Painting Tools Market revenue to exceed $12 Bn by 2026
Published Date: November 20, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Painting Tools Market size is estimated to surpass USD 12 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing paint and coating applications from various industries such as construction, automotive, appliances, and furniture industry is likely to fuel the panting tools industry growth. Overall economic growth over the past few years has witnessed an upsurge in infrastructural development and construction. Increasing construction is the key driver for overall business growth.
Growing improvement and repair demand coupled with infrastructure activities on a global scale across the commercial and residential sectors will drive the global painting tools market revenue. Demand for painting tools varies based on parameters such as environmental friendliness, ease of use, quality, price, and applicability. Growth in commercial and housing construction markets based on the required characteristics will continue driving painting tools demand.
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The COVID-19 impact on the industry is set to disrupt construction, automotive, and other major industries in a significant manner. During the early outbreak, production halts and other disruptions in new construction and expansion projects have severely depleted the demand, especially in growing economies. However, the establishment of new guidelines and government efforts to fund commercial and non-residential infrastructure investment may propel the industry towards a rebound. Affected supply chains and the raw material industry is also set to resume operations, driving the industry growth.
Browse key industry insights spread across 245 pages with 199 market data tables & 12 figures & charts from the report, “Painting Tools Market Size By Product (Brushes, Rollers, Scrapers, Knives, Trays, Spray Gun, Masking Tapes), By Application (Construction [Residential, Commercial, Industrial], Automotive, Appliances, Furniture, Industrial Machineries & Equipment, Packaging), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rollers accounted for around 20% of the painting tools market share in 2019. A recent innovation in a roller with the attached paint tank ensuring the uniform supply of paint on the surface is the key factor driving the industry growth. For instance, large infrastructure such as large bridges, commercial buildings, and even in the residential sector. Moreover, shifting consumer trends towards re-using the painting rollers with easy cleaning facility is preferred by most of the professionals. Manufacturers are focusing on building strong customer relationships and developing strong supply chain management with increasing trade of painting tools.
Automotive application to witness strong growth owing to increasing car ownership
Automotive application is projected to expand at more than 4.5% CAGR through 2026 owing to increasing per capita ownership of vehicles especially in emerging regions. The automotive application requires coating with high precision for the coats. Spray guns are mainly used in the automotive sector from OEM and refurbishing. Aesthetics, sustainability, finish quality, and material selection are the key factors for the selection of painting tools. The globalization of the automotive industry using advanced technologies is expected to drive the overall market demand.
Increasing renovation and remodeling activities to drive North American market
North America painting tools market volume is poised to see 3.5% growth rate from 2020 to 2026 driven by increasing remodeling activities. Improvement in overall economic growth from manufacturers of paint products is expected to support business growth. Stable raw material prices owing to stable oil supply will further propel the market value. Surging smart infrastructure demand along with soaring infrastructure spending in the U.S. should escalate global market. Reducing fiscal tightening coupled with low inflation is expected to fuel construction spending in the region.
Some of the key manufacturers present in the painting tools market have expanded their distribution by establishing an online retail channel and expanding export operations. E-commerce coupled with brick and click has positively impacted the demand outlook for painting tools through improving reachability.
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