Paint Protection Film Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Know the Russia Ukraine Impact On Paint Protection Film Industry in UK
The global paint protection film market size is expected to gain traction by reaching USD 697.1 million by 2028 while exhibiting a CAGR of 6.2% between 2021 and 2028. Fortune Business Insights, in its report titled “Paint Protection Film Market, 2021-2028.”, observes that the market stood at USD 432.6 million in 2020. Factors such as the increasing demand for the product across end-user industries and the growing adoption of protection films owing to their superior attributes will propel its adoption worldwide.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Russia-Ukraine War Implication
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Market Segmentation:
Based on type, the market is trifurcated into thermoplastic polyurethane, polyvinyl chloride, and others. Additionally, on the basis of application, the market is classified into automotive, electronics, aerospace and defense, and others. Finally, on the basis of region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Provide?
The market report includes an in-depth analysis of several factors such as the key drivers and restraints that will impact the market. In addition to this, the report furnishes significant insights into the regional analysis that includes different regions, contributing to the growth of the market. It further includes the competitive landscape involving the leading companies and adopting strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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DRIVING FACTORS
Increasing Demand from End-User Industries to Aid Growth
In March 2021, Avery Dennison Graphics Solutions announced the launch of Avery Dennison Supreme Defense gloss, a next-generation gloss clear protection film. This film protects the vehicles against dings, stones, insects, and scrapes. The increasing demand from several industrial applications such as defense, electronics, and automotive is anticipated to boost the adoption of the product across the globe. Besides, the increasing demand for lower-emission through paints and coatings has propelled the manufacturers to develop eco-friendly variants of paints that will contribute to the global paint protection film market growth during the forecast period.
Further Report Findings:
- Asia Pacific stood at USD 196.0 million in 2020 and is expected to hold the largest global paint protection film market share in the forthcoming years. This is due to the presence of leading automotive manufacturers in countries such as India, Japan, and China.
- The market in North America is expected to experience significant growth backed by the rising number of manufacturing and end-user industries that will propel the demand for advanced protection films in the region between 2021 and 2028.
- Based on the end-user industry, the automotive segment held a market share of about 82.1% in 2020 and is expected to experience substantial growth in the forthcoming years. This is owing to the increasing sales of automotive worldwide that will favor the adoption of the product during the forecast period.
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent Companies to Boost Production
The market is consolidated by the presence of major companies that are actively focused on the development of advanced paint protection films. These companies are expanding their facilities to surge the production rate on account of catering to the growing demand from end-user industries globally. Additionally, other key players are adopting strategies such as collaborations and partnerships that are likely to bode well for the market growth during the forecast period.
Industry Development:
- August 2019 – Eastman announced its plan to invest in the leading edge paint protection film technology. The company will adopt advanced 3D scanning technology to expand its database for PPF patterns.
List of the Companies Profiled in the Global Market:
- Eastman Performance Films LLC (Tennessee, US)
- 3M Company (Minnesota, US)
- XPEL, Inc. (Texas, US)
- Avery Dennison Corporation (California, US)
- LG Chem (Seoul, South Korea)
- KDX Composite Material (Maryland, US)
- Premier Protective Films International (California, US)
- Renolit (Worms, Germany)
- SWM, Inc. (Georgia, US)
- Other Key Players
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