Press release
Painting Tools Market to exceed USD 14 billion by 2024
Growing urbanization along with increasing infrastructure spending is anticipated to drive painting tools market growth. Increase in government spending in tourism, commercial & building renovation coupled with rise in retail industry has positively influenced the product demand.
Construction applications is projected to surpass USD 10 billion by 2024. Rising population, ongoing industrialization, expanding foreign investment funding across developing economies will fuel the painting tools market. Globally, construction industry is projected as one of the most lucrative industries in the coming years and is forecast to have 4.5% growth rate in next five years.
Rising demand for corrosion resistant and attractive textures in residential & commercial building are the preliminary factors driving painting tools demand. Increasing architectural paint & coatings application in commercial buildings to enhance aesthetic appearance will boost product penetration.
Rise in the global purchasing power parity from USD 13,100 in 2013 to USD 15,800 in 2015 provides a positive outlook for consumer goods industry. Increasing application of coatings on consumer electronics products will stimulate demand.
High painting tools market price trend along with limited consumer awareness regarding the product usage may hamper business growth.
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Germany accounted over 15% of Europe painting tools market in 2016. Presence of major automobile brands including BMW, Mercedes-Benz, Volkswagen, Porsche, Opel and Audi in the country makes it a substantial contributor in European automotive industry. Russia is expected to surpass 20% of the regional industry share by 2024.
APAC painting tools market is set to witness growth over 6% through 2024. Infrastructural advancement in China, Japan and India positively stimulates product penetration in the regional industry.
Brushes are the largest selling and widely recognized product. Global production of paint brushes surpassed 440 million units in 2016. Plastic handle brush are extensively used in emerging countries, while high quality wooden handle is more popular in North America and Europe.
Rollers accounted more than 25% painting tools market demand in 2016. Construction industry is the major consumer of rollers as it provides enhanced paint layoff and reduce bristle loss. Offering unique design to the walls is among the key factor driving product demand in modern wall designs.
Knives and scrapers will witness a substantial growth owing to rising demand for high-class paint & coating application in residential and commercial construction. The segment accounts over 17% demand in LATAM painting tools market by 2024.
Demand from automotive industry contributed over USD 550 million in 2016. Rising demand for luxury vehicles including Cadillac, Infiniti, Maserati Ghibli, Jaguar, Range Rover, Rolls-Royce, Porsche and Bentley has encouraged vehicle manufacturers to utilize spray guns for vehicle coatings. Additionally, appealing finishing of vehicles is accredited to usage of modern coating tools including trowels and sanding coat equipment.
Global painting tools market share is fragmented owing to presence of large number of industry players. Mergers and acquisition plays a crucial role in gaining industry share.
Prominent manufacturers in painting tools market include Gordon Brush, Braun Brush, Purdy, Anderson Products, Mill-Rose Company and Milton Brushware. Other significant manufacturers are Allway, Nespoli Group, Harbor Freight, EPOS Egypt, Shawky Brush & Roller Factory, Makinah, Dura Paints, MAAN and Nour Egypt.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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