Theglobal paint protection film market size isexpected to gain traction by reaching USD 697.1 million by 2028 while exhibiting a CAGR of 6.2% between 2021 and2028. Fortune Business Insights, in its report titled “Paint Protection Film Market, 2021-2028.”, observesthat the market stood at USD 432.6million in 2020. Factors such as the increasing demand for the product acrossend-user industries and the growing adoption of protection films owing to theirsuperior attributes will propel its adoption worldwide.
The negative effect of the global pandemic, COVID-19, has been feltacross several economies facing unprecedented loss. Owing to the lockdownannounced by the government agencies, several industries have been at astandstill with limited operational activities. However, a collective effortfrom the government and the industries is likely to bring the economy back ontrack and aid in the resumption of industrial activities.
Market Segmentation:
Based on type, the market is trifurcated intothermoplastic polyurethane, polyvinyl chloride, and others. Additionally, onthe basis of application, the market is classified into automotive,electronics, aerospace and defense, and others. Finally, on the basis ofregion, the market is categorized into North America, Europe, Asia-Pacific,Latin America, and the Middle East and Africa.
What does the Report Provide?
The market report includes an in-depth analysis ofseveral factors such as the key drivers and restraints that will impact themarket. In addition to this, the report furnishes significant insights into theregional analysis that includes different regions, contributing to the growthof the market. It further includes the competitive landscape involving theleading companies and adopting strategies by them to introduce new products,announce partnerships, collaborate, and acquire other companies that will contributeto the market growth during the forecast period. Moreover, the research analysthas adopted several research methodologies to obtain information about thecurrent trends and industry developments that will drive the market growthbetween 2021 and 2028.
DRIVING FACTORS
IncreasingDemand from End-User Industries to Aid Growth
In March 2021, Avery Dennison Graphics Solutionsannounced the launch of Avery Dennison Supreme Defense gloss, a next-generationgloss clear protection film. This film protects the vehicles against dings,stones, insects, and scrapes. The increasing demand from several industrialapplications such as defense, electronics, and automotive is anticipated toboost the adoption of the product across the globe. Besides, the increasingdemand for lower-emission through paints and coatings has propelled themanufacturers to develop eco-friendly variants of paints that will contributeto the global paint protection film market growth during the forecast period.
Further Report Findings:
· Asia Pacific stood at USD 196.0million in 2020 and is expected to hold the largest global paint protectionfilm market share in the forthcoming years. This is due to the presence ofleading automotive manufacturers in countries such as India, Japan, and China.
· The market in North America isexpected to experience significant growth backed by the rising number ofmanufacturing and end-user industries that will propel the demand for advancedprotection films in the region between 2021 and 2028.
· Based on the end-user industry, theautomotive segment held a market share of about 82.1% in 2020 and is expectedto experience substantial growth in the forthcoming years. This is owing to theincreasing sales of automotive worldwide that will favor the adoption of theproduct during the forecast period.
COMPETITIVELANDSCAPE
FacilityExpansion by Prominent Companies to Boost Production
The market is consolidated by the presence ofmajor companies that are actively focused on the development of advanced paintprotection films. These companies are expanding their facilities to surge theproduction rate on account of catering to the growing demand from end-user industriesglobally. Additionally, other key players are adopting strategies such ascollaborations and partnerships that are likely to bode well for the marketgrowth during the forecast period.
Industry Development:
· August 2019 – Eastman announced its plan to invest in theleading edge paint protection film technology. The company will adopt advanced3D scanning technology to expand its database for PPF patterns.
List of the Companies Profiled in theGlobal Market:
· Eastman Performance Films LLC (Tennessee, US)
· 3M Company (Minnesota, US)
· XPEL, Inc. (Texas, US)
· Avery DennisonCorporation (California, US)
· LG Chem (Seoul, South Korea)
· KDX Composite Material (Maryland, US)
· Premier Protective Films International (California, US)
· Renolit (Worms, Germany)
· SWM, Inc. (Georgia, US)
· Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/paint-protection-film-market-102936
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