"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Paint Protection Film Market Size, Share & Industry Analysis, By Material (Thermoplastic Polyurethane, Polyvinyl Chloride, and Others), By End-use Industry (Automotive, Electronics, and Others), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI102936

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

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.


Paint protection film is a transparent film of polymer material used to protect the paint of vehicles, screens, and glasses. It isolates the painted surface from the air and prevents oxidation and degradation. It protects painted surfaces from cuts, abrasion, and scratches and helps maintain the aesthetic appearance of vehicles to look newer for years. Paint protection films are made of elastomeric polymers, including thermoplastic polymer and polyvinyl chloride. In the complex environment, these films protect the vehicle’s paint from stones, gravel, debris, and other unforeseen obstacles on the road. They prevent the aging of paints by harmful substances and moisture in the environment and make the surface look new with a glossy appearance. They also protect the screens and covers of electronics and other appliances used in several industries, including automotive and electronics. Since the post-pandemic period is witnessing significant growth in the automotive and electronics industries across the globe, the demand for paint protection film is anticipated to rise in the near future.


The outbreak of the COVID-19 pandemic significantly affected trade activities across the globe. The automotive and electronics sectors, which are leading consumers of paint protection films, witnessed a significant decline in growth. However, with significant control over the spread of the COVID-19 after mid-2021, different industries gradually started operating at their full capacity. This resulted in a considerable increase in demand for products, which is anticipated to continue during the forecast period.


Paint Protection Film Market Trends


Technological Advancements in Product Offerings to Boost Market


There has been significant research & development in polymers and materials since the last decade. The choice of raw material, technology used, manufacturing processes, and functionality of the end product have been significantly studied and enhanced to produce high-quality products with high functionality and performance. The introduction of innovative technologies to produce durable films is one of the major factors expected to surge the demand for Paint Protection Films (PPFs). For instance, 3M launched a PPF comprising the acrylic adhesive layer of cross-linking between polyurethanes, PVC, polyolefin, and other combinations with metal ions, which has Young’s Modulus of less than or equal to 200Mpa.


In the recent past, the market has witnessed significant investment in developing technology to provide products with greater aesthetic appeal as well as mechanical performance. For instance, HEXIS Graphics, a prominent manufacturer of different types of films, developed PPFs using a new technology called ‘X technology’. The technology provides products with a glossier finish and greater conformability.  


Request a Free sample to learn more about this report.


Paint Protection Film Market Growth Factors


Increasing Demand from Several End-use Industries is Expected to Drive the Market


PPFs are widely used to protect the paint from abrasion, scratches, stone chipping, bug platters, and other exterior damage. These applications play an important role in protecting vehicle paint and maintaining vehicle surfaces. The rapidly growing automotive & transportation industry across the globe is anticipated to be the key driving factor for this market.


The global automotive industry contributes significantly to the world’s overall GDP and roughly around 3% of the world’s total output. This rate is higher in developing markets, such as India and China, which account for 7% of GDP. The automotive industry has gained significant momentum with the decline of COVID-19 after mid-2021. For instance, the sector reached 122.83 million units in 2021 and is expected to grow at a CAGR of 3.71% from 2020 to 2030.


Paint protection films are transparent, colored, and made of an elastomeric polymer that allows the film layer to keep its shape when stretched. A high-quality PPF lamination enhances the car's appearance for a long time while protecting it from rock chips and minor scratches. These films offer realistic colors that closely imitate the look for originality and the performance of automotive paint.


The film is completely safe and extends the life of the vehicle’s interior and exterior. Continued demand growth for luxury cars directly impacts the market since it determines the resale value according to its appearance and body condition. Apart from that, PPF gives assurance to preserve the original shine and glaze of the car.


Rising Demand from the Electronics Industry to Propel Market Growth


Increasing demand for paint protection films from the electronics industry is anticipated to drive market growth significantly. Electronic devices are sensitive to accidental falls, abrasion, fluid spills, and dust, which necessitate the installation of PPFs. PPFs shield electronic devices from scratches, abrasion and other damage, enhancing their durability and aesthetic appeal. As consumers increasingly prioritize the longevity and appearance of their electronics, manufacturers are integrating PPFs into their products.


Advancements in PPF technology offer improved protection without compromising device functionality or design. The surge in demand is also fueled by the rising demand for high-end electronic gadgets, such as smartphones, tablets, and laptops, which require reliable protection to maintain their value and performance. For instance, according to icea.org, in 2021, 1.37 billion units of cell phones were shipped worldwide. Consequently, the electronics sector’s embrace of PPF is fostering innovation and driving market growth, creating opportunities for manufacturers to cater to evolving consumer preferences and technological advancements.


