Press release
Paint Stripper Market Outlook 2024: Exclusive Report By The Business Research Company |3M Company, Henkel AG & Co. KGaA, Sherwin-Williams, The Sherwin-Williams Company, PPG IndustrieS
Paint Stripper Market Characteristics
The Business Research Company offers in-depth market insights through Paint Stripper Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The paint stripper market size has grown strongly in recent years. It will grow from $1.25 billion in 2023 to $1.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in the manufacturing sector, demand for eco-friendly and biodegradable paint strippers, government regulations, economic growth, urbanization.
The paint stripper market size is expected to see steady growth in the next few years. It will grow to $1.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for environmentally-friendly formulations, expanding construction industry, rising popularity of diy projects and home renovations, increase in investment in infrastructure and construction projects, increase in the demand for paint removal products. Major trends in the forecast period include innovation and product development, technological advancements, develop paint stripper formulations, increase in mergers and acquisitions, .
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Market Segmentation:
The paint stripper market covered in this report is segmented -
1) By Type: Solvent Type, Caustic Type, Acidic Type
2) By Packaging Type: Bucket, Drum
3) By Grade: Industrial Grade, Technical Grade
4) By End User: Aerospace, Automotive, Marine, Oil & Gas, Packaging , Other End Users
Major Driver - Construction Industry Expansion Fuels Growth In The Paint Stripper Market
The expanding construction industry is expected to propel the growth of the paint stripper market. Construction combines various elements to create a structure for a specific location, using a detailed design and plan. Paint strippers are used in the construction industry for surface preparation and maintenance, as they can be used to remove old and decaying paint or coatings. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, construction activity saw a 3.7% rise in March 2021. Further, in 2021, residential activity increased by 4.3% in 2021 over 2020. Additionally, according to the US Census Bureau, with a growth rate of 10.2%, the value of construction activities climbed from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the expanding construction industry is driving the growth of the paint stripper market.
Competitive Landscape:
Major companies operating in the paint stripper market report are 3M Company, Henkel AG & Co. KGaA, Sherwin-Williams, The Sherwin-Williams Company, PPG Industries, AkzoNobel, Nippon Paint Holdings Co. Ltd., RPM International Inc., Asian Paints, United Gilsonite Laboratories, Jasco, Green Products, Fiberlock Technologies, Tri-State Fabricators, Inc., Franmar Chemical Inc., Sunnyside, EZ Strip Inc., Savogran, Vitex Corp., SRI Performance, Twin Specialties, Citristrip, CHEMEON, Dumond Chemicals, Motsenbocker's Lift Off, Blue Bear, Formby's, Klean-Strip
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Top Trend - Innovative Solvent-Based Paint Stripper Launched By Propspeed
Major companies operating in the paint stripper market are developing innovative products such as solvent-based paint strippers, a chemical solution designed to dissolve and remove paint coatings by breaking down their chemical bonds. For instance, in 2023, Propspeed, a New Zealand-based company, launched Stripspeed, a new solvent-based stripper. The stripspeed method of removing foul-release coatings without grinding or dusting is simple and effective because of its solvent-based paint-stripping technology. Stripspeed can save up to 33% of the preparation time for smooth surfaces like propellers and shafts and up to 50% for more complicated surfaces like swim platform armatures. It produces no harmful dust or debris and is non-flammable, non-caustic, and devoid of DCM and NMP. They were designed to assist prop speed applicators in priming metal surfaces for subsequent application.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Paint Stripper Market Characteristics
3. Paint Stripper Market Trends And Strategies
4. Paint Stripper Market - Macro Economic Scenario
5. Paint Stripper Market Size And Growth
…..
27. Paint Stripper Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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