San Francisco, April 28, 2016 (GLOBE NEWSWIRE) --
Global paint protection film market is anticipated to reach USD 1.48 billion by 2022 owing to the rapid development of automotive industry together with increasing consumer awareness concerning car protection and security. Besides, increasing the scope for applications across end-use industries including aerospace & defense and electrical & electronics is anticipated to influence further growth.
Shifting preferences in style and design of vehicles along with changing lifestyles is expected to fuel demand. Technological improvements resulting in new developments including internet equipped cars coupled with rising per capita income is anticipated to trigger growth in automotive sales. This factor, in turn, is expected to impact paint protection film market in the next seven years.
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Automotive contributed to over 75.0% of the overall demand in 2014 and emerged as the leading application. It is estimated to grow at a CAGR of over 7.0% over the forecast period owing to rising demand for heavy vehicles on account of the long lasting shelf life of these films. Growing at a CAGR exceeding 5.0%, demand for the product in 2014 was estimated at over 5,000.0 thousand square meters.
Increasing investments in the defense sector in developing countries such as India, Russia and China is expected to remain a driving factor for growth. Defense & Aerospace contributed to over 7.0% of the overall market by volume in 2014. It is projected to grow at about 5.0% over the next seven years.
Asia Pacific dominated the market and constituted for one-third of overall demand in 2014. Increasing demand for vehicles and large-scale automotive production in China is expected to drive growth over the forecast period. The robust increase in demand for superior passenger cars in South East Asia and India shall further propel growth in this region.
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The market is mainly identified by advancement in electronics segment. The product is widely used in electronic devices such as tablets, display screens, and mobile phones to conserve the design and aesthetic appeal. This market is expected to experience significant growth owing to rising consumer awareness regarding cost-benefit ratio in emerging economies such as India, Brazil, South Africa and China.
There is also a strong presence of incorporated companies in the business that are engaged in manufacturing TPU films with various downstream applications. Some of these companies include Lubrizol and Eastman Chemical Co. and DuPont.
The global paint protection film market is characterized by the presence of domestic companies and multinational businesses. Major companies include Avery Denison, 3M Company, SunTek Films, Agrotec, PremiumShield, Premier Protective Films International, XPEL, Vanzetti Engineering S.R.L and Solar Gard.
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Grand View Research has segmented the paint protection film market on the basis of application and region:
Global Paint Protection Film Application Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2012 - 2022)
- Electrical & electronics
- Aerospace & defense
Global Paint Protection Film Regional Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2012 - 2022)
- North America
- Asia PacificCentral & South America
- Central & South America
- Middle East and Africa
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