Paint Protection Films (PPF) are thin, clear films that are applied to a vehicle’s painted surfaces to protect them from scratches, chips, and staining. Because of its ability to protect vehicles without changing the look or colour of the paint, the film is nearly invisible and has become a popular aftermarket product. Paint Protection Films are primarily used to protect vehicles from the wear and tear of everyday driving. They can also protect against environmental hazards such as acid rain, bird droppings, and tree sap.
They can also be used to protect custom paint jobs and wraps. The increasing demand for protective coatings used in automotive aftermarket products is expected to drive up global demand for Paint Protection Films in the coming years. The rising number of vehicles on the road, as well as the rising demand for vehicle customization and protection, are driving up demand for automotive aftermarket products. Additionally, the growing demand for automotive aftermarket products due to the rise in the number of vehicles in operation is expected to drive the demand for Paint Protection Films.
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The paint protection films market size is estimated to be USD 242 million in 2019 and is projected to reach USD 341 million by 2024, at a CAGR of 7.1% from 2019 to 2024. Increasing consumption of thermoplastic consumption, coupled with rising sales of luxury cars, is expected to drive the growth of paint protection films market during the forecast period. Moreover, China being one of the largest producers & consumers of thermoplastic polyurethane material, creates a scope for sustainable growth of paint protection films.
Based on material, the market has been classified into thermoplastic polyurethane, polyvinyl chloride, and others. In terms of value, thermoplastic polyurethane accounted for the largest share of the paint protection films market. This growth is on account of its self-healing properties and increasing consumer spending for the protection of painted surfaces of vehicles.
Based on the end-use industry, the paint protection films market has been classified into automotive, electronics, construction, and others. In terms of value, the automotive sector accounted for the largest share in 2018 and is expected to grow briskly during the forecast period. This growth can be attributed towards cautiousness for maintenance of showroom finish of the vehicles, increasing resale value, and low effect of automotive industry slowdown to luxury cars sales throughout the globe.
Based on geography, the paint protection films market is segregated into five regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South Africa. In terms of value, Asia Pacific accounted for the largest share in the paint protection films market in 2018. This growth is attributed towards increasing sales of luxury cars in the Asia Pacific region coupled with China being the major producer and consumer of thermoplastic polyurethane material which is the major base material for manufacturing paint protection films.
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Major companies operating in the paint protection films market include 3M Company (US), XPEL, Inc. (US), Eastman Performance Films, LLC (US), and Hexis S.A. (France), among others. Moreover, these companies hold a potential market share.
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