Painting Tools Market Will Grow at 6%+ CAGR to Hit $15.5bn by 2025
The painting tools market share from appliances application is projected to surpass USD 900 million by 2025 driven by increasing technological advancements, rapid urbanization, increasing per capita income and escalating number of smaller households globally.
SELBYVILLE, Del., April 18, 2019 (Newswire.com) - Painting Tools Market demand is set to increase from USD 10 billion in 2018 to around USD 15.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing infrastructure projects along with steady support from public-private partnerships are among the major driving factors for growth in the construction industry which in return will drive the overall painting tools market size. Increasing needs for houses along with investment regarding infrastructure development is estimated to fuel the industry growth. Rising smart cities demand and increased construction expenditure for economically stabilizing countries is expected to propel the painting tools market expansion.
Population growth, environmental impacts and urbanization have upsurged the need for smart and sustainable infrastructure solutions. For instance, the global construction industry is set to grow at around 2.8 percent up to 2021. In addition, providing efficient building methods, coupled with the ability to offer effective integration, planning and designing, are the major factors further propelling growth for the painting tools market. This has resulted in demand for painting brushes and rollers as they are widely used in painting houses.
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Rising awareness among people about the major link between infrastructure and quality of life has resulted in a major public policy shift, thus driving the painting tools market in major demographic regions. An upsurge in the applications of paints & coatings on consumer electronic products will help fuel industry demand. Rapid technological advancements pertaining to new and improved designs of the painting tools along with significant R&D investments by the key players will proliferate the business share. However, lack of availability for skilled labor and rising labor costs in developed economies such as China, U.S., UK, and Canada may hamper the overall trade across the globe.
Spray guns accounted for a share of more than 21 percent in the overall painting tools market in 2018. A spray gun consists of a powerful pressure nozzle with a container at the bottom in which the paints and coatings are loaded. Key benefits such as high application speed and accessibility, even coating on the surface, and easy availability of various sizes will enhance industry share. In addition, high versatility, greater productivity, accurate finish, and less wastage of the paints are among the major factors further driving the overall segment growth.
The painting tools market from residential construction is anticipated to witness over 6 percent growth in revenue up to 2025. A growing population, increasing regulatory support from various government bodies, and surging incorporation of the green technologies in the building projects will enhance the segment scope in the market. Additionally, the rising popularity of multi-generation suites in the new home construction sector will further propel segment growth in the overall painting tools market share.
Appliances application is projected to surpass USD 900 million in the global painting tools market by 2025. Key factors such as increasing technological advancements, rapid urbanization, increasing per capita income, and an escalating number of smaller households will promulgate market expansion. Besides, shifting consumer preferences toward new and improved kitchen and living room decors along with significant protection of appliances from damage will provide a positive scope for the segment growth in the overall market share.
Browse key industry insights spread across 300 pages with 217 market data tables and 26 charts and figures 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 and Equipment, Packaging) Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, South Korea, Malaysia, Indonesia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Iran, Iraq, Egypt, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025” in detail along with the table of contents:
Europe accounted for over USD 2 billion in the overall painting tools market in 2018. Surging product demand from professional craftsmen in the architectural industry and quality minded home improvement enthusiasts will propel the industry’s expansion. In addition, rising demand from the decorative paints segments along with general industrial applications will further enhance the overall market growth for painting tools across the region. Moreover, shifting consumer preferences towards the aesthetics and designs of the walls in the residential and commercial buildings will promulgate the market share.
Gordon Brush, Asian Paints, Nespoli Group, Dura Paints, and Anderson Products are among the major manufacturers in the business. Global market share for painting tools is highly competitive due to the presence of major multinational corporations. The key manufacturers are involved in numerous production capacity expansions, mergers and acquisitions, new product launches, and long-term agreements to gain a competitive edge over other players. For instance, on March 21, 2019, Gordon Brush announced the acquisition of Spectrum Paint Applicator Corp., which is the leading producer of consumer and industrial paint brushes along with paint rollers and artist brushes. The acquisition will strengthen the company’s presence in the paint brush industry across the globe.
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