72 Inch Paint Protection Films Market - Forecast(2023 - 2028)

72 Inch Paint Protection Films Market Overview

72 Inch Paint Protection Films Market size is forecast to reach US$30.3 million by 2026, after growing at a CAGR of 4.2% during 2021-2026. Globally, increasing demand from various sectors such as automotive, aerospace, electrical & electronics, medical sector, and others are estimated to grow the market size. 72-inch paint protection films are also called paint protection film, clear bra, clear film, and others. Paint protection film is a thermoplastic urethane film that can protect the paint coats from abrasions, scratches, chipping of paint, and other abrasions. Additionally, paint protection films are made from the finest sheets of thermoplastic polyurethane instead of polyvinyl chloride as they offer high-end resistance. Thus, the growing demand for paint protection films among luxury cars is expected to increase the demand for 72-inch paint protection films. According to the India Brand Equity Foundation (IBEF), automobile export reached 4.77 million vehicles in FY20, growing at a CAGR of 6.94% during FY16-FY20, which is increasing the demand for 72-inch paint protection films during the projected era.

Impact of COVID – 19

The tragedy of COVID-19, which is declared as a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. This has affected the demand and supply chain as well, thereby limiting the market growth. Also, decreased automotive sector, owing to this pandemic, reduced the demand for this thermoplastic urethane protection films. According to the European Automobile Manufacturers Association (ACEA), passenger car registrations have fallen about 25% in 2020 which may limit the consumption of 72-inch paint protection films.

Report Coverage

The report: “72 Inch Paint Protection Films Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the 72-inch paint protection coatings.

Key Takeaways

• Asia-Pacific dominates the 72-inch paint protection films market due to the increasing production of passenger cars and heavy-duty commercial vehicles in developing Asian countries such as India, China, and others.
• According to the International organization of Vehicle Motor Manufacturers, in China commercial vehicle production increased by 31.4% to 5731161 units in 2020 as compared to 4360472 units in 2019.
•  Increasing adoption of paint protection (a thermoplastic urethane film) films due to the increasing demand from the automotive & defense industry and growing R&D expenditure in a pharmaceutical section is estimated to grow the market size.
• Furthermore, increasing demand for thermoplastic polyurethane-based paint protection films as it is more flexible and durable than traditional polyvinyl chloride material which is increasing adoption of the paint protection films.
• Additionally, the high installation cost of paint protection film as compared to alternatives such as Ceramic Pro Kavaca may hamper the market growth.

Figure: APAC 72 Inch Paint Protection Films Market, 2021-2026 (US$ Million)

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72 Inch Paint Protection Films Market Segment Analysis – By Application

Body panels have dominated the global 72-inch paint protection films market in 2020. The paint protection film is a durable high-grade colorless urethane film applied to high-impact areas of the vehicle that take the brunt of damaging stones. Hence, the growing automotive industry is estimated to boost the market during the projected era. According to the Australian Bureau of Statistics, the Australian market sold 1.2 million new passenger cars, SUVs, and commercial vehicles in 2017, an increase of 0.9 % from 2016. According to the International Organization of Motor Vehicle Manufacturers (OICA), in Iran, the total production of vehicles has increased by 7.3 % in 2020 which is estimated to propel the market size.

72 Inch Paint Protection Films Market Segment Analysis – By End-Use Industry

Automotive has dominated the global 72-inch paint protection films market in 2020 and is growing at a CAGR of 4.4% during 2021-2026 due to increasing usages of paint protection films as they provide excellent UV protection with outstanding durability and scratch resistance. Paint protection thermoplastic urethane film offers excellent film clarity and gloss retention. Paint protection film made from thermoplastic polyurethane has a different structure than polyvinyl chloride. This thermoplastic polyurethane-based film does not release harmful materials during the degradation process. Thus, these films are used to protect visible surfaces such as rocker panels, wheel flairs, door openings, and other non-visible surfaces. Hence, increasing the production of passenger vehicles is estimated to grow the consumption of 72-inch paint protection films. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India sales of passenger vehicles increased to 2,91,001 units in November 2020, compared with 2,79,365 units in November 2019. Additionally, according to the India Brand Equity Foundation (IBEF), the Indian Government expects the automotive sector to attract US$ 8 to US$10 billion in local and foreign investments by 2023. Thus, increasing vehicle production is estimated to grow the market size during the projected era.

