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Furniture Paint Market Opportunities And Strategies 2024-2033 - Growth Analysis, Outlook, Overview
Furniture Paint Market
According to The Business Research Company's, The furniture paint market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.20 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to shifts in consumer preferences towards eco-friendly, changes in interior design and color trends, implementation of stricter environmental regulations and safety standards, expansion of furniture manufacturing and retailing across borders, and growth of the do-it-yourself culture.
The furniture paint market size is expected to see strong growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to consumer preference for customization, rapid urbanization, increasing construction activities, a rise in renovation and remodeling projects, and the proliferation of e-commerce channels. Major trends in the forecast period include water-based paints, advancements in nanotechnology and smart coatings, eco-friendly formulations, trends in interior design and home decor, and technological innovations.
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Market Drivers and Trends:
The growth in the real estate industry is expected to propel the furniture paint market going forward. Real estate refers to land, including any structures or natural resources, along with the rights associated with ownership or use. Real estate projects are increasing due to population growth, rapid urbanization, economic development, infrastructure investment, and changing consumer preferences. Furniture paint enhances property aesthetics, adding value and appeal to real estate listings and attracting potential buyers with refreshed interiors and modernized decor. For instance, in June 2023, according to the Northern Ireland Statistics and Research Agency, an Ireland-based public authority, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5%, with the housing sector of construction increasing by 11.1% and the infrastructure subsector by 3.7%. Therefore, growth in the real estate industry is driving the growth of the furniture paint market.
Major companies operating in the furniture paint market focus on developing innovative products, such as spray paints, to gain a competitive edge. Spray paint involves applying paint using an aerosol canister, allowing for even coverage and smooth finishes on various surfaces of furniture pieces. For instance, in April 2022, PPG Industries Inc., a US-based paint manufacturing company, launched 'GLIDDEN MAX FLEX' spray paint, a groundbreaking combination of spray paint and primer featuring an innovative lacquer-based formula and distinctive spray pattern. This innovative product delivers a high-coverage, ultra-durable coating on various surfaces. With a quick five-minute dry time (Do it yourself) DIY enthusiasts can achieve a flawless finish that maintains the original appearance of the painted item.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., RPM International Inc., Axalta Coating Systems Ltd., Asian Paints Limited, The Valspar Corporation, Kansai Paint Co. Ltd., Hempel A/S, Jotun A/S, Tikkurila Oyj, Behr Process Corporation, Berger Paints India Limited, Benjamin Moore & Co., Rust-Oleum Corporation, Dunn-Edwards Corporation, Crown Paints Limited, Farrow & Ball Limited, DuluxGroup Limited, HMG Paints Ltd., Morrells Woodfinishes Limited, J.W. Ostendorf GmbH & Co. KG, Liberon Limited, Sikkens Corporation, General Finishes LLC, Fine Paints of Europe Inc
Furniture Paint Market 2024 Key Insights:
• The furniture paint market size is expected to see strong growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Unveiling The Explosive Growth In The Real Estate Industry To Drive The Furniture Paint Market
• Furniture Paint Giants Introduce Cutting-Edge Spray Paint Innovations For Market Leadership
• Asia-Pacific was the largest region in the furniture paint market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.""
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