As per the analysis conducted by Market Research Future (MRFR), the Global Market for Paint Protection Film is anticipated to acquire a market value of USD 1277.821 Million while expanding at a CAGR of 5.89% by 2023.
The outbreak of COVID-19 is expected to have a negative impact on the market, owing to the imposition of lockdown in various parts of the world. The market generates its major demand from the automotive sector and electronic products, which were affected severely during the lockdown. The demand and supply were disrupted due to the pandemic, thereby casting a negative impression on the market growth.
Growing Demand for Paint Protection Film in Various End-User Sectors to Favor Market Growth during the Forecast Period
The rising demand for paint protection in automobiles, aircraft, ships, boats, and electronic gadgets is expected to be a significant factor that is projected to grow the market during the forecast period. The rapid expansion of the automotive sector, owing to the rising demand and production of vehicles with a better standard of living is projected to develop the market in the assessment tenure. The on-going innovation in technology to offer sustaining products is likely to drive the market significantly in the coming period. In addition, the availability of paint protection on various online portals is projected to grow the demand, which is projected to augment the market significantly.
Introduction of New Technologies to Offer Significant Opportunities for Market Expansion
The growing introduction of new technologies to manufacture films with superior properties, resistance towards environmental conditions, and long-lasting film are expected to offer lucrative opportunities to develop the market in the forecast period.
High Expenses Associated with Paint Protection Film to Hamper the Market
The high installation costs associated with paint protection film is projected to hamper the market growth during the forecast period.
Fluctuation in Prices to Pose a Huge Challenge
The fluctuating prices of raw materials are projected to pose a huge challenge for the market growth that can slow down the trade growth during the assessment period. In addition, the lack of skilled labor is also likely to act as a significant challenge to market growth.
Cumulative Growth Analysis
As per the analysis conducted by MRFR, the market is predicted to witness decent growth during the forecast period owing to the rapid expansion of automobiles and the aviation sector.
The application-based segments of the global market for paint protection film is segmented into electrical & electronics, automotive, aerospace & defense, and others. Among all, the automotive application segment is predicted to dominate the global market while expanding at a CAGR of 6.17% during the forecast period. On the other hand, the electrical & electronics segment is projected to be the second-fastest growing segment owing to the increasing demand for electronic gadgets.
Based on the region, the global market for paint protection film can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
APAC to Acquire the Market Value of USD 492.05 Million During the Review Period
APAC is estimated to procure the market value of USD 492.05 million while expanding at a CAGR of 6.1% during the assessment tenure. The region is anticipated to dominate the global market for paint protection film during the review period owing to the rapid expansion of the automotive sector, rising transportation, and the abundance of raw materials. Besides, the cheap labor costs prevailing in the developing countries are expected to boost the regional market in the review period. Developing countries like India, China, and Japan are anticipated to make a significant contribution owing to the expansion of the electronics and automotive sector. Among these countries, China is projected to dominate the region with a market value of USD 268.1 million during the assessment tenure.
North America to Witness Significant Market Value During the Forecast Period
North America is anticipated to witness a significant market value during the forecast period owing to the rapid expansion of the automotive sector. The growing adoption rate in the electronics sector with the evolution of the aerospace and defense sector is predicted to have a positive impact on market growth in the coming period. In addition, a strong presence of OEMs and favorable regulations are also expected to accelerate the product consumption in the assessment tenure that can benefit the market.
Europe to Witness Significant Expansion Due to Increasing Manufacture of Automobiles
The region is predicted to show significant growth during the forecast period owing to the surging manufacture of automobiles and aircraft. The increasing budget for defense in developed countries like the UK, Germany, and France are predicted to positively influence the market in the review period.
MEA to Witness Slow Growth During the Review Period
MEA is anticipated to witness a sluggish development owing to the presence of underdeveloped economies and lack of awareness. However, the Middle East is projected to make some contribution in developing the regional market due to economic stability.
Latin America to Grow Significantly During the Forecast Period
The favorable trade policies and growing foreign direct investment (FDIs) are projected to play a significant role in strengthening the regional market. Brazil and Mexico are anticipated to motivate players in aerospace, automotive, construction, and marine industries to invest in these countries.
The market for paint protection film is highly competitive due to the variety of products offered by various players. Besides, the players are adopting competitive strategies to enhance their consumer-base that can intensify the market competition.
The evaluation consists of a forecast, a synopsis of the competitive state of the market, challenges, drivers, demands, trends, and product analysis. The market drivers and constraints have been gauged to infer their impact during the forecast period. The report further recognizes the growth prospects while outlining the challenges and probable threats. The report also contains the analysis of COVID-19 on the market. Overall, the report presents an in-depth study of the global market, which covers all the essential parameters of the market.
Paint Protection Film Market, By Application
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M, Eastman Chemical Company, Avery Dennison Corporation, HEXIS S.A., Premium Shield, XPEL TECHNOLOGIES CORP, Saint-Gobain Performance Plastics, ORAFOL Europe GmbH, SWM, RENOLIT|
|Key Market Opportunities||The rising demand for paint protection in automobiles, aircraft, ships, boats, and electronic gadgets|
|Key Market Drivers||The growing introduction of new technologies to manufacture films with superior properties, resistance towards environmental conditions, and long-lasting film|
Frequently Asked Questions (FAQ) :
The global paint protection films market is expected to rise to a valuation of USD 1,277.82 million by 2023.
The global paint protection films market is expected to exhibit a strong 5.89% CAGR over the forecast period.
The automotive industry is the leading end user of paint protection films, accounting for 71.5% of the market in 2016.
The growing automotive sector, rising demand for electronic items, and the increasing aerospace and defense sector are likely to be the major drivers for the global paint protection films market over the forecast period.
The leading players in the paint protection films market include Hexis SA, Eastman Chemical Company, 3M, Avery Dennison, Saint-Gobain, SWM, and RENOLIT.