The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Paint Protection Film Market: Overview
Paint protection films belong to automotive protective coating type, which involves adhesion of a transparent film composed of polymers on the exterior surface of an automotive vehicle. Traditionally, paint protection films have been employed in passenger based vehicles by the end users around the globe. Paint protection films ensure durability of paint and coating base and preserves it against extreme climatic conditions which can cause fading of color shade or corrosion of the vehicle body. Another associated advantage of paint protection film is that it shields the vehicle surface body from road gravels, stone chips thus evading any minor dents or abrasions caused by the agents. The process involves precision coating which is applied by a combination of manual and automated methods undergoing a series of quality checks prior to final roll out of the vehicle in OEM facility or a service center. Paint protection film can be also termed as value added service in addition to automotive paints and coatings process.
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Paint Protection Film Market: Dynamics
The increasing preference and the related spending by end users of automotive vehicles have encouraged the use of paint protection film on manufacturing front as well as servicing and repair thus driving the market to a healthy extent. Furthermore, with the developing market of paint protection films market, the industry has been undergoing a series of product developments incorporated suitable compositions to offer superior performance characteristics and aesthetics in the long run. Efforts at providing of cost-effective installation technologies is being focused by the paint protection film manufacturers as well as other value chain participants such as installers and service providers of the global paint protection films market. The paint protection films market is also projected to gain significant traction in the globe owing to it associated trade margins and profits earned by service providers as well as automotive OEMs thus encouraging its use. The paint protection films market is primarily well established in high capita income countries in terms of automobiles. The scope of opportunity for paint protection films also lies in commercial vehicles, aircrafts and off-road equipment in the upcoming years. On the flip side, stringent government regulation pertaining to emissions by Paint Protection Film and low rate of product adoption regions of low-capita income can prove to be a restraint for the global paint protection films market.
Paint Protection Film Market: Segmentation
The global Paint Protection Film market can segmented on the basis of Formulation Type:
- Water Based System
- Solvent Based System
The global Paint Protection Film market can be segmented on the basis of coating type:
- Top Coat Based
- Multilayer Based
The global Paint Protection Film market can be segmented on the basis of finish:
- Matt Finish
- Gloss Finish
The global Paint Protection Film market can be segmented on the basis of application:
- Vehicle Body
- Lighting Parts
The global Paint Protection Film market can be segmented on the basis of end use:
Paint Protection Film Market: Regional Outlook
North America, Western Europe and Japan are identified as prominent market for the global Paint Protection Film market owing to increasing per capita passenger density across the region. In terms of emerging markets Chin followed by India are projected to register above average growth for the Global Paint Protection Films Market due to increasing consumer base. The market attractiveness index of the Paint Protection Film is expected to gain significant traction by the end of 2028. Middle East & Africa is also projected to grow with relatively sound growth rate owing to high refurbishment market of automotive thus enhancing the growth of Paint Protection Film, over the forecast period.
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Paint Protection Film Market: Key Participant
Leading players for the global Paint Protection Film Market are following:
- Hexis S.A.
- Eastman Chemical Company
- NDFOS Co., Ltd.
- Saint Gobain
- Lubrizol Corporation