72 Inch Paint Protection Films Market Segment Analysis – By Geography

Asia Pacific dominated the global 72-inch paint protection films market with more than the share of 30% in 2020 due to increasing demand from the automotive, medical, and other industries in developing Asian countries such as China, India, and others.  According to India Brand Equity Foundation (IBEF), the Indian automotive industry (including component manufacturing) is expected to reach US$ 251 billion to US$ 282 billion by 2026. Additionally, according to the Society of Indian Automobile Manufacturers (SIAM), in India, passenger vehicles production increased by 4.0 million in 2019. According to the government-backed China Association of Automobile Manufacturers, Chinese auto sales in 2018 reached 28.1 million. China has become a world leader in the electric bus segment which grows in production of electric buses at 34% by 2025. Furthermore, the Chinese government expects the production of automobiles to reach 35 million units by 2025, according to the International Trade Administration (ITA). Hence, the growing automotive industry is estimated to grow the demand for 72-inch paint protection films.

72 Inch Paint Protection Films Market Drivers

Robust Growth in Aerospace and Defense Industry at Global Level

Paint protection films is a thermoplastic urethane film that is essential for prolonging longevity and enhancing the quality of aerospace and military equipment. Paint protection film is a thermoplastic polyurethane-based film that is more environmentally friendly and durable than polyvinyl chloride-based paint protection films. Hence, increasing the aerospace and defense industry is estimated to grow the market size. According to the India Brand Equity Foundation (IBEF), The MRO (maintenance, repair, and overhaul) aerospace industry is likely to grow over US$ 2.4 billion by 2028 from US$ 800 million in 2018. Also, the number of airplanes is expected to reach 1,100 by 2027. Additionally, the International Air Transport Association (IATA), global commercial aerospace revenue is forecast to reach 9% YoY in 2021. Apart from this, the United States has been the world’s R&D spending leader. Therefore, according to the Aerospace Industries Association (AIA), NASA saw a growth in its R&D budget which increased by 13.3% to US$13.6 billion in FY2019. Hence, the growing aerospace & defense industry is estimated to grow the demand for 72-inch paint protection film.

Growing R&D Expenditure in Pharmaceutical Sector in the United States

Medical devices usually require a high level of maintenance to prevent metal corrosion. Thus, paint protection film helps to prevent premature wear & tear and keeps medical machines running smoothly. Thus, increasing R&D expenditure in the pharma sector is also estimated to boost the market size. The annual growth rate in pharmaceutical R&D expenditure increased by 7.6% during 2016-2020 according to the European Federation of Pharmaceutical Industries and Association. Additionally, the R&D expenditure in the pharmaceutical sector in the United States was increased by US$ 64.3 billion in 2019 compared to US$ 62.2 billion in 2018 and US$ 57.7 billion in 2017. Furthermore, the annual growth rate in pharmaceutical R&D expenditure increased by 11.3% during 2015-2019 in the United States. Hence, such factors are estimated to grow the market size of 72-inch paint protection films.

72 Inch Paint Protection Films Market Challenges

High Installation Cost of Paint Protection Film

The cost of paint protection film installation is very high and also thermoplastic polyurethane-based protection films is costly as compared to alternatives. Ceramic coatings provide superior protection from rock chips and UV rays of the car at a low cost. If paint protection films may be damaged from debris, the entire damaged section will need to be replaced. Also, it looks less shiny than unwrapped sections as compared to ceramic coatings. Hence, due to excellent durability of ceramic coatings for a long period at a low cost may hamper the market growth.

72 Inch Paint Protection Films Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the 72-inch paint protection films market. Major players in the 72-Inch Paint Protection Films Market include:

1. 3M
2. XPEL Inc.
3. Eastman Chemical Company
4. Schweitzer-Mauduit International, Inc.
5. Avery Dennison
6. Saint-Gobain S.A.
7. KDX Composite Material
8. RENOLIT SE, and among others.

Product/Technology Launches

• In May 2019, Eastman Performance Films, LLC, invested in leading-edge, 3D scanning technology for paint protection film patterns. 3D scanning technology uses lasers to capture the shape of any vehicle as flexible data that is quickly converted into a 2D template.
• In March 2019, Eastman Chemical Company through its subsidiary, Eastman Performance Films, LLC introduced a new high-impact resistant film, which is added to its paint protection film portfolio under the LLumar® and SunTek® brands. This new offering is approximately 50% thicker and provides stronger protection for heavy impact areas as compared with LLumar and SunTek standard PPF and provides more protection for tougher environments.
  
  

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