Paint Protection Film Market size is poised to exceed USD 500 Million by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of paint protection film was surpassed USD 300 Million. Rising sales of automobiles are primarily driving the market growth. Paint protective film is a transparent layer that is applied to the painted surfaces of automobiles to protect them from damage caused by rocks, debris, insects, and other environmental hazards. In 2022, around 85 million motor vehicles have been manufactured worldwide, a five percent increase over 2021.
Besides this, the rising awareness of the consumer regarding the benefits of the paint protection film is expected to augment the market growth. Paint protection films are known for their ability to extend the lifespan of painted surfaces. This awareness among consumers motivates them to invest in paint protection films to ensure that their assets look newer for longer. By protecting against fading, discoloration, and deterioration, paint protection films contribute to the longevity of painted surfaces, and consumers are increasingly realizing these benefits.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~ USD 300 Billion |
|
Forecast Year Market Size (2035) |
~ USD 500 Billion |
|
Regional Scope |
|
Material (Polyvinyl Chloride, Thermoplastic Polyurethane)
The thermoplastic polyurethane segment is estimated to account for 60% share of the global paint protection film market in the year 2035. Thermoplastic polyurethane has high elasticity and self-healing properties. Moreover, the protective paint made up of thermoplastic polyurethane does not lose its shine over time, it does not fall yellow, all these factors are driving the segment growth. Furthermore, the development of new products is also expected to augment the growth of the segment. In 2021, Huntsman launched a new thermoplastic polyurethane grade (TPU) grade for technical filament parts and blown film applications that outperform previous-generation technology in terms of resilience, manufacturing effectiveness, and minimizing waste.
End Users (Electronics, Automotive, Construction)
In the year 2035, the automobile segment is predicted to have a substantial proportion of roughly 49%. The rising demand for vehicles especially electric vehicles is expected to augment the segment growth. With the rapid expansion, electric automobiles now account for a significant portion of the overall car market. Over ten million electric vehicles were sold globally in 2022, with sales predicted to increase by 35% this year to 14 million. Paint protective film is a great coating and has excellent scratch resistance properties, shielding the vehicle’s paint from scratches caused by everyday wear and tear, such as keys, brushes, or branches. Moreover, vehicle exposure to sunlight can cause the paint to fade or become discolored. Paint protective film has UV inhibitors that help block harmful UV rays, preserving the color and finish of the paint.
Our in-depth analysis of the global market includes the following segments:
|
Material |
|
|
Finish |
|
|
End User |
|
European Market Forecast
The market share of paint protection film in Europe, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2035. The growth of the market in the region can be attributed majorly to the rising need for house renovation. By 2035, around 35 million buildings in the European Union could be rehabilitated. Furthermore, the automotive sector in Europe is rapidly expanding which has also contributed to the market growth. The EU is one of the world's largest automakers, and the automotive industry is the greatest private investment in research and development (R&D).
APAC Market Analysis
The Asia Pacific paint protection film market is estimated to be the second largest, registering a share of about 24% by the end of 2035. The sales of automobiles are growing in the Asia Pacific region. Moreover, the trend for second-hand cars or used car sales is also rising, which has further boosted the demand for new paints for vehicles. Used vehicle purchases in China have more than tripled in the last twelve years, from 4 million units in 2010. Moreover, in 2021, around 18 million used cars were sold in China, representing around a 23 percent increase over 2020.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?