Paint Protection Film Market To Reach $1.49 Billion By 2022
The global paint protection film market is expected to reach USD 1.49 billion by 2022, according to a new report by Grand View Research, Inc. The growth of automotive industry coupled with rising consumer awareness regarding car protection is expected to remain key factors driving the market growth. Increasing application scope in end-use industries such as electrical & electronics and aerospace & defense is expected to further contribute towards the industry growth. Changing lifestyle along with a shift in preference towards the looks of the vehicle is also expected to have a positive influence on the market growth. Increasing per capita disposable income levels in emerging economies of Asia Pacific such as China, India, and Thailand coupled with the advent of technologies such as internet connected cars is expected to fuel automotive sales and in turn compliment paint protective film market growth. Automotive emerged as the leading application segment and accounted for 76.9% of total demand in 2014. It is also expected to witness the highest growth of 5.4% from 2015 to 2022.Increasing demand from heavy-duty vehicles owing to longer shelf life of these films is expected to drive application segment growth.