Global Self-Healing Wraps Market Size (2023-2030)

In 2022, the Global Self-Healing Wraps Market was valued at $313 Million and is projected to reach a market size of $570.81 Million by 2030. Over the forecast period of 2023-2030 market is projected to grow at a CAGR of 7.8%.

Market Overview:

Self-Healing Wraps or paint protection covers are primarily used as a safety protective layer against elements that can cause scratches, stains, and other obstructing elements to a vehicle’s structure. Self-healing wraps have the capacity to impart the following features without any visible change or alteration in the exterior. It is a thin polyurethane film layer or polymer that can help in giving additional features as well as protect from UV exposure, mineral deposits, and environmental conditions such as UV rain. Extraordinary protection against stains and scratches offered by these wraps has made them an important protection means in the automotive industry. Along with scratch resistivity, self-healing wraps offer a smoother finish to vehicle paint. As a result, they have emerged as a cost-effective solution to prevent vehicle finish quality. These wraps are also available in a wide range of colors or in the form of a visually clear substance. The automotive industry is the primary consumer and has driven the consumption of these self-healing wraps during the historical period and is set to remain the dominant consumer during the forecast period. Protection of the interiors and exteriors of luxurious cars will remain the growth focus for the market. Furthermore, surging demand from other applications like commercial and household applications is anticipated to yield remunerative opportunities for self-healing wrap suppliers.

COVID-19 Impact on the Self-Healing Wraps Market:

The ongoing COVID-19 pandemic affected a wide range of business practices worldwide and affected the self-healing wraps market critically. During the starting stages of the pandemic, regular nationwide lockdowns and disturbances in the supply chains led to a decline in sales for the market. The market was segmented into pre-and post-pandemic stages, where the pre-pandemic stage witnessed a steady growth rate year on year. Factors such as the allocation of additional capital toward healthcare infrastructure further declined the size of the global self-healing wraps market during the forecast. Additionally, services across the world were deemed essential and non-essential, with the self-healing wraps falling in the latter. Non-essential services were put off the priority as the pandemic took over a majority of resources and the workforce to maintain the increasing load of virus cases. A shattered workforce urged the players in the market to operate at a less-than-optimal capacity, further minimizing production capabilities. This led to a huge gap in the demand-supply market, attaining a state of vacuum. However, as the pandemic gets past 2021, the market is predicted to return to pre-pandemic level sales as global trade routes are likely to resume functioning.

Market Drivers:

Increasing consumer awareness regarding the products available is boosting the market demand for self-healing wraps:

Emerging nations such as China, India, Malaysia, Thailand, Brazil, and Argentina have been highly populated by the automotive sector and have been witnessing steady year-on-year growth. The rising growth can be attributed to rapid urbanization, growing industrialization, and constantly rising income levels, prompting an enlarged position to own personal vehicles. While self-healing wraps were earlier designed for military usage and still hold a solid portion of the market, consumers have started showing interest in using them for their personal vehicles as well. This has entitled the market to raise sales, with manufacturers and producers owning the ongoing trend. Also, aggressive marketing initiatives and increasing OEM expansion have directly impacted the market and consumers and allowed the market to grow exponentially in the forecasted years. Shifting consumer choices toward keeping their vehicle’s finish for a longer duration and growing awareness of automobile maintenance is likely to increase the value of the self-healing wraps market during the forecast time. These factors are anticipated to heavily shift the market growth trajectory in a positive manner during the outlook period.

Increasing demand from the automotive sector is fuelling the market growth:

The global automotive sector has been projecting a surge in terms of sales and volume. India, China, and Brazil are anticipated to be booming grounds for the global automotive sector to flourish. A rising number of rules and regulations in terms of safety and environmental concerns is anticipated to make the market a highly competitive sector, thereby pushing sales to a higher bar. Additionally, the increasing population and rising urbanization will lead to shifting consumer preferences toward automobile sales during the forecast time. Additionally, increasing investments and the growing nature of manufacturing bases along with increased advancements in vehicular production will critically increase the size of the market. These factors will bolster the value of the global self-healing wraps market.

Market Restraints:

Lack of repairing and lower maintenance initiatives, especially in some developing and under developed nations may restrict the market growth:

While the awareness regarding self-healing wraps is rising, the high costs associated with installation and maintenance may pose challenges and restrict the potential growth of the market. A majority of the self-healing wraps are usually manufactured in specialized and certified areas where the devices and technologies involved are installed as per requirements. These factors play a major role in slowing down the growth of the market during the forecast period.

SELF-HEALING WRAPS MARKET REPORT COVERAGE:

This research report on the Self-Healing Wraps Market has been segmented and sub-segmented based on Application, Region, and Key Companies.

Self-Healing Wraps Market – By Application

• Automotive and Transportation
• Electrical and Electronics
• Aerospace and Defence
• Others

Based on application, the self-healing market can be segmented into 4 segments - automotive and transportation, electrical and electronics, aerospace and defence, and others.

The Automotive and Transportation sector is anticipated to witness the largest market share in terms of segmental growth, with a share of 72% in 2022, and is estimated to grow at a CAGR of 6.7% during the forecast timeline. They are extensively used in the automotive sector as they also protect from debris, gravel, and other dust particles and surging investments owing to the defence applications in India, China, and Russia will augment the market demand further.

Self-Healing Wraps Market – By Region.

• North America
• Europe
• Asia-Pacific
• Middle-East and Africa
• South America

Based on region, the self-healing market can be segmented into 5 major regions- North America, Europe, Asia-Pacific, Middle-East and Africa, and South America.

Asia-Pacific accounts for the majority of the market share during the forecast period, due to the shifting automotive manufacturing hubs towards China, India, Thailand, and Indonesia, along with growing automotive sales within the region. The market in the region is likely to grow with a CAGR of 7.4% during the forecast period.

North America accounts for the second-largest market share during the forecast timeline, with a total market share of around 28% in 2022. The region holds a robust manufacturing base in the US along with the rapid escalation of the automotive sector in Mexico, enlarging the self-healing wraps market in the region.

Self-Healing Wraps Market – By Companies.

1. KDX Composite Material Co. Ltd.
2. 3M
3. XPEL Inc.
4. SWM, Inc.
5. Premier Protective Films International
6. Eastman Chemical Company
7. Avery Dennison Corporation
8. Saint-Gobain S.A.
9. Matrix Films
10. Renolit
11. Ziebart International Corporation

The self-healing wraps market is highly competitive, owing to the existence of some high-end international players in the market. Key major manufacturers performing in the global market are focusing on developing new technology and products in the international market to help them expand their business on a global scale as well as strengthen their product portfolio.

Recent Industry Developments:

• In May 2021, XPEL Inc. announced the acquisition of PermaPlate film, a U.S.-based distributor and installing service provider for window films.
• In April 2021, Eastman Performance Films introduced their new product, a new car protection technology “LLumar Valor” against extreme elements for premium cars.
• In August 2020, Avery Dennison Solutions introduced two new product lines—the Supreme Defence and Neo. They have a self-healing top coat and provide longer durability minimizing maintenance costs.
• In January 2020, Eastman Chemical Company followed a strategic move to extend their capacity at their manufacturing plant in Dresden, Germany for the company’s new laminating and coating lines venture.
• In March 2019, XPEL launched its new product, XPEL FUSION PLUS ceramic coating, it provides a protective layer for vehicle protection and increases additional revenue opportunities globally.