadgets, aircraft, boats, and ships has stimulated the growth. Furthermore, innovations in technology to offer sustainable products with minimal environmental impact are projected to propel the demand.

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

Technological advancements including superior adhesiveness and color variations in films are expected to attract consumer attention. In North America, automotive and transportation films accounted for the highest market share of more than 70% in terms of revenue in 2018, with majority of demand from U.S.

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. However, lower cost associated with paint protection films is poised to offer them with a competitive advantage over the forecast period.

Market players are expected to invest in R&D to improve product durability, as these films are installed for a longer duration. 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 unfold 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 production of films for different applications.

Availability of these products on online platform, which makes them user friendly for clients across the globe, is anticipated to boost market growth. Additionally, initiatives taken by industry players to offer installation services through company-owned service stations and third-party installers can bode well for growth during the projected period.

Application Insights

Automobile and transportation was the most prominent application segment in terms of value in 2018. Rapid industrialization coupled with rising need for transportation, has been stirring up the demand for passenger and commercial vehicles, thus stoking the growth. In addition, rising awareness regarding vehicle maintenance is likely to support the segment growth over the forecast period.

Aerospace and defense segment is poised to post a significant CAGR during the forecast period on account of increasing air transportation coupled with growing defense practices by several countries. Flourishing aircraft manufacturing segment, wherein paint protection films are used to protect vessels from corrosion and oxidation, is projected to fuel the demand.

Consumers across the globe are investing in paint protection products for 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 demand from electrical and electronics segment.

The product is also used in sports equipment, watches, wakeboards, ski helmets, jet skis, and surfboards for protecting surfaces from damage from environmental factors such as dirt, rains, and heat. Additionally, growing demand for the product from energy, medical devices, and construction industries is estimated to propel the market.

Paint protection films are 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. Marine applications are expected to escalate the demand for the product to gain protection against UV rays, wear and tear, toxic airborne pollutants, and scratches on boats, yachts, and ships.

Regional Insights

Asia Pacific led the market in 2018, as the region is the largest market for automotive production and consumption. Low labor cost and increasing transportation activities, availability of raw materials, and high demand have been attracting vehicle manufacturers to set up new plants in the region, thereby, augmenting the demand for paint protection films over the forecast period.

Application demand in North America is likely to expand at a CAGR of 5.7% during the forecast period, owing to rising automotive sales and number of aging fleet. Matured manufacturing sector, presence of multinational Original Equipment Manufacturers (OEMs), and favorable government regulations are poised to support the product consumption in near future.

Europe was valued at USD 60.97 million in 2018, owing to high production volumes of passenger cars and aircrafts. Rising defense budgets of countries including U.K., Germany, and France coupled with spiraling demand from electronics industry, are providing a fillip to 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 Investments (FDI) in Central and South America are also spurring the growth of the regional market.

Paint Protection Film Market Share Insights

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

Prominent players are 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. Additionally, the company provides installation services through its authorized service station and expert installers.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. 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, 2014 - 2025)

  • Automotive & Transportation

  • Electrical & Electronics

  • Aerospace & Defense

  • Others

• Regional Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Indonesia

    • Thailand

    • Malaysia

  • Central & South America

  • Middle East & Africa