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Paint Protection Film Market to Reach USD 853.1 Million by 2030; Economic Expansion from Automotive Sectors to Foster Growth

March 08, 2023 | Chemicals & Materials

The global paint protection film market size was valued at USD 528.3 million in 2022. The market is projected to grow from USD 559.1 million in 2023 to USD 853.1 million by 2030, exhibiting a CAGR of 6.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled "Paint Protection Film Market Size, Share & COVID-19 Impact Analysis, By Material (Thermoplastic Polyurethane, Polyvinyl Chloride, and Others), By End-use Industry (Automotive, Electronics, and Others), and Regional Forecast, 2023-2030."


During the forecast period, growing demand for automotive and transportation sectors is anticipated to augment the market. The film's properties, such as its durability, protecting vehicles from scratches, oxidation processes, degradation, chemical reactions, and giving vehicles a shining surface, lead to its surged demand.


Reduction in Demand and Manufacturing Impacted the Market Negatively during COVID-19


Lowering of transportation due to COVID-19 resulted in reduced demand for the material resulting in a drop in the revenue generated and market growth. Lockdowns and shutting down of various manufacturing units suffered a loss due to decreased demand. Reduced demand from the automotive and transportation sectors hamper the market.


XPEL Announces Major North America Expansion to Boost Market Presence


In October 2021, XPEL acquired five new businesses in the U.S. and Canada from two sellers as part of its expansion strategy. With these acquisitions, the company aims to boost its penetration into mid-range dealerships in the U.S. and strengthen its foothold in Western Canada.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/paint-protection-film-market-102936


Increasing Demand from Automotive Sectors to Gain Momentum during the Forecast Period


The paint protection film plays a chief role in maintaining and protecting the vehicles from oxidation, stone chipping, scratches, and moisture, giving the vehicle a shining surface. It also helps in keeping the vehicles free from moisture and harmful substances. Rapid growth in the transportation and automotive industry is expected to drive the paint protection film market growth.


The 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.


Competitive Landscape


Leading Players Adopt Acquisition Strategies to Stay Competitive


Due to disruptions created by the COVID-19 pandemic, most players weren't ready to risk their businesses and make losses by entering volatile markets. However, as the impacts of COVID-19 began subsiding, companies were observed to be expanding their businesses across new markets. Major players are introducing distribution centers across the U.S. Similar strategies are implemented as they eye new markets for expansion and business growth.  


Notable Industry Development:



  • July 2022: Neenah, Inc. (Neenah) and Schweitzer-Mauduit International, Inc. (SWM) announced their merger to build Mativ Holdings, Inc. However, both companies still have their independent presence in the market.


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)


Further Report Findings:



  • Asia Pacific led the paint protection film market share in 2022 and was valued at USD 241.4 million. During the estimated period, the market in the Asia Pacific region is predicted 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 constant demand for automobiles. With the increase in demand for vehicles and transportation gaining momentum, the need for the material is projected to gain traction and account for the rise in market growth.

  • Europe is expected to grow due to the well-developed and established market of the automotive sector in the U.K., France, Italy, and Germany.


Table of Segmentation:






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 6.2% from 2023 to 2030



Unit



Value (USD Million)



Segmentation



By Material, End-use Industry, and Region



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 and 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)




Global Paint Protection Film Market
  • PDF
  • 2023
  • 2019-2022
  • 186

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