Paint Protection Film Market Overview, Growth Prospects and Outlook Report, 2028

Paint Protection Film Market Overview, Growth Prospects and Outlook Report, 2028

A Chapter by Markets Insights
"

The global paint protection film market size was valued at USD 297.15 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028.

"

The global Paint Protection Film Market size is projected to reach USD 428.09 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.4% during the forecast period. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs).

On the other hand, ceramic coating technologies are likely to be used as a substitute to these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace & deference and electrical & electronics, is anticipated to provide new opportunities to them.

The global market is highly competitive on account of the easy availability of raw material and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers’ decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence.

Related Press Release @ Paint Protection Film Market Report

Paint Protection Film Market Report Highlights

  • In 2020, automotive & transportation emerged as the largest application segment and accounted for over 72% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
  • The aerospace & defense application segment is poised to register the fastest CAGR of 7.8% over the forecast period
  • The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
  • In 2020, the electrical & electronics application segment accounted for 4% of the overall market volume
  • This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central & South America
  • In 2020, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand
  • The regional market will expand further at the fastest CAGR from 2021 to 2028 mainly due to a significant rise in automotive sales in emerging economies, such as China, India, Vietnam, Thailand, and South Korea


© 2021 Markets Insights


My Review

Would you like to review this Chapter?
Login | Register




Request Read Request
Add to Library My Library
Subscribe Subscribe


Stats

16 Views
Added on April 14, 2021
Last Updated on April 14, 2021
Tags: Paint Protection Film Market

Market Research Reports


Author

Markets Insights
Markets Insights

Felton, CA



About
About Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..

Writing