RESTRAINING FACTORS


High Installation Costs and Temporary Life Span are Anticipated to Limit the Market Growth


Paint protection film may appear to be a one-time investment, but the installation price remains high as it needs expert handling. Experts ensure proper installation of the protective films without any error or damage on the surface of the designated object. Furthermore, the protective films will be avoided or restricted if the customer intends to keep the vehicle for a short duration.


The common defect of protective films is to degrade and turn yellow when exposed to excessive UV rays (a common occurrence on outdoor vehicles). However, urethane films of today can be used for a long time without losing their flawless transparency.


The warranties offered by PPFs typically range from five to twelve years. The film's integrity cannot be guaranteed after this point. However, during the span of the warranty, if the film is damaged, the manufacturer or the installer has to bear the replacement costs for the film, which acts as a loss or restraint for the manufacturer.


PPFs will only protect the painted surface once cured and not eliminate the labor-intensive and costly painting process. On the other hand, PPFs require a significant amount of time for cutting, pasting, and installing. Hence, paint replacement films can be considered if a vehicle owner is worried about waiting times.


Paint Protection Film Market Segmentation Analysis


By Material Analysis


Thermoplastic Polyurethane Segment to Generate High Revenue Due to Exceptional Performance


Based on material, the market is segmented into thermoplastic polyurethane, polyvinyl chloride, and others. Thermoplastic polyurethane held the major share of the market in 2023. Thermoplastic polyurethane is a type of plastic that exhibits special properties such as transparency, elasticity, hydrophilic resistance, chemical and abrasion resistance, low temperature flexibility, and fine mechanical properties. Thermoplastic polyurethane films also exhibit high durability, which makes them a product of choice in the automotive industry.


The Polyvinyl Chloride (PVC) segment significantly contributed to the market in 2023. It is a white, brittle solid. It has good abrasion resistance with better mechanical properties. It has good chemical resistance and insulation properties for medium-voltage and low-frequency insulation materials. PVC paint protective films are highly implemented in the electronics sector.


By End-use Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


Automotive Segment to Hold a Significant Share Due to High Demand


On the basis of end-use industry, the market is segmented into automotive, electronics, and others. The automotive segment held around 82% of the global market in 2023. High demand for passenger and luxury vehicles from across the world is expected to increase the demand from the automotive sector. For example, according to the European Automobile Manufacturer Association (ACEA), in 2019, 12.8 million car units were sold in the EU. Increasing demand for vehicles is expected to fuel the demand for paint protection films in the near future.


Moreover, increasing adoption of paint protective films for protecting the exterior of electronic devices from chemicals, harsh environments, water, and other fluids, abrasion, and scratches is anticipated to aid market growth. The low maintenance cost of PPFs is anticipated to boost the demand from the electronics sector.


REGIONAL INSIGHTS


Asia Pacific Paint Protection Film Market Size, 2023 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


The market size for the Asia Pacific region was valued at USD 256.2 million in 2023. Asia Pacific is the home to major developing economies such as China and India, with a significant untapped economic growth potential that is likely to be realized during the forecast period. Since these countries are progressing in their economic expansion, the demand for automobiles to support this growth is anticipated to grow simultaneously. The region has witnessed a significant rise in demand for paint protection films in the recent past. For instance, in 2022, BASF supplied its PPF product ‘RODIM TPU’ to about 2,000 Audi and Volkswagen distributors in China, which helped it improve end-user satisfaction and brand image.


North America is a heavily industrialized region with constant demand for automobiles. The region has a high standard of living and mature demand for high-end vehicles, leading to continued growth of the automotive industry. For instance, according to the American Automotive Policy Council, the automotive industry contributed 3% of America’s GDP. Automakers have exported vehicles and parts worth more than USD 1.1 trillion, nearly USD 36 billion more than aerospace. Automakers have been able to centralize production in high-functioning markets such as the U.S. by moving toward global model platforms. Some significant factors, including the region's developed manufacturing sector, Original Equipment Manufacturers (OEMs), and supportive government regulations, are anticipated to drive market expansion.


