Paint Protection Films Market Growth Analysis | 2023-2028

Market Insights

The paint protection films market was estimated at USD 487.6 million in 2022 and is likely to grow at a CAGR of 5.59% during 2023-2028 to reach USD 677.75 million in 2028.

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Market Dynamics

Introduction

The paint protection film is a thermoplastic urethane (self-healing) film designed to provide a protective layer between the painted surfaces (such as cars) and external elements. It is usually made up of several layers, including a clear topcoat for resistance against scratches and a self-healing layer to recover from minor scratches.

Market Drivers

The market for paint protection films is expected to grow for several reasons, including:

• Rising automotive paint protection demand – Paint protection films are used in automotive industries to safeguard vehicle surfaces from damage like scratches, chips, etc. The desire to maintain the vehicles’ appearance, resale value, and extend life has fuelled the demand for paint protection films.
• Growing customization desires – The rising trend of car customization is contributing to the growth of the global market for paint protection films. Paint protection films can be used to customize the appearance of vehicles, and this is becoming widespread among car enthusiasts.
• Rising Automotive sector - Population across the globe is increasing rapidly, and so is the demand for means of transportation. The automotive segment is witnessing a huge increase in the coming years. Paint protection films are widely used in this segment, and the growth in the automotive segment presents a favorable growth in the global paint protection films industry too.
• Increasing disposable income – People with high disposable income are more likely to spend money on protecting their vehicles, and customization. As disposable income increases, car enthusiasts and other individuals are more likely to spend a portion of their earnings to protect and enhance their vehicle’s aesthetics.

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Key Players

Some of the major paint protection film manufacturers are:

• The 3M Company
• Avery Dennison Corporation
• Eastman Chemical Company
• GRAFITYP Selfadhesive Products NV
• Hexis S.A.
• ORAFOL Europe GmbH
• PremiumsShield Limited
• Saint-Gobain Performance Plastics Corporation
• Schweitzer-Mauduit International, Inc.
• XPEL, Inc.

Note: The above list does not necessarily include all the top players in the market.

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Segments' Analysis

By Material Type

Based on the material type, the market is segmented as thermoplastic polyurethane, polyvinyl chloride, and others. The thermoplastic polyurethane segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Some of the properties driving the market for thermoplastic polyurethane paint protection films are anti-paling, self-healing, recyclability, and elasticity.

By End-Use Industry Type

Based on the end-use industry type, the paint protection films market is segmented as automotive, electronics, construction, and others. The automotive segment dominated the market in 2022, owing to the maintenance of the new look of vehicles, increased resale value, scratch resistance, and protection from the adverse effects of sunlight and rain. The segment is likely to lead the market during the forecast period as well.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for paint protection films during the forecast period, driven by an increase in sales of luxury cars. China is estimated to be the biggest producer and consumer of thermoplastic polyurethane, which is the principal base material preferred for making paint protection films. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects paint protection films market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The paint protection films market is segmented into the following categories:

By Material Type

• Thermoplastic Polyurethane
• Polyvinyl Chloride
• Others

By End-Use Industry Type

• Automotive
• Electronics
• Construction
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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