Paint Protection Film Market Size, Share & Trends Analysis Report By Material (Thermoplastic Polyurethane (TPU), Polyvinyl Chloride (PVC), Others), By Application, By Region, And Segment Forecasts, 2022 - 2030

Paint Protection Film Market Size, Share & Trends Analysis Report By Material (Thermoplastic Polyurethane (TPU), Polyvinyl Chloride (PVC), Others), By Application, By Region, And Segment Forecasts, 2022 - 2030

Paint Protection Film Market Growth & Trends

The global paint protection film market size is expected to reach USD 739.40 million by 2030, registering a CAGR of 5.6% during the forecast period, according to a new report by Grand View Research, Inc. The shift in consumer preference towards keeping the vehicle’s finish intact, coupled with the rising awareness for automobile maintenance, is expected to boost the demand for paint protection films (PPFs).

Automobile manufacturers saw the added advantage of using these films when they started applying these films on new vehicles. Paint protection film usage in the electrical & electronics sector for mobile phones, keyboards, and screens has increased owing to the increasing consumer awareness regarding the benefits of the product, which can drive the consumption of paint protection film during the forecast period.

Among the product segment, the thermoplastic polyurethane (TPU) segment accounted for a share of 83.00% of the paint protection film market in 2021. High-performance characteristics offered by thermoplastic polyurethane (TPU) in the form of improved elongation, increased durability, and enhanced chemical resistance are the factors expected to drive demand for the thermoplastic polyurethane (TPU) used for manufacturing paint protection films during the forecast period.

Based on application, the automotive & transportation segment accounted for the largest share of 72.67% in the paint protection film market in 2021. This segment is expected to continue dominating the market during the forecast period. The benefits offered by paint protection films are leading to their augmented usage in the global automotive industry as they protect vehicles against debris, gravel, and dust. These films help in maintaining the aesthetic appeal of the vehicles.

Asia Pacific accounted for the largest volume share of 38.10% of the global paint protection film market in 2021. This region is expected to continue dominating the market during the forecast period. Growth of the market in Asia Pacific can be attributed to the increased penetration of paint protection films in the automotive industry within the region, along with the surging demand for premium vehicles in Asia Pacific.

Leading manufacturers of paint protection films have adopted the strategies of mergers & acquisitions and new product launches to maintain their shares in the market. For instance, in June 2022, HEXIS S.A.S. introduced three new series of paint protection films under the HEXIS BODYFENCE range. These new film series are BFWIDE, DFENCEXTRM, and BODYFENCEXM. The self-healing properties of these films have enabled HEXIS S.A.S. to expand its product reach in the automotive industry.

Paint Protection Film Market Report Highlights

• The automotive industry is expected to dominate the paint protection film market in the Asia Pacific during the coming years owing to the increasing penetration of these films in the countries of the region. The car production volume of Asia Pacific increased from 44.3 million units in 2020 to 46.7 million units in 2021 as per the data provided by OICA, with a considerable increase in the percentage share of premium cars till 2020
• Paint protection films made up of thermoplastic polyurethane are substantially more resistant to fading and discoloration. These TPU films' adhesives have also been changed to make them simpler to remove. Together, these two elements do a considerably better job of protecting the original car paint than the paint protection films of the past
• Automotive & transportation has been the highest-penetrating application segment for the paint protection film market in the recent past. This is attributed to the increasing application scope in vehicle parts such as front bumpers, side mirrors, rocker panels, door handle cavities, hoods, door edges, and rear fender panels. Rising consumer awareness regarding the protection offered by paint protection films to vehicles with the cost associated with repainting is expected to drive consumption of paint protection film in the automotive & transportation segment
• Paint protection films have a life expectancy of 5 to 10 years. However, once damaged, they need to be removed and replaced. Furthermore, there are several small inferior paint protection film products and knockoffs available in the market that have a low lifespan. Such films lead to constant replacement, which adds to the plastic film waste. Although the plastic recycling industry across the globe is witnessing significant growth, the recycling of plastic films still poses a significant challenge for plastic recyclers