Europe is expected to hold a key share of the market owing to the well-established automotive industry in Germany, the U.K., France, and Italy. Opportunities for suppliers in developing nations, such as the Czech Republic, Hungary, Poland, Slovakia, and Romania, among other European countries, are likely to advance the value chain. According to europarl.europa.eu, the European automotive sector is central to Europe's economy. It generates a turnover representing over 7% of the EU GDP in 2020. Some major industrial countries in Europe pivoted toward electronics & aerospace, and demand for PPFs is anticipated to rise by creating new market growth opportunities.


In the recent past, Latin America witnessed significant investment in the automotive and electronics industries. For example, Mexico, owing to its logistical proximity as an exporter to the U.S. and Canada, has witnessed significant investments in the automobile sector. Since the manufacturing industry in South America is developing, demand for electrical infrastructure to support this development is also expected to rise. This is anticipated to benefit and drive the paint protection film market growth in the region.


The automotive industry is expected to expand significantly in the Middle East and Africa in the coming years. Substantial growth can be attributed to high disposable income consumers in the Gulf countries. The GCC region dominates the Middle East & Africa markets due to the high demand for automobiles in the region. The industrial sector in the region is witnessing a significant transition. For instance, easily available low-cost raw materials such as petrochemicals are attracting huge foreign direct investments in several end-use industries. This, in turn, is anticipated to benefit the market in the region.


List of Key Companies in Paint Protection Film Market


Major Companies Focus on Acquisition of Small and Regional Players and Expansion of Production Facilities to Boost Sales Revenue


In manufacturing, the market is consolidated in North America, Europe, and Asia Pacific. Europe holds the largest paint protection film market share owing to higher consumption and production. Global players, such as XPEL Inc., Eastman Chemical Company, and SWM Inc., focus on strengthening their business through mergers, acquisitions, or partnering with regional players and local distributors.


LIST OF KEY COMPANIES PROFILED:



  • 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)


KEY INDUSTRY DEVELOPMENTS



  • July 2022: SWM, Inc. and Neenah, Inc. ("Neenah"), two leading global manufacturers of specialty materials, agreed to form Mativ Holdings, Inc. However, both companies still exist on their independent platforms. The merger is anticipated to help significantly enhance their geographical footprint and strengthen distribution networks.

  • November 2021: XPEL acquired invisiFRAME, Ltd, a designer and manufacturer of PPF patterns for bicycles, thus further expanding its non-automotive offerings.

  • June 2021: Avery Dennison announced training classes for automotive paint protection film and window film to help the participants to improve skills and techniques, reduce installation time, and maximize time.


REPORT COVERAGE


An Infographic Representation of Paint Protection Film Market

To get information on various segments, share your queries with us



The report provides qualitative and quantitative insights on the market share, growth rate, size, and regional analysis by different segments. The research report also elaborates on the market dynamics and competitive landscape. Key insights such as Porter’s five forces, recent industry developments, and the regulatory scenario are also covered as part of the scope of the study.


REPORT SCOPE & SEGMENTATION
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 6.2% from 2024 to 2032



Unit



Value (USD Million)



Segmentation 



By Material



  • Thermoplastic Polyurethane

  • Polyvinyl Chloride

  • Others



By End-use Industry



  • Automotive

  • Electronics

  • Others



By Geography



  • North America (By Material, By End-use Industry, By Country)


    • U.S. (By End-use Industry)

    • Canada (By End-use Industry)


  • Europe (By Material, By End-use Industry, By Country)


    • Germany (By End-use Industry)

    • U.K. (By End-use Industry)

    • France (By End-use Industry)

    • Italy (By End-use Industry)

    • Rest of Europe (By End-use Industry)


  • Asia Pacific (By Material, By End-use Industry, By Country)


    • China (By End-use Industry)

    • Japan (By End-use Industry)

    • India (By End-use Industry)

    • ASEAN (By End-use Industry)

    • Rest of Asia Pacific (By End-use Industry)


  • Latin America (By Material, By End-use Industry, By Country)


    • Brazil (By End-use Industry)

    • Mexico (By End-use Industry)

    • Rest of South America (By End-use Industry)


  • Middle East & Africa (By Material, By End-use Industry, By Country)


    • GCC (By End-use Industry)

    • South Africa (By End-use Industry)

    • Rest of Middle East & Africa (By End-use Industry)







Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 559.1 million in 2023 and is expected to reach USD 962.6 million by 2032.

Growing at a CAGR of 6.2%, the market will exhibit considerable growth over the forecast period.

The automotive segment is expected to lead this market during the forecast period.

Increasing demand from several end-use industries is expected to drive the market.

Asia Pacific currently holds the highest market share in terms of market revenue.

Technological advancement in product offerings is the key trend in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 186

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X