72” Paint Protection Film Market 2020 and Forecast 2021-2027

                                          
Report Overview: 72” Paint Protection Film Market


The global 72” paint protection film market size was valued at USD 14.2 million in 2020 and is expected to register a compound annual growth rate (CAGR) of 3.9% from 2021 to 2027. The rising penetration of paint protection films in automotive and aerospace & defense industries to enhance the lifespan of the paint and increasing investments in the defense sector in countries, such as China, India, Brazil, and Russia, are anticipated to drive the product demand over the forecast period 2021-2027. 72” paint protection films are also known as clear paint film, clear bra, PPF, and clear film. It is a thermoplastic urethane film that is cast on painted surfaces. It has applications in various end-use industries, such as automotive, electrical & electronics, and aerospace & defense. Such films protect products from scratch agents, such as bug splatters, minor abrasions, and scratches caused by road debris and rocks.

Rising awareness about automobile maintenance is expected to increase the demand for these products over the forecast period. At the global level, the automotive and transportation sector offers enormous growth opportunities to the industry. The automotive industry in emerging markets is growing in stark in contrast to mature economies, such as Europe and North America where growth is expected to be gradual. However, rising market in the Asian countries, such as China, Japan, and Thailand, is expected to propel the demand for 72” paint protection films.
However, the recent COVID-19 outbreak on a global scale has significantly affected the raw material prices by causing supply chain disruptions, work stoppages, and production shortages owing to preventative measures imposed by governmental authorities to slow down/control the spread of the disease. This is likely to hamper the market growth to some extent. Technological advancement, such as self-healing technology and clear coat technology, to create a reliable and strong layer of protection against damage caused by insects, road debris, rocks, and others, is expected to attract consumer attention.

In addition, the low maintenance cost of such film and a long life span ensure minimal damage to vehicle paints making it a highly preferred product as compared to the other alternatives, which is expected to fuel the demand over the forecast period. Moreover, the emergence of e-commerce platforms has prompted both manufacturers and distributors to supply their products through web portals.

Application Insights: 72” Paint Protection Film Market

The automotive & transportation segment accounted for the largest share of over 72% in 2019. The segment will expand further at a significant CAGR owing to growing cautiousness for maintaining the aesthetic appeal and showroom finish of the vehicles coupled with rising resale value of luxury cars in the emerging economies, such as China, and India. The product is gaining popularity as one of the cost-effective alternatives for vehicle paint protection against various damages caused by acid rain, rock chips, bug splatter, etc. Rising penetration paint protection films in the premium vehicles segment to increase the lifespan of paint is expected to propel the market growth over the forecast period.

Further, increasing demand for mobiles, tablets, laptops, and phablet in countries, such as China, India, Thailand, Indonesia, Saudi Arabia, and UAE, owing to the rising consumer purchasing power along with technological developments in the aforementioned gadgets, is expected to fuel the demand for paint protection films.

Regional Insights: 72” Paint Protection Film Market

The Asia Pacific led the global market accounting for the largest share of 35.7% in 2019. The region will grow further on account of rising product demand from key industries, including automotive, electrical & electronics, and aerospace & defense.

The Asia Pacific is one of the largest manufacturing hubs for vehicles, ships, and electronic components. Rising demand for high-performance road and marine vehicles and durable electronics has led to the increased demand for protective films in these industries. Paint protection films offer improved performance as compared to other coating solutions; owing to which, the product penetration is increasing significantly in the region.

However, the outbreak of COVID-19 in China and other countries, including India, Australia, Thailand, and Japan, has caused a lockdown of major cities, which is expected to hinder the market growth in the coming years.
North America is estimated to be the second fastest-growing region over the forecast period. The presence of a robust manufacturing base in the U.S. and the rapid growth of the automotive industry in Mexico are likely to augment the market growth. Moreover, the growing aerospace & defense industry in the region is anticipated to fuel the product demand.

Key Companies & Market Share Insights: 72” Paint Protection Film Market

The global market is highly consolidated with the presence of very few key players along with a few medium and small-scale companies operating across the world. The key players face intense competition from each other and from regional manufacturers who have strong distribution networks and knowledge about suppliers and regulations. Some of the prominent companies in this market include:

Key companies Profiled: 72” Paint Protection Film Market Report

 	
3M
 	
Eastman Chemical Company
 	
Schweitzer-Mauduit International, Inc.
 	
Avery Dennison
 	
XPEL, Inc.
 	
RENOLIT SE
 	
Saint-Gobain S.A.

This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global 72” paint protection film market report on the basis of application and region:

Application Outlook (Volume, Square Meter; Revenue, USD Thousand, 2016 - 2027)

 	
Automotive & Transportation
 	
Electrical & Electronics
 	
Aerospace & Defense
 	
Others