In terms of value, the global paint protection films market size is estimated to be USD 242 million in 2019 and projected to reach USD 341 million by 2024, growing at a CAGR of 7.1% from 2019 to 2024. Increasing sales of luxury cars globally, coupled with the rising consumption of thermoplastic polyurethane material is expected to drive the growth of paint protection films industry during the forecast period.
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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.
Xpel,
Inc. (US) is one of the leading players in the paint protection films market,
which has been adopting inorganic strategies to sustain in their market
position. For instance, in November 2018, XPEL, Inc. acquired Apogee
Corporation, a Taiwan-based distributor of automotive paint protection and
window film. Through this acquisition, XPEL was able to sell directly to its
customers in Taiwan, Hong Kong, and Macau and provide enhanced local support
for all customers throughout Asia. Moreover, in April 2017, XPEL, Inc. acquired
Stratashield LLC, a provider of installation services for automotive paint
protection and window film in Dallas, TX. This acquisition helped XPEL in
extending its reach in the growing local market by promoting the execution of
customer-centric strategy.
Eastman
Chemical Company (US) is another major company in the paint protection films
market. It has been adopting organic and inorganic strategies to sustain its
position in the paint protection films market. For instance, in March 2019, Eastman
Chemical Company, through its subsidiary Eastman Performance Films, LLC
invested in a leading-edge 3D scanning technology for patterns of paint
protection films. This investment is intended to transform the process of
pattern development of films with increasing level of accuracy and speed. Moreover,
in March 2019, Eastman Performance Films, LLC introduced a new high impact
resistant film, which is added to its paint protection film portfolio under the
LLumar® and SunTek® brands. This new offering is approximately 50% thicker and
provides stronger protection for heavy impact areas as compared with LLumar and
SunTek standard PPF. This product will cater to the US and Canadian markets by
late spring 2019.s
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 producer &
consumer 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.
