TPU paint protection films dominated the market with 85.3% of the overall demand in 2017, on account of their superior flexibility, toughness, easy workability, and plasticizer-free properties.
In 2017, the automotive industry emerged as the largest application segment in terms of volume, wherein a majority of the demand is derived from the passenger cars segment owing to the superior color protection properties of PPF.
The demand for TPU-based paint protection films in the aerospace application is poised to experience a CAGR of 8.6% over the forecast period, owing to increasing investments in the aircraft and defense sectors in China, U.S., and India.
Asia Pacific represented the largest market for paint protection film. It was valued at USD 153.3 million in 2017. The growth of the regional market can be attributed to the fact that it is the largest producers and consumers of automotive and electrical & electronic industry Mergers, integrations, tie-ups with third-party installers, innovative manufacturing techniques, and wide distribution channel are projected to be the key success factors for manufacturers to sustain fierce competition.