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Paint Protection Films (PPF) Market Size, Share, Forecast, & Trends Analysis by Material (Thermoplastic Polyurethane {TPU}, Polyvinyl Chloride {PVC}, Other Materials), End-use Industry (Automotive, Aerospace, Other End-use Industries), Geography - Global Forecast to 2031
Report ID: MRCHM - 1041323 Pages: 250 Sep-2024 Formats*: PDF Category: Chemicals and Materials Delivery: 24 to 72 Hours Download Free Sample ReportThe growth of the paint protection films market is driven by the increasing global automotive production & the surging number of on-road vehicles and rising consumer awareness regarding paint protection films. However, the high costs of paint protection films restrain the growth of this market. Furthermore, advancements in paint protection films are expected to generate growth opportunities for market stakeholders. However, volatile raw material prices are a major challenge in the paint protection films market.
PPF is widely used in the automotive sector to protect vehicle paint from road debris, scratches, etc. TPU-based PPF products have made it possible for consumers to keep their vehicle paint immaculate. PPF also provides comprehensive surface protection for automotive paintwork, shielding it from scratches, stains, and the elements.
With the rising global automotive production & the increasing number of on-road vehicles, the demand for paint protection films is expected to rise significantly. For instance, in 2023, the number of registered vehicles in Malaysia exceeded the country's population. There were over 36.3 million registered vehicles in Malaysia as of October 2023.
According to the European Automobile Manufacturers Association (Belgium), in 2022, 85.4 million motor vehicles were produced globally, an increase of 5.7% compared to 2021. Thus, increasing global vehicle production & the surging number of on-road vehicles are driving the paint protection films market.
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The prices of PPF are influenced by the quality of materials used. High-quality, durable materials offer superior protection but increase product prices. The complexity of the installation process also increases costs. Skilled labor and expertise are required for precise application, and the size and shape of the vehicle can influence installation costs.
High-quality paint protection films are generally priced higher. Quality films have self-healing ability and hydrophobic surfaces. TPU-based films are generally more expensive than other paint protection films. Some PPF coatings come with a warranty or even after-sales services such as check-ups and touch-ups. These extra services can increase initial costs but save money in the long run.
For instance, in India, protecting car paint with PPF can cost between INR 85,500 and INR 2,50,000. The exact cost depends on several factors, including the size and type of car, the quality of the PPF film chosen, and the complexity of the installation process. Thus, the high costs of paint protection films limit their adoption, restraining the growth of this market.
By material, the paint protection films market is segmented into Thermoplastic Polyurethane (TPU), Polyvinyl Chloride (PVC), and other materials. In 2024, the Thermoplastic Polyurethane (TPU) segment is expected to account for the largest share of over 80% of the paint protection films market. The segment’s large share is attributed to the properties of TPU, such as excellent flexibility and durability, and the growing use of thermoplastic polyurethane to produce PPF that can provide premium protection without yellowing or degrading for over a decade. Moreover, the Thermoplastic Polyurethane (TPU) segment is expected to register the highest CAGR during the forecast period. The growth in this segment is driven by key market players’ increasing focus on launching TPU-based PPF products.
By end-use industry, the paint protection films market is segmented into automotive, aerospace, and other end-use industries. In 2024, the automotive segment is expected to account for the largest share of over 79% of the paint protection films market. The segment’s large share is attributed to the high global demand for passenger and luxury vehicles and vehicle owners’ rising concerns over protecting vehicle paint from scratches, stone chips, UV rays, and other environmental hazards. Moreover, the automotive segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by key players’ increased focus on launching innovative PPF products for automotive applications.
In 2024, Asia-Pacific is expected to account for the largest share of over 42% of the paint protection films market. APAC’s large share is attributed to the rising sales of luxury vehicles, the growing automotive industry, the increasing production & utilization of thermoplastic polyurethane, the rising demand for PPF in industries including automotive and electronics, and key players’ increasing focus on launching innovative products in the region.
Moreover, Asia-Pacific is also expected to record the highest CAGR of 8% during the forecast period. The growth of this regional market is mainly driven by TPU manufacturers’ increasing focus on expanding production capacities in the region. For instance, in May 2023, German materials manufacturer Covestro AG (Germany) inaugurated a new high-performance Thermoplastic Polyurethanes (TPUs) production line in Taiwan for the manufacture of Paint Protection Films (PPF).
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. The key players operating in the paint protection films market are 3M (U.S.), XPEL Inc. (U.S.), Eastman Chemical Company (U.S.), Reflek Technologies (U.S.), Grafityp Selfadhesive Products nv (Belgium), ORAFOL Europe GmbH (Germany), Avery Dennison Corporation (U.S.), Saint-Gobain (France), RENOLIT SE (Germany), Sangbo Corp. (IVIOS)(South Korea), Hexis S.A.S (France), Garware Hi-Tech Films Limited. (India), and BASF SE (Germany).
Particulars |
Details |
Number of Pages |
200 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR |
6.9% |
Market Size (Value) |
$546.5 Million by 2031 |
Segments Covered |
By Material
By End-use Industry
|
Countries Covered |
North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of Middle East & Africa) |
Key Companies Profiled |
3M (U.S.), XPEL Inc. (U.S.), Eastman Chemical Company (U.S.), Reflek Technologies (U.S.), Grafityp Selfadhesive Products nv (Belgium), ORAFOL Europe GmbH (Germany), Avery Dennison Corporation (U.S.), Saint-Gobain (France), RENOLIT SE (Germany), Sangbo Group (South Korea), Hexis S.A.S (France), Garware Hi-Tech Films Limited. (India), and BASF SE (Germany) |
The paint protection films market study focuses on market assessment and opportunity analysis based on the sales of paint protection films across various regions, countries, and market segments. The study also includes a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years.
The paint protection films market is projected to reach $546.5 million by 2031, at a CAGR of 6.9% during the forecast period.
Based on material, the Thermoplastic Polyurethane (TPU) segment is expected to account for the largest share of the paint protection films market.
Based on end-use industry, the automotive segment is expected to account for the largest share of the paint protection films market.
The growth of the paint protection films market is driven by the increasing global automotive production & the surging number of on-road vehicles and rising consumer awareness regarding paint protection films. Furthermore, advancements in paint protection films are expected to generate growth opportunities for market stakeholders.
The key players operating in the paint protection films market are 3M (U.S.), XPEL Inc. (U.S.), Eastman Chemical Company (U.S.), Reflek Technologies (U.S.), Grafityp Selfadhesive Products nv (Belgium), ORAFOL Europe GmbH (Germany), Avery Dennison Corporation (U.S.), Saint-Gobain (France), RENOLIT SE (Germany), Sangbo Group (South Korea), Hexis S.A.S (France), Garware Hi-Tech Films Limited. (India), and BASF SE (Germany).
Asia-Pacific is projected to register the highest CAGR during the forecast period.
Published Date: Jun-2024
Published Date: May-2024
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