#Paint Market Trend

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Automotive Paints Market Set to Expand: Projections & Trends Through 2028

The automotive paints industry is projected to reach USD 9.9 Billion by 2028 from an estimated USD 8.4 Billion in 2023, growing at a CAGR of 3.2% during the forecast period. The increasing in sales of EVs, growing trend for purchasing the compact and mid sized SUVs is driving the global automotive paints industry. Also, there is increase in adoption for powder coating and water-borne coating…

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[industryforecastnews]

Paint Protection Film Market To Reach USD 739.40 Million By 2030

Paint Protection Film Market Growth & Trends

The global paint protection film market size is expected to reach USD 739.40 million by 2030, registering a CAGR of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. The major factors for the growth of the market are increasing consumer awareness regarding automobile paint protection and high demand from the automotive industry.

Considering the trend from the recent past, emerging economies like India, Malaysia, Thailand, and Vietnam along with a few Central American countries such as Brazil and Argentina have been the crux of global automotive industry growth. The growing population coupled with industrialization has resulted in high income levels and rising standard of living, thereby increasing the demand for personal vehicles.

Paint protection films find their origin in military transport and defense applications and continue their use in these industries to date. Consumers believed in spending on repainting the vehicle instead of making use of paint protection films in the past. Over the last few years, this trend has been changing with the retailers and manufacturers of paint protection films observing considerable growth in sales. This is attributed to the added customer awareness through marketing and expansion into the OEM market.

The global automotive industry has been witnessing booming growth and profitability with annual sales reaching pre-pandemic levels in some regions. Over the recent past, there has been a positive outlook in automotive sector across various regions, from developed markets such as the U.S. to developing markets such as India.

The global automotive industry is growing at a rapid pace on account of the accelerating technological transformations including no petroleum-based fuel or hybrid vehicles, autonomous driving, and new mobility services. The industry is expected to witness significant growth owing to the increasing sales and demand in the emerging economies of India, China, and Brazil.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/paint-protection-film-market

Paint Protection Film Market Report Highlights

Based on material, the thermoplastic polyurethane (TPU) segment dominated the market with more than 82.8% share in 2023. Paint protection films made of thermoplastic polyurethane are substantially more resistant to fading and discoloration. These TPU films' adhesives have also been changed to make them simpler for smooth removal. Together, these two elements do a considerably better job of protecting the original car paint than the paint protection films of the past

Europe dominated the market in 2023. Europe has a robust automotive sector. According to the European Commission, automotive sector in Europe represents over 7% of the European Union GDP and is linked with upstream and downstream industries such as textiles, chemicals, steel & mobility, repair, and ICT. Automotive sector in Europe consists of leading automotive manufacturers such as Volkswagen AG, Stellantis NV, Renault Group, and Mercedes-Benz Group AG. The region also has a presence of assembly lines set up by foreign automobile manufacturers such as Hyundai Motor Company, TOYOTA MOTOR CORPORATION, and Kia

In September 2022, 3M launched the Scotchgard Paint Protection Film (PPF) Pro Series 200 Gloss. The new Scotchgard PPF Pro Series 200 Gloss offers excellent clarity, hydrophobic features, and high gloss. Moreover, the good flexibility of the film allows an easy repairable installation experience, which can help 3M strengthen its market position in the market.

Regional Insights

Based on region, Europe held the largest revenue share of 31.6% of the market in 2023. Europe has a robust automotive sector. According to the European Commission, the automotive sector in Europe represents more than 7% share of the European Union GDP and is linked with upstream and downstream industries such as textiles, chemicals, steel & mobility, repair, and ICT.

The automotive sector in Europe consists of leading manufacturers such as Volkswagen AG, Stellantis NV, Renault Group, and Mercedes-Benz Group AG. The region also has assembly lines set up by foreign automobile manufacturers such as Hyundai Motor Company, TOYOTA MOTOR CORPORATION, and Kia. Furthermore, the region has a significant presence of many SMEs specialized in manufacturing automobile components in the EU member countries such as Italy, Spain, France, the Czech Republic, and Hungary, which is expected to play a pivotal role in driving the automotive industry in Europe.

North America is anticipated to grow at a CAGR of 5.9% over the forecast period. Several states in the U.S., including California, New Jersey, Washington, and Louisiana, offer tax credits, exemptions, and rebates for promoting the procurement of electric vehicles (EVs). New Jersey and Washington exempt the sales and use taxes on electric vehicles (EVs), while California offers rebates on the purchase and usage of plug-in hybrid electric vehicles (PHEVs) and other light-duty zero-emission vehicles.

