Paint protection films are made of polymeric materials and can be applied to surfaces to shield them from external elements like heat, UV rays, corrosion, scratches, dust, and stains. The films also contain an adhesive coating. The automobile, aerospace, oil and gas, electrical and electronics, and many other end-users are the primary users of paint protection films.
Global Paint Protection Film Market Driving Factors and Challenges
The paint protection film keeps cars secure from many road hazards and increases vehicle safety, which in turn propels market expansion. The market is anticipated to increase as long as raw resources are available. Increasing demand from the automotive sector is anticipated to propel market demand during the forecast period. The primary element that helps end users is the product's low price. In order to increase product durability, end users spend in research and development. Additionally, efforts to build flexible films with a range of paint qualities for application on surfaces are anticipated to generate profitable prospects for the expansion of the paint protection film market.
Rising consumer spending on upscale luxury cars, especially in developing nations, is anticipated to drive up demand for paint protection film throughout the forecast period. The need for PPF is being driven up by shifting trends regarding its use in mid-range vehicles, namely SUVs and passenger automobiles. This is because PPF has become more affordable and more people are aware of it. The market for paint protection film will continue to rise at a rapid pace due to the rising use of thermoplastics. In terms of cars, the high-per capita income nations will also fuel market value expansion. The growth of the market is anticipated to be supported by the expansion of the automotive industry.
Paint protection film may seem like a one-time expense, but its installation cost remains high, requiring expert handling to prevent errors or surface damage. If the customer plans to own the vehicle briefly, they might avoid or limit the use of protective films. These films commonly degrade and yellow under excessive UV exposure, mainly in outdoor vehicles. However, modern urethane films maintain transparency over a long period. Typically, PPF warranties span from five to twelve years, with no guaranteed integrity beyond that.
Within the warranty period, any damage necessitates replacement at the manufacturer's or installer's cost, posing a financial burden. PPFs safeguard the painted surface but don't eliminate the labour-intensive and costly painting process. However, PPF installation can be time-consuming, making paint replacement films an option for those concerned about waiting times. Moreover, employing skilled workers is necessary, which raises installation expenses. Affordability considerations would prevent the paint protection film business from expanding because of the higher total cost.
Impact of COVID-19 on Global Paint Protection Film Market
The recent coronavirus outbreak has had a detrimental effect on the paint protection film industry because lockdowns and other functional restrictions have been implemented in different parts of the world, leading to a decline in demand in the global market. The desire for electronic goods, whose manufacturing was suspended during the lockdown, and the extensive operations of the automotive industry are thought to be the main sources of demand for the market. The pandemic caused disruptions to the market's supply and demand chains, as well as to their coordination, which had a detrimental effect on the market's growth prospects throughout the course of the forecast period.
Paint Protection Film Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 3M, Avery Dennison Corporation, Eastman Chemical Company, Garware Hi-Tech Films Ltd., Hexis S.A.S, RENOLIT SE, Saint-Gobain S.A., XPEL Inc., Ziebart International Corporation., Others.
Global Paint Protection Film Market Segmentation:
By Material: Based on the Material, Global Paint Protection Film Market is segmented as; Polyvinyl chloride (PVC), Thermoplastic Polyurethane (TPU), Others.
By Application: Based on the Application, Global Paint Protection Film Market is segmented as; Aerospace & Defence, Automotive & Transportation, Electrical & Electronics, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.