Paint Protection Film Market Growth & Trends
The global paint protection film market size is expected to reach USD 726.63 million by 2030, registering a CAGR of 6.6% during the forecast period, according to a new report by Grand View Research, Inc. The major factors for the growth of the market are increasing consumer awareness regarding automobile paint protection and high demand from the automotive industry.
Considering the trend from the recent past, emerging economies like India, Malaysia, Thailand, and Vietnam along with a few Central American countries such as Brazil and Argentina have been the crux of global automotive industry growth. The growing population coupled with industrialization has resulted in high income levels and rising standard of living, thereby increasing the demand for personal vehicles.
Paint protection films find their origin in military transport and defense applications and continue their use in these industries to date. Consumers believed in spending on repainting the vehicle instead of making use of paint protection films in the past. Over the last few years, this trend has been changing with the retailers and manufacturers of paint protection films observing considerable growth in sales. This is attributed to the added customer awareness through marketing and expansion into the OEM market.
The global automotive industry has been witnessing booming growth and profitability with annual sales reaching pre-pandemic levels in some regions. Over the recent past, there has been a positive outlook in automotive sector across various regions, from developed markets such as the U.S. to developing markets such as India.
The global automotive industry is growing at a rapid pace on account of the accelerating technological transformations including no petroleum-based fuel or hybrid vehicles, autonomous driving, and new mobility services. The industry is expected to witness significant growth owing to the increasing sales and demand in the emerging economies of India, China, and Brazil.
Paint Protection Film Market Report Highlights
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