According to the new market research report “Paint Protection Films Market by Material (Thermoplastic Polyurethane, Polyvinyl Chloride), End-Use Industry (Automotive, Electronics, Construction), and Region (North America, Europe, Asia Pacific, MEA, South America) – Global Forecast to 2024″, The global paint protection films market size is expected to grow from 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. Major drivers of the market include the increasing sales of luxury cars, coupled with high consumption of thermoplastic polyurethane material.
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Based on the material, the paint protection films market is segregated into polyurethane, polyvinyl chloride, and others. Among these, thermoplastic polyurethane accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. Self-healing properties and increasing consumer spending for the protection of painted surfaces of vehicles is expected to augment market growth.
Based on end-use industry, the paint protection films market is segregated into automotive, electronics, construction, and others. Among these, the automotive industry accounted for the largest share and is also expected to grow at the highest CAGR during the forecast period. This growth can be attributed towards cautiousness for maintenance of showroom finish of the vehicles, increasing resale value, and low impact of automotive industry slowdown on luxury cars sales throughout the globe.
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102 – Tables
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122 – Pages
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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.
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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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.
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