Global Paint Protection Film Market is estimated to grow at considerable CAGR due to the growing demand from Automotive Segment

Paint Protection Film Market Highlights

The global paint protection film market, during the forecast period 2023-2032, will register growth at a CAGR of 5.89%. The market for paint protection film is set to reach USD 1.16 billion by 2023. As per market analysts, the global market is anticipated to witness growth owing to the factors such as growing demand in various end-user sectors as well as demand across aircraft, ships, boats, and electronic gadgets sectors. However, the market will face challenges and restraints due to high expenses and budget concerns among small and medium size businesses during the forecast period 2023-2032.

The growing demand for paint protection in automobiles in the market is set to play a key role in determining the growth potential during 2015-2023years. Analysts have also studied the market to understand potential threats and challenges the market companies could face. Although the market is poised to grow at a fast pace across application and regional segments, factors such as fluctuation in prices could slow down the paint protection film market's growth worldwide.

The paint protection film market has been segmented into application and regional. Based on the segment which is application, the market is categorized on the basis of electrical & electronics, aerospace & defense, automotive, and others. The global market research report covers all the aspects of the market based on the segmental analysis of these application and regional segments. Analysts have also studied the global market's regional markets spread across many continents and countries. The application and regional segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the paint protection film market.

The high installation costs may hinder the paint protection film market growth. The market research report suggests that companies in the market could be supported by the rising demand and production of vehicles as well as the on-going innovation in technology during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional markets will dominate the global market for paint protection film during the forecast period 2015-2023. As per market analysts, the market is set to witness tremendous growth across automotive and automobiles and aircraft segments in Europe as well as North America which covers markets across the United States, Canada, Mexico and several other regional markets. Major businesses active in the paint protection film market are also analyzed and studied in the market research report.

The market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.

Paint protection film has seen increased demand over the years, due to the introduction of new technologies and qualities such as resistance towards environmental conditions. Companies functioning in the global paint protection film market are also being challenged due to the fluctuating prices of raw materials  and the lack of skilled labor. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2015-2023. As the market is set to register a high CAGR of 5.89% and is also anticipated to reach a US$1277.821 million by 2023, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2023. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by paint protection film market companies are anticipated to help the market during the forecast period 2015-2023. 

XPEL, Inc. has today reported that it has decided to buy the Protex Centre, the world's biggest Protex Canada network franchisor and distributor of protecting films and coatings. Closing is customary and is scheduled to take place on 1 February 2020. Protex Center is a wholesale film installer company headquartered in Montreal that mainly serves dealerships with more than 20 employees and 15 years of operational experience. The investment is estimated to increase incremental sales by over CAD $2.5 million, excluding the annual acquisitions of about CAD $1.0 million by the Protection Center from XPEL.