The global paint protection film market size was valued at USD 559.1 million in 2023 and is projected to grow from USD 593.9 million in 2024 to USD 962.6 million by 2032, exhibiting a CAGR of 6.2% during the forecast period. Asia Pacific dominated the paint protection film market with a market share of 45.82% in 2023.
The transparent film made of polymer material protects the paint of screens, glasses, vehicles, and so on. The film protects vehicles from scratches and surfaces from cuts and gives them an aesthetic appearance for a long period. It also helps in keeping the vehicles free from moisture and harmful substances.
Fortune Business Insights provide this information in its report titled "Paint Protection Film Market, 2024-2032."
List of Key Players Mentioned in the Report:
Eastman Chemical Company (U.S.)
3M (U.S.)
XPEL, Inc. (U.S.)
AVERY DENNISON CORPORATION (U.S.)
Kangde Xin Optical Film Materials (Shanghai) Co., Ltd (China)
Renolit SE (Germany)
SWM, Inc. (U.S.)
Guangdong Mr Film Plastic Industrial Co., Ltd (China)
Sunvase (China)
Segments
Thermoplastic Polyurethane Segment to Produce High Revenue Considering Exceptional Performance
On the basis of material, the market is divided into polyvinyl chloride, thermoplastic polyurethane, and others. Thermoplastic polyurethane, due to its elastic, transparent, abrasion and chemical resistance, hydrophilic resistance, durability, and other mechanical properties make this product a first choice among manufacturers.
High Demand from Automotive Sectors to Hold the Highest Share in the Market
Based on end-use industry, the market is fragmented into electronics, automotive, and others. The increasing demand for luxury vehicles and passengers is expected to drive the market from the automotive sector. In 2022, the automotive industry held around 82% of the paint protection film market share. The low cost of the film is anticipated to boost the adoption of material from the electronics sector.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints:
Surging Demand from Various End-use Industries to Boost Market Growth
Paint protection film plays an important role in maintaining and protecting the vehicles from oxidation, stone chipping, scratches, and moisture, giving the vehicle a shining surface. Rapid growth in the transportation and automotive industry is expected to drive the paint protection film market growth.
Paint protection film exceeds the life of the vehicle's interior and exterior parts and is also completely safe. Increasing demand from other electronics and automotive industries is expected to push market growth during the forecast period.
Source: https://www.fortunebusinessinsights.com/paint-protection-film-market-102936
Regional Insights:
Economic Expansion to Drive the Market in Asia Pacific Region
Asia Pacific dominated the global market in 2022, valued at USD 241.4 million. During the forecast period, the market in the Asia Pacific region is anticipated to boost development as it has become home to a major developing country, India. The region's growth is supported by the automobile sector, followed by the region of North America.
North America witnesses a constant demand for automobiles. With the increase in demand for vehicles and transportation gaining momentum, the need for the material is expected to gain traction and account for the rise in market growth.
Competitive Landscape:
Market Players Focus on New Product Launches to Strengthen Market Position
Leading market players are trying to expand their market reach by offering solutions tailored to their respective industries. These players strategically collaborate with and take over local competitors to establish a regional foothold. These companies focus on developing innovative products and efficient marketing techniques to gain a wider market share. The expanding volume of international trade is anticipated to bring about profitable chances for market players.
Key Industry Development:
June 2021: Avery Dennison helps participants to improve techniques and skills, conducts training classes for automotive paint protection film to help minimize time and reduce installations.