Market Research Future (MRFR) announces the publication of its research report –Paint Protection Film Market 2017-2023
Market Research Future (MRFR) recognizes the following companies as the key players in the Global
: 3M, Eastman Chemical Company, Avery Dennison Corporation, HEXIS S.A., Premium Shield, XPEL TECHNOLOGIES CORP., Saint-Gobain Performance Plastics, ORAFOL Europe GmbH, SWM, and RENOLIT Paint Protection Film Market
Remarking on this Report, an analyst from Market Research Future (MRFR)’s team said, Global Paint Protection Film Market is predicted to grow at a CAGR of 5.89% to reach USD 1277.821 million by the end of 2023. Paint Protection Film is gaining prominence in the global market with the increasing usage in the end use industries such as automotive, electrical & electronics, aerospace & defense, and others.
Some of the key market factors that positively influence the market growth are increasing demand from automotive & transportation industry, growing awareness regarding the benefits associated with Paint Protection Film, and increasing urbanization. Rapid industrialization combined with growing per capita disposable income in developed and developing countries are estimated to propel the growth of the market over the assessment period. Moreover, increasing penetration in electrical & electronics and aerospace & defense sector is expected to give new momentum to the growth of this market. However, high installation cost associated with Paint Protection Film is predicted to hamper the growth of the market.
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The Global Paint Protection Film Market is segmented into Application and Region.
Based on Application, the market is divided into automotive, electrical & electronics, aerospace & defense, and others. Among these, automotive application segment accounted for the largest market share of over 71% in 2016 and is estimated to grow with a healthy CAGR of around 6.17% over the estimated period. Favorable government policies towards automotive manufacturers in developing countries along with the rising awareness for use of Paint Protection Film is expected to drive the market growth. Electrical & electronics segment is estimated to be the second largest market after automotive segment owing to rise in the manufacturing of electronic gadgets such as laptops, mobile phones, and tablets. Rising consumption of Paint Protection Film for the protection of above-mentioned portable devices is also expected to drive the market growth over the estimated period.
Regionally, Paint Protection Film Market is segmented into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the Global Paint Protection Film Market in 2016, accounting for more than 38% of the value share of the Global Paint Protection Film Market. The regional market trends substantiating the growth of Paint Protection Film Market include the growing contribution of transportation segment of the developing economies and rise of the end user application industry across Asia Pacific region. Furthermore, the rapid urbanization in the region, high penetration of paint protection film manufacturers in the region, availability of inexpensive cost of labor are considered to have a positive impact on the overall paint protection film market in the region. The other emerging markets such as Latin America and the Middle East & Africa seems to follow a healthy market trend as Asia Pacific.
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