According to the latest report by Global Market Insights Inc., paint protection films market size is projected to exceed USD 650 million by 2027.
The considerable expansion of industrial verticals like automobile, building & construction, electronics, and aerospace & defense, where protective coating films of high importance is creating lucrative opportunities for paint protection films market. The presence of various prominent manufacturers of films for paint protection is further expediting the market growth.
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Various automotive companies are expanding their business on geographical fronts as well as increasing their production capacities which is positively impacting the market growth. To illustrate, in 2021, Porsche unveiled its plans to expand its presence in Asia with the launch of a production site in Malaysia and a research and development center in China.
The industry statistics are being further augmented by the introduction of various innovative offerings by the key business players like 3M, XPEL, Eastman Performance Films, Hexis, Premium Shield Limited, etc.
Citing an instance, in 2021, 3M launched 3M Ceramic Coating, the company’s new and long-lasting protective finish for automotive paint, plastic trim, metal, glass, and wheels. According to the company, this durable new offering provides a high-gloss and highly slick surface that helps in shedding the water quickly while carrying away light dust.
Paint protection films come in matte and gloss finishes. Matte-finished films are witnessing high demand owing to their ability to avoid minor scratches, sun scorches, and retain paint protection from mechanical damages. With the rising demand for these films across the building & construction sector, the overall market revenue from matte finish paint protection films is anticipated to observe a robust CAGR of around 4.5% through 2027.
Speaking of material type, paint protection films are largely available in thermoplastic polyurethane (TPU) and polyvinyl chloride (PVC) materials. Of these, thermoplastic segment had accounted for a substantial market share of around 70% across paint protection film market in 2020. These protection films are predominantly used for obtaining glass finish, high transparency, and low weight.
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The paint protection films market is recording substantial gains from building & construction sector. According to the report, the segment is expected to capture a sizeable share of more than 60% in the coming years. The increased application of matte finish for paint protection films coupled with the larger surface area requirements from the builders is further favoring the segment growth.
Asia Pacific is gaining wide prominence in the paint protection films market as a remunerative hub owing to the expansion of automobile and building & construction sectors in the region. The shifting consumer preference from two-wheelers to four-wheelers is robustly boosting the demand for paint protection films in the region.
In a nutshell, paint protection films market is expected to grow at a notable pace with the burgeoning demand from the automotive industry coupled with the increasing focus of market players on the development of innovative products.
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