Paint Protection Film Market Segmentation

Grand View Research has segmented the global paint protection film market report based on material, end-use, and region:

Paint Protection Film Material Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2018 - 2030)

Thermoplastic Polyurethane (TPU)

Polyvinyl Chloride (PVC)

Others

Paint Protection Film End-use Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2018 - 2030)

Automotive & Transportation

Electrical & Electronics

Aerospace & Defence

Others

Paint Protection Film Regional Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2018 - 2030)

North America

Europe

Asia Pacific

Central & South America (MEA)

Middle East and Africa (MEA)

List of Key Players in the Paint Protection Film Market

3M

XPEL Inc.

Schweitzer-Mauduit International, Inc.

Eastman Chemical Company

Avery Dennison Corporation

Saint-Gobain S.A.

RENOLIT SE

Ziebart International Corporation

Hexis S.A.S

Garware Hi-Tech Films Ltd.

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/paint-protection-film-market

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Global Decorative Coatings Market Forecast to 2027: Trends in Resin Type, Technology, and Regional Growth

The global decorative coatings market size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%. The global decorative coatings market is witnessing high growth with rising demand from the Asia Pacific region, especially, from China and India. The demand for decorative coatings is increasing due to increasing demand from end-use industries. Green,…

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Get the latest India Paints & Coating market report, including size, trends, share, and revenue for 2028. Stay ahead with market outlook and future insights.

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Paints and Coatings Market Will Touch USD 238.8 Billion in 2030

The paints and coatings market was USD 164.1 billion in 2022, and it will touch USD 238.8 billion, propelling at a 4.80% compound annual growth rate, by 2030.

The progression of this industry is because of the surging utilization of these products in the sectors of construction, automotive, and general industrial. Moreover, the constant industrialization and urbanization in developing nations are likely to boost the need for these products in various applications.

Furthermore, the product requirement across the globe has surged moderately in the past few years despite numerous worries, such as the effects of the low crude oil costs, the decline of main economies, the changes in regulatory standards, and the stoppage of the construction and automotive sectors.

In 2022, the water-borne category, based on technology, dominated the paints and coatings market, with approximately 47% share. This can be because of their mounting utilization in the sectors of furniture, automotive, wood, printing inks, and plastic. In addition, such coatings also provide benefits such as low emissions of VOC, easier application, and fast drying.

Furthermore, the need for these coatings will be constant in the years to come, because of their surging need in the manufacturing of furniture and automobiles, because of their greater adhesion properties and cost-effectiveness.

Whereas, the powder coatings category is likely to advance at a 6% CAGR, in the years to come. The main utilization areas of such coatings include critical auto, industrial machinery components, and engines, as they are resistant to abrasion, detergents, corrosion, and chemicals.

The architectural coatings category, based on application, accounted for the dominating share of the industry, of over 52%, in the past few years. The increasing projects of construction, particularly in the sectors of roadways and railways, in countries such as India, China, the U.S., the U.K., and Germany will further boost the progression of this category.

APAC held the dominating share of the industry, and it will also advance at the highest rate, of 5.9%, in the years to come. This can be mainly because of the developing construction sector in India and China, which is boosting the acceptance of new coating resins & formulations.

Moreover, the surging need for paints and coatings for the repair or renovation of residential and commercial buildings assists the progression of this industry in the region. In addition, the surging funding from overseas and the government in the sectors of automotive and construction also boosted the growth of the regional industry.

It is because of the mounting product utilization in the sectors of construction, automotive, and general industries, the paints and coatings industry will continue to progress in the years to come.

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Navigating Sustainability in the Paints & Coatings Market: Eco-Friendly Solutions

The paints and coatings industry is a cornerstone of modern society, providing essential products for construction, automotive, industrial, and consumer applications. However, with great reliance comes great responsibility, and the industry is increasingly facing pressure to address environmental concerns and embrace sustainable practices.

According to a study conducted by Next Move Strategy Consulting, the global Paints & Coatings Market is expected to witness substantial growth, reaching a size of USD 261.50 billion by 2030, with a promising compound annual growth rate (CAGR) of 5.9%. This growth trajectory presents both opportunities and challenges for industry stakeholders, as they navigate the transition towards sustainability.

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The Imperative for Sustainability:

In recent years, there has been a growing recognition of the environmental impact associated with traditional paints and coatings. These products often contain volatile organic compounds (VOCs), heavy metals, and other harmful chemicals that contribute to air and water pollution, posing risks to human health and the environment. As awareness about environmental issues and climate change continues to rise, consumers, regulatory bodies, and industry stakeholders are demanding more sustainable alternatives.

One of the key drivers behind the push for sustainability is the increasing prevalence of green building standards and certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method). These standards prioritize the use of environmentally friendly building materials, including paints and coatings with low VOC emissions. As a result, manufacturers are under pressure to reformulate their products to meet these stringent requirements and cater to the growing demand for eco-friendly solutions.

