Market Trends of Paint Protection Films Industry
High Demand of PPF from Automotive Sector
- The automotive sector accounts for a significant share of the paint protection film market. PPF is highly used in the automotive sector to protect vehicles from road debris, scratches, etc.
- With the increasing vehicle production and surge in the number of on-road vehicles, the demand for paint protection film is expected to rise significantly.
- In India, during FY 2021-22 (April 2021 to March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22,933,230 vehicles compared to 22,655,609 units from April 2020 to March 2021.
- According to the China Association of Automobile Manufacturing, the production of New Energy Vehicles in the country witnessed a year-on-year increase of 96.9 percent in December 2022.
- Hence, the expanding vehicle market is expected to increase the demand for paint protection film during the forecast period.
- Thus, owing to the above-mentioned factors, the demand for paint protection films is expected to grow significantly during the forecast period.
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Asia-Pacific to Dominate the Market
- During the forecast period, Asia-Pacific is expected to dominate the paint protection film market due to an increase in demand from countries like China and India.
- The region is expected to witness significant growth with the increasing demand from automotive, electronics, and other end-user industries.
- The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturing, in 2022, China's automobile exports grew 12.3 percent from September to 337,000 units in October, a 46 % increase over the previous year.
- Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, the country witnessed a significant increase in the production of passenger vehicles. For instance, the production of passenger vehicles reached 3,650,698 for the FY 2021-2022, representing an increase of 19% compared to the FY 2020-21.
- Moreover, China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries, thus providing a huge market for paint protection films.
- China's Ministry of Industry and Information Technology reports that the electronic information manufacturing sector witnessed an increase of 7.4% in the irst five months of 2022 from compared to same period 2021. Thus, benefitting the market significantly.
- The aforementioned factors are contributing to the increasing demand for the paint protection films market in Asia-Pacific, during the forecast period.
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