NEW YORK, July 20, 2020
- It is anticipated that growing customer understanding of vehicle paint safety against bug splatters, stone chipping, and abrasions would boost the demand for the Paint Protection Films (PPF) industry
- Market Size – USD 267.5 Million in 2019, Market Growth - CAGR of 6.9%, Market Trends – High demand from developing nations
NEW YORK, July 20, 2020 /PRNewswire/ -- The global Paint Protection Film Market is forecasted to reach USD 461.7 Million by 2027. Paint safety film is a thermoplastic coating that cures when added to painted surfaces. The product is commonly used in the automotive industry to cover certain parts that are more vulnerable to abrasion or harm. Paint safety film is used in various parts of the vehicle, such as a door panel, bonnet, front bumper, rear bumper, side panel, side skirt, etc. The product prevents the car from soil, wax, mud, bugs, etc. induced by surface stains. It also gives a long period to maintain the vehicle surface to finish flawless. In effect, increasing demand for lightweight automobiles and hybrid cars will boost the market for color safety films in the coming years. Improvement in the electronic industry would increase the growth in the market size of paint safety film due to its usage in different electronic equipment such as mobile phones, LED displays, household appliances, etc. Consequently, growing development in the consumer electronics business will render the Asia Pacific an essential region in the coming years.
The sector of Aerospace & Defense is expected to rise in the coming years at a growing CAGR due to widespread usage of the substance to cover the surfaces of the aircraft. It helps to shield the glass-made pieces from debris, high impact abrasion, and scratches. The material is used both for aircraft interiors and exteriors. In 2018, the operating global commercial fleet was projected at about 26,000 aircraft, which is expected to rise to about 37,000 over the next ten years. Thanks to the involvement of many component suppliers, North America is a significant area in the paint film industry. Another growth enabler on the business will be growing aircraft and vehicle demand in the domain. The U.S. now has more than 3,600 combat aircraft, which, due to its increasing defense expenditure, will increase more in the coming years. Due to its proliferating electronics industry, Asia Pacific is another crucial market with a growing CAGR. As the product is commonly used in the electronics industry to maintain the surface of electrical devices, growing development in this sector in the coming years would result in increased demand for the paint safety film market.
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The demand for paint protection film is extremely competitive because of the stable commodity prices and paint protection film variety provided by various local films and international players. Besides, raw material quality is one of the main reasons for producers to follow the specific market requirements for the manufacture of protective films for broad applications. Projected to fuel global demand growth is the launch of these goods on the online e-commerce website, which renders them user-friendly for consumers across the globe. Also, numerous measures taken by major industry players to accommodate installation services through company-owned service stations and third-party installers will generate potential opportunities during the forecast period for global business development.
Products such as 3M Clear Bra and XPEL Ultimate Plus will have a consistent edge over its competitors because of the regular technological upgradations and superior quality and after sales service.
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The COVID-19 impact:
While the COVID-19 epidemic is growing, manufacturers are increasingly adapting their industry and buying approaches to satisfy the demands of a pandemic that has established the Paint Protection Film market-based need. A series of positive as well as negative shocks may arise over a few months as manufacturers and their vendors respond to rising consumer demands. With an adverse global situation, several countries look vulnerable to export-dependent economies. Due to a lack of downstream demand, some factories either shut down or decrease their capacity, the impact of this pandemic will reshape the global Paint Protection Film industry. However, others stopped their output as a precautionary move by their respective governments to avoid the spread of the virus. In other countries, when looking at the magnitude of the epidemic and the consequent actions of the regional authorities themselves, consumers are centered on being more central. Throughout such situations, the market conditions have been volatile throughout Asia Pacific countries, collapsing periodically and finding themselves challenging to stabilize.
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Paint Protection Film market on the basis of material, finish, application, and region:
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