SAN FRANCISCO, Feb. 26 (Xinhua) -- The global paint protection film (PPF) market is expected to hit nearly 370 million U.S. dollars by 2022, which is to be primarily driven by the growth in Asian automotive aftermarket sector, especially in China and other Asian nations, a U.S. market research firm said Monday.
Grand View Research, Inc. (GVR), a major San Francisco-based market consulting company with the world's largest business intelligence-enabled marked research database, said thermoplastic urethane films which were first used as surface protectors in helicopter blades, have found greater usage in automotive and electronic applications over the past years.
The product pioneered by companies in the United States has attained global acclaim for protecting surfaces against abrasion, corrosion, chipping, and wear.
The industry has been faced with intense competition worldwide among global and small-scale companies, and the PPF sector has now discovered new dynamics in aerospace applications, where the PPF technology is applied to areas ranging from fuselage surfaces to cockpit instrumental panels.
From a consumer perspective, greater income growth has enabled customers to select from various paint protection products and services.
China, which has emerged as a major automotive manufacturing hub in Asia, is expected to grow at a compound annual growth rate (CAGR) of 8.2 percent from 2015 to 2022, GVR said.
Positive outlook on consumer spending on the Chinese automotive aftermarket services is a major factor in driving the growth, it noted.
Globally, the PPF market is expected to exceed 8.01 million square meters by 2022, growing at a CAGR of 5.3 percent from 2015 to 2022.