Market Analysis 

 The global paint protection film market is likely to touch USD 1277.82 million at a 5.89% by 2030, as per the recent report by Market Research Future (MRFR). Paint protection film, simply put, is a thermoplastic material that will heal automatically when applied on a painted surface. It finds wide application in the automotive industry for protecting the parts that are more prone to damage or abrasion. Owing to its alluring features and multiple benefits, the paint protection film is also used in the electrical and electronics, and aerospace defense sectors, among others. 

 Various factors are adding to the global Paint Protection Film Market Size growth. Such factors, according to the new MRFR report, include increasing penetration of aerospace and defense sectors electrical and electronics, growing per capita disposable income in developing and developed countries, rapid industrialization, increasing awareness about the advantages of using paint protection film, and burgeoning demand from the automotive and transportation industry. 

 On the contrary, the soaring installation cost of paint protection film may limit the paint protection film market growth over the forecast period. 

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  Segmentation

The global paint protection film market size has been segmented on the basis of application which includes automotive, electrical electronics, aerospace defense, and others. Application-wise, the automotive segment accounted for the largest share of over 71% in 2016 and is projected to expand at a CAGR of 6.17% over the forecast period. The increasing use of paint protection films in automobiles coupled with favorable government policies for automotive manufacturers in developing countries is the driving force behind the growth of this segment.  The electrical electronics segment is estimated to be the largest segment driven by rise in manufacturing of electronic gadgets such as mobile phones, laptops, and tablets.

Detailed Regional Analysis

The paint protection film market is segmented into the following regions North America, Latin America, Middle East, Europe, Asia Pacific, and Africa. Among these regions, the Asia Pacific region has appeared as the foremost paint protection film market in 2016, motivated by the development of industries such as electrical electronics and automotive. The Asia Pacific region is projected to achieve USD 492.05 million with a modest CAGR of around 6.1 percent over the forecast period. The demand for paint protection film is expected to surge in developing economies such as India, China, and Japan owing to the rising electronics and automotive sector. Germany, the U.K, and France are among the main suppliers to the regional market growth and will carry on their dominance through the forecast period owing to the extensive utilization of paint protection film in the aerospace and automotive sector. Advanced regions such as North America and Latin America are expected to perceive a noteworthy growth owing to the surge in the volume of vehicle production and sales in these regions. 

 Competitive Landscape

Eastman Chemical Company
Avery Dennison Corporation
Saint-Gobain Performance Plastics
HEXIS S.A.
ORAFOL Europe GmbH
XPEL TECHNOLOGIES CORP.
RENOLIT
3M
SWM

Industry Updates

• In November 2018, XPEL, Inc., a manufacturer of a variety of paint protection films, announced the acquisition of Apogee Corporation, Taiwan-based distributor of automotive paint protection and window film. Through the acquisition, XPEL will begin directly selling its products to customers in Taiwan.
• In October 2018, Avery Dennison, a leader in adhesive technologies, introduced a new paint protection film which has self-healing properties. SPF-XI Supreme Protection Film provides protection against stone chips, road debris, insect stains, weathering, and minor abrasions without degrading a vehicle’s finish.
• In June 2018, Tint World Automotive Styling centers, the seller of paint protection films and other auto accessories, announced a partnership with Canadian company Alchemy, a manufacturer of windshield protection application.

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