Paint Protection Film Market

(MENAFN- Straits Research) Introduction

Paint protection films or PPF act as a barrier for automobiles to prevent scratches, chips, stains, and other damaging elements to the external structure. PPFs do not change any external outlook of the structure. They can protect against a wide range of elements such as UV exposure, mineral deposits, and environmental conditions such as UV rain. Paint protection films are often found as a visually clear substance and are available in the form of many colors.

Market Dynamics

Booming Automotive Sector to Contribute to the Growth of the market

The global automobile sector is a huge contributor to the growth of the global paint protection film market . The expanding automobile sector, coupled with supportive government policies for safety and carbon emissions, will further increase the footprint of the market. Increasing population and rapid urbanization will play a pivotal factor in increasing vehicular sales across the globe. The procurement of automobiles will become substantially simple with easy-to-secure car loans with attractive interest rates. Growing investments in manufacturing hubs and advancements in technology related to production will further amp the capacity of the global automotive sector, triggering a substantial boost for the global paint protection film market during the forecast.

The global pandemic negatively affected the paint protection film market. Nationwide lockdowns and disruptions in the supply chains led to the shrinking of the market notably. A majority of resources were reallocated towards the healthcare sector as cases began increasing during the initial stages of the pandemic. Paint protection films were deemed non-essential services and suffered a substantial economic backlash. The workforce was shattered, and dominant players in the market operated at a less-than-optimal capacity, decreasing the total volume of the market. As the tenure of the pandemic progresses, the market is expected to slowly pick up the pace and return to pre-pandemic level sales.

Regional Analysis

Asia-Pacific accounted for a market share of 36.32% in 2020, with a value of USD 110 million in 2020. It will likely grow to an estimated value of USD 196 million by 2030, with a CAGR of 7.4% during the forecast. Factors such as the expanding automobile sector coupled with increasing performance demands for marine-based mobility will increase the foothold of the market. The automotive and transportation sector is expected to contribute to the lion's share, with a value of USD 78 million in 2021, and will likely grow to a value of 136 million by 2030, with a CAGR of 6.7%.

North America occupied a market share of 26% in 2021, with a value of USD 77 million in 2021. It is expected to grow to an estimated value of USD 126 million by 2030, with a CAGR of 4.7%. A robust manufacturing hub coupled with an increasing automotive sector in Mexico will boost the market's growth to an exponential rise. The automotive sector will hold the largest subsegmental share, with a value of USD 55 million in 2021, and will grow to an approximate value of USD 89 million by 2030, with a CAGR of 4.9%.

Europe had a market value of USD 61 million in 2021 and will grow to an approximate value of USD 89 million by 2030, registering a CAGR of 4.6% during the forecast. Rising demand from the automotive sector, increasing defense budgets of emerging economies, and increasing demand from the electronic sector will contribute to the market's growth. Europe occupied a market value of 20.9% in 2021 and will grow at a steadfast pace.

Central and South America and the Middle East and Africa had a market share of 7.6% and 9%, respectively. Central America had a market value of USD 22 million in 2021 and will grow to a value of USD 36 million in 2030, with a CAGR of 4.6% during the forecast. Increasing investment in the automotive sector will boost the market's growth in the region.

Key Highlights

• The global paint protection film market was valued at USD 290 million in 2021 and is expected to grow to a value of USD 498 million by 2030, registering a CAGR of 6.2%.
• Based on application, the market is segmented into automotive and transportation, electrical and electronics, aerospace and defense, and others. Automotive and transportation had an estimated market value of USD 328 million by 2030, with a CAGR of 5.3%.
• Geographically, the market can be categorized into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa, with Asia-Pacific witnessing the largest market share of USD 196 million in 2030 and a CAGR of 7.4%.