Eco-Friendly Innovations:

To meet the evolving demands for sustainability, manufacturers in the paints and coatings sector are investing in research and development to innovate eco-friendly solutions. One such innovation involves the formulation of low-VOC and zero-VOC paints, which significantly reduce harmful emissions without compromising on performance or quality. These paints are gaining traction in both residential and commercial markets, as consumers become increasingly aware of the health and environmental benefits associated with low-emission products.

Furthermore, advancements in bio-based and renewable materials are driving the development of paints and coatings derived from natural sources such as plant oils, resins, and bio-based solvents. These bio-based formulations offer a sustainable alternative to petroleum-based ingredients, contributing to reduced carbon footprint and enhanced biodegradability. In addition to their environmental benefits, bio-based paints and coatings often exhibit superior performance properties, such as improved durability and resistance to UV radiation.

In addition to product innovations, manufacturers are embracing sustainable production practices to minimize their environmental impact. This includes optimizing energy and water usage, reducing waste generation, and implementing recycling initiatives. By adopting circular economy principles, companies aim to minimize resource consumption and maximize the reuse and recycling of materials throughout the product lifecycle. For example, some manufacturers are incorporating recycled materials, such as post-consumer paint waste, into their products to reduce the demand for virgin resources and divert waste from landfills.

Collaborative Efforts and Industry Initiatives:

Navigating sustainability in the paints and coatings industry requires collaborative efforts among industry players, government agencies, non-governmental organizations (NGOs), and other stakeholders. Industry associations and organizations play a pivotal role in driving sustainability agendas, facilitating knowledge sharing, and establishing industry standards and certifications for eco-friendly products. For example, the American Coatings Association (ACA) has developed the Green Seal standard for environmentally preferable paints and coatings, which certifies products that meet specific environmental criteria.

Moreover, partnerships and collaborations between manufacturers, suppliers, and research institutions are fostering innovation and accelerating the adoption of sustainable technologies and practices. By working together, stakeholders can overcome common challenges and create a more sustainable future for the paints and coatings industry. For instance, the European Union-funded project BIOCOAT is bringing together academic and industrial partners to develop bio-based coatings for corrosion protection in the automotive and construction sectors. By leveraging expertise from multiple disciplines, the project aims to address technical barriers and commercialize sustainable coating solutions.

Furthermore, industry-wide initiatives are driving sustainability in the paints and coatings market. For example, the PaintCare program in the United States facilitates the collection and recycling of leftover paint, reducing waste and promoting responsible disposal practices. Similar programs have been established in other countries, encouraging industry players to take responsibility for the environmental impact of their products throughout their lifecycle.

Innovations in packaging are also contributing to sustainability efforts within the industry. Manufacturers are exploring alternative packaging materials, such as biodegradable plastics and recyclable containers, to reduce the environmental footprint of their products. Additionally, initiatives to minimize packaging waste, such as bulk packaging options and refillable containers, are gaining momentum as consumers become more conscious of their environmental impact.

The adoption of digital technologies is revolutionizing the paints and coatings industry, enabling more efficient production processes and resource optimization. Advanced manufacturing techniques, such as digital printing and automated mixing systems, reduce material waste and energy consumption while enhancing product quality and consistency. Furthermore, digital tools for supply chain management and inventory optimization help minimize transportation emissions and reduce the industry's carbon footprint.

Consumer education and awareness campaigns play a crucial role in driving demand for sustainable paints and coatings. Industry stakeholders are investing in marketing initiatives to educate consumers about the environmental benefits of eco-friendly products and encourage them to make informed purchasing decisions. By raising awareness and highlighting the importance of sustainability, manufacturers can stimulate demand for green products and accelerate the transition towards a more sustainable industry.

Regulatory frameworks and government policies are shaping the landscape of the paints and coatings market, driving industry-wide compliance with environmental standards and regulations. Governments around the world are implementing stricter emissions limits and phasing out hazardous chemicals in paints and coatings, prompting manufacturers to reformulate their products to meet these requirements. By aligning with regulatory mandates, industry players can demonstrate their commitment to sustainability and ensure market competitiveness.

Finally, corporate sustainability initiatives are becoming increasingly integral to business strategies in the paints and coatings industry. Leading companies are setting ambitious sustainability goals, such as carbon neutrality and zero waste targets, and integrating sustainability principles into their operations and decision-making processes. By prioritizing sustainability, companies can enhance brand reputation, attract environmentally conscious consumers, and future-proof their business against regulatory risks and market disruptions.

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As the global paints and coatings market continues to expand, the imperative for sustainability becomes increasingly evident. Eco-friendly solutions are not only essential for mitigating environmental impact but also present opportunities for market differentiation, innovation, and long-term growth.

By embracing sustainability, manufacturers can meet the needs of today's environmentally conscious consumers while paving the way for a greener and more sustainable future. As the industry continues to evolve, collaboration and innovation will be key drivers in driving positive change and creating a more sustainable paints and coatings sector.