The global paint protection film market is expected to reach USD 1.49
billion by 2022, according to a new report by Grand View Research, Inc. Growth
of automotive industry coupled with rising consumer awareness regarding car
protection is expected to remain key factors driving growth.
Increasing application scope across key end-use industries
such as electrical & electronics and aerospace & defense is expected to
further contribute towards industry growth. Changing lifestyle along with shift
in preference towards look of the vehicle is also anticipated to positively
influence growth.
Increasing per capita disposable income in emerging
economies of Asia Pacific and Latin America coupled with advent of technologies
such as internet connected cars is expected to fuel automotive sales and in
turn compliment paint protective film market growth.
Automotive emerged as the leading application segment and
accounted for over three quarters of total demand in 2014. It is also expected
to witness highest CAGR of 6.4% from 2015 to 2022. Increasing demand from
heavy-duty vehicles owing to longer shelf life of these films is expected to
drive application segment growth.
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Further key findings from the report suggest:
- Global paint protection film market demand was 1,103.4 thousand sq. meters in 2014 and is expected to reach 1,659.5 thousand sq. meters by 2022, growing at a CAGR of 5.3% from 2015 to 2022.
- Aerospace & defense accounted for over 10% of total market volume in 2014. Increasing defense sector investment in countries such as China, India and Russia is expected to drive application segment growth at a CAGR of 2.9% from 2015 to 2022.
- Asia Pacific was the leading regional market and accounted for over one-third of the global demand in 2014. Automotive production growth and advent of China as the leading producer in the industry shall drive growth over the forecast period. Strong demand for premium passenger cars in India and Southeast Asia alike shall also aid in the region’s development.
- The industry is characterized by strong scope for development in electronics sector. Though a niche segment currently, electronics such as mobile phones, tablets, and display screens are being applied with protection films in order to preserve their aesthetics and design integrity.
- There is also considerable presence of integrated companies in the industry that are involved in TPU films manufacturing along with its downstream application as paint protection. A few such companies include DuPont, Lubrizol and Eastman Chemical Co.
- Global paint protection film market share is moderately fragmented among multinational corporations and small domestic companies. Major industry participants with global presence include 3M Company, Avery Denison, SunTek Films, XPEL, Solar Gard, Premier Protective Films International, Agrotec, PremiumShield and Vanzetti Engineering S.R.L.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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