LONDON--(BUSINESS WIRE)--The global paint protection film (PPF) market size is expected to grow by USD 104.28 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The demand for consumer electronics is witnessing a significant increase, driven by the growing urban population, the rising disposable income, strong supply chain, and increasing internet penetration worldwide. This increase in demand for consumer electronics has given rise to the demand for PPFs. PPFs are widely used in the consumer electronics industry as they offer scratch and heat resistance to a range of applications such as cell phones, LED, document handling systems, displays and projector, wearable electronic devices, gaskets optics and lighting, rollers, and others. APAC is the major producer and consumer market for PPFs used in consumer electronics goods. The growing consumer electronics industry is hence, likely to drive the demand for PPFs during the forecast period.
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As per Technavio, the growing demand for fuel-efficient automobiles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Paint Protection Film Market: Growing Demand for Fuel-efficient Automobiles
Governments across the world are formulating policies and implementing regulations that improve fuel efficiency and reduce carbon emissions. For instance, according to the regulations set by the Corporate Average Fuel Economy (CAFE), automobile makers need to improve fuel economy from the current 38 miles/gallon to 54.52 miles/gallon by 2025. In addition, the EU aims at reducing carbon dioxide emissions to 57.44 miles/gallon by 2020. Consequently, vehicle manufactures are adopting lightweight materials, as they help reduce the overall weight of the vehicle and the rate of carbon dioxide emission. This, in turn, has fueled the demand for automotive films in vehicles. These films block sun rays from penetrating into the vehicle by up to 82%-87%, thereby reducing the temperature inside the vehicle. This helps to lower the cost of energy and further increase the fuel efficiency of the engine. Thus, the growing demand for fuel-efficient automobiles will drive the growth of the PPF market during the forecast period.
“Factors such as the emerging demand from developing economies, and the rising demand for UV-curable PPF will have a significant impact on the growth of the paint protection film market value during the forecast period,” says a senior analyst at Technavio.
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Paint Protection Film Market: Segmentation Analysis
This market research report segments the paint protection film market by end-user (automobile, aerospace and defense, electrical and electronics, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the paint protection film market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the significant economic growth in the region leading to the growth of end-user industries, such as aerospace and defense, and automobiles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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