SAN FRANCISCO, April 7, 2021 /PRNewswire/ — The global paint protection film market size is projected to reach USD 428.09 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.4% from 2021 to 2028. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs).
Key suggestions from the report:
- In 2020, automotive & transportation emerged as the largest application segment and accounted for over 72% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
- The aerospace & defense application segment is poised to register the fastest CAGR of 7.8% over the forecast period
- The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
- In 2020, the electrical & electronics application segment accounted for 4% of the overall market volume
- This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central & South America
- In 2020, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand
- The regional market will expand further at the fastest CAGR from 2021 to…
