Global Paint Protection Film Market - Growth Analysis and Forecast| Technavio
The global paint protection film market is expected to grow at a CAGR of close to 6% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global paint protection film market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
Global paint protection film market segmentation by end-user and geography
Technavio’s report on the global paint protection film market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including automobile, aerospace and defense, and electrical and electronics. As projected in 2016, around 76% of the market share originated from automobile. The automobile will remain the largest and fast-growing end-user segment. However, aerospace and defense end-user segment is also expected to grow at a significant rate.
Based on geography, the global paint protection film market has been segmented into APAC, North America, Europe, and ROW. APAC is anticipated to grow the fastest with a CAGR of close to 6% during the forecast period due to its booming automobile, aerospace, and defense industries.
“The major end-user industries of the paint protection film market such as aerospace and defense and automobile are expected to flourish because of the significant economic growth rate in APAC. The automobile market in APAC is flourishing due to demand from India, Indonesia, Thailand, and Vietnam. The increasing automobile demand from APAC has elevated the use of automotive films usage. Furthermore, China was the largest market for automotive coatings in APAC in 2016,” says Kshama Upadhyay, a lead analyst at Technavio for plastics, polymers, and elastomers research.
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Paint protection film market: competitive vendor landscape
The global paint protection film market is one of the growing markets. It consists of major vendors with a huge market presence in APAC such as 3M, Avery Dennison, Eastman Chemical Company, The Lubrizol Corporation, and XPEL TECHNOLOGIES. These players have a vast geographical presence with large production facilities. They are primarily based in emerging APAC countries due to the availability of cheap labor and the presence of incumbent rules and regulations. A sizeable number of regional vendors who have significant shares are also operating in the market.
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Other topics covered in the report:
Market drivers:
- Expansion of consumer electronics industry
- Emerging demand from developing economies
Market challenges:
- Slower adoption rate of emerging applications
- Stringent safety laws on production
Market trends:
- Increasing demand for UV-curable paint protection film
- Increasing government spending on energy systems
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