NEW YORK, August 3, 2021 / PRNewswire / – According to a new research study on “Spray Paint Market to 2028 – Global Analysis and Forecast – by Raw Material, Technology, Application and Geography “, the spray paint market is expected to reach US $ 3,941.90 million in 2020 and should reach US $ 5,238.49 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028. The growing demand for spray paints in DIY applications is one of the major factors fueling the growth of the spray paints market. In addition, wide areas of application in several end user industries such as automotive, construction, woodworking and others have further driven the demand for spray paints.
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Asia Pacific held the largest share of the global spray paints market in 2020. Demand for spray paints in Asia The Pacific is expected to grow due to several factors such as huge population, increasing disposable income and improving standard of living. The growth of the auto repair market in the region is also expected to further boost the demand for spray paints. Additionally, lockdowns during the pandemic saw an increase in demand for several spray paint products for architectural and automotive applications.
The growing demand from the automotive industry to propel the growth of the spray paint market
Spray paints are available in pressurized containers which can be used for painting without any additional assistance. They are available in various colors and styles and are widely used in the construction and automotive industries because they are easy to use and have quick drying times.
In the automotive industry, aerosol paints are used in the manufacture as well as in the aftermarket refinishing of vehicles. Spray paints are an ideal solution for small repainting, reconditioning and repairs of various parts of vehicles. Spray paints help improve the overall appearance of a car by changing different panels to a contrasting color while providing a personalized and personalized feel to the customer. They offer a high quality finish, film hardness, gasoline resistance and UV protection that make them suitable for the interior and exterior of a vehicle. The United States is one of the largest automotive markets in the world. In 2018, sales of light vehicles in the United States reached 17.2 million units. It was the fourth year in a row that sales had reached or exceeded 17 million units. In the same year, according to the Association of European Automobile Manufacturers, or ACEA, EU commercial vehicle production increased 2.6%, reaching 2.8 million units in 2018. However , due to the COVID-19 pandemic, the auto industry and major manufacturing industries have suffered setbacks. Manufacturing industry is expected to recover soon as many countries return to normal due to rising vaccination rates and changing consumption patterns.
Spray Paint Market: Segment Overview
Based on raw materials, the spray paint market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. Alkyd segment dominated the global spray paint market in 2019. These paints are made of polyester resin and are crosslinked by drying fatty acids and vegetable oils. The increasing usage of alkyd spray paint can be attributed to its ease of application and high gloss finish which is expected to drive the demand growth of alkyd spray paint market during the forecast period. Acrylic segment is expected to experience significant growth during the forecast period. They are moderately priced and have superior performance in various applications, such as roof cladding and wall cladding. On the basis of technology, the spray paint market is segmented into solvent-based, water-based, and others. Water-based paints are expected to grow at the highest CAGR during the forecast period. The durability factor of water-based paints is expected to propel demand in the years to come. Based on the application, construction industry, automobile and transportation industry, wood and furniture industry, packaging and others. The construction industry held the largest share of the global spray paint market in 2020. The use of spray paint in the construction industry is limited to certain functional applications due to their relatively high costs, like touching up small areas or to give a smooth look. finish on an area already painted. In the construction industry, architectural coatings also find various applications in decorative interiors such as murals, flooring and sculptures. The automotive segment is expected to experience significant demand during the forecast period, owing to its increasing consumption for small painting jobs, as well as reconditioning and repair of various vehicle parts.
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Impact of the COVID-19 pandemic on the spray paint market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans and business closures. The chemicals and materials industry suffers from severe disruption such as supply chain disruptions, cancellations of tech events and office closures. The closure of various factories and factories North America, Europe, Asia Pacific, South America, and the Middle East and Africa disrupted the global supply chain and disrupted manufacturing, delivery times and sales. In addition, various companies have already announced possible delays in product deliveries and a decline in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America affect business collaborations and partnership opportunities. Spray paints are mainly used in end-use industries such as automotive and construction, due to which the market has suffered a severe negative impact. The occurrence of COVID-19 has turned the residential construction industry upside down. The main disruption is in the supply chain. The change of COVID-19 from a ChinaThe challenge centered on a global pandemic has shifted the impact on supply chains and global construction markets. The ongoing pandemic has created several challenges for the construction industry and disrupted the global economy. The global crisis, the continuing recession and the path to recovery will primarily determine the nature and severity of these challenges. The construction industry, especially the new residential segment, was doing well and saw an increase in activity in many divisions during the first quarter of 2020. However, due to the growing number of cases in North America, many ongoing projects deemed essential by government authorities have not been halted, but new residential building permits have been suspended. These factors have negatively impacted the spray paint market. However, this has also led to an increase in demand for spray paints for DIY applications.
Spray Paint Market: Competition Landscape and Key Developments
Some of the major players operating in the global spray paint market are Aeroaids Corporation; the Sherwin-Williams Company; Kobra Paint – Spray Art Technologies; Masterchem Industries LLC; MONTANA COLORS SL; Nippon Paint Holdings Co., Ltd. ; Plutonium paint; AVT Pty Paints Ltd; PPG Industries Inc .; rust oleum; Peter Kwasny GmbH; Motip Dupli Group BV; and Technima SAS. The major players in the aerosol paints market are focusing on research and development and innovation strategies to meet the rapidly changing consumer buying behavior and to meet the chaining requirements of potential customers. In addition, they adopt emerging technologies in the paints and coatings industry to stay competitive.
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