The paint protection films market is anticipated to witness substantial growth by 2027 due to growing expendable income across key regions. Additionally, increasing automobile sales are likely to boost market adoption over the forecast timeline.
Paint protection films (PPF) refer to thermoplastic urethane films that are applied over painted surfaces of cars to provide protection against starches and paint chips. These films are commonly applied to side-view mirrors, front hood, mirrors, and bumpers, among other parts of the car. Increasing R&D activities in the PPF sector to develop superior coatings and longer protection have augmented industry expansion in recent years.
Notably, key industry players are implementing strategic initiatives to strengthen their foothold in the rapidly emerging market, which has favorably altered market dynamics. For instance, in September 2021, Eastman Chemical Company, a leading manufacturer of paint protection films, announced the acquisition of Matrix Films, LLC, the PremiumShield performance films marketer. The acquisition was intended to expanded Eastman's installation training expertise, paint protection film pattern development capabilities, and pattern database.
Similarly, in February 2020, SWM, Inc., a key product manufacturing and engineering company, entered into an agreement to acquire Tekra, LLC and Trient, LLC, major high-performance transfer adhesives and plastic films producers. Tekra and Trient's expertise in high-performance films converting enhanced SWM's Advanced Materials & Structures (AMS) capabilities.
To cite another instance, in September 2021, XPEL, Inc., a global provider of protective coatings and films, launched self-healing and high-gloss black protective film dubbed ULTIMATE PLUSTM BLACK. The protective film offered consumers the option to repaint the body of their car, mirrors, hoods, and roof with the black accent protective paint. The ULTIMATE PLUSTM BLACK is an 8 MIL film, which is constructed with a self-healing topcoat and a polyurethane base. It is designed to protect painted surfaces from scratches, rock chips, and bug acids.
The paint protection films market has been bifurcated on the basis of finish, material type, application, and region. In terms of material type, the market has further been divided into polyvinyl chloride, thermoplastic polyurethane, and others. The others material type segment is projected to amass significant gains by 2027, expanding at a CAGR of approximately 5% over the analysis period.
With respect to finish, the paint protection films market has been categorized into matte, glass, and others. The others finish segment is slated to garner a notable valuation by 2027, progressing at about 4.5% CAGR through the forecast period. The others finish segment includes designed and colored paint protection films, which are less preferred owing to their non-transparent nature.
From the regional perspective, the Latin America paint protection films market is expected to showcase robust growth over the review timeline primarily owing to high preference for building & construction aesthetics. In addition, increased automobile sales in LATAM are foreseen to fuel regional market demand in the future.