New York, United States, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Aerosol paints are a type of spray paint used to achieve a more uniform finish and coating than traditional painting methods. Aerosol sprays can be applied directly to unfinished wood and other metals. The demand for highly efficient paints and coatings has increased in the furniture, automobile, and construction industries. During the assessment period, these factors are anticipated to boost the market growth. Future product demand is predicted to rise due to substantial infrastructure development investments. Rapid industrialization and rising disposable income levels, especially in emerging economies such as China and India, are the fundamental forces propelling the building industry and, by extension, demand for these paints.
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Growth in the Construction Sector Drives the Market
According to Straits Research, “The Aerosol Paint Market revenue was valued at USD 240.19 million in 2022. It is projected to reach USD 379.05 million by 2031, growing with a CAGR of 5.2% during the forecast period (2023–2031).” It is anticipated that construction will be one of the most dynamic industries worldwide. It is projected to play a vital part in the worldwide prosperity of civilization during the next several years. According to Oxford Economics, the global construction industry is expected to increase by approximately USD 8 trillion by the year 2030, primarily due to the United States, China, and India. In addition, it is anticipated that India's building industry will grow twice as quickly as China's. There has also been an increase in construction activity in the Middle East as the region transitions away from its oil monopoly and complements it with tourism and a corporate center. Due to Qatar's hosting of the 2022 FIFA World Cup, the construction industry in the region is undergoing significant growth. The expansion of the construction industry is anticipated to lead to a rise in demand for aerosol sprays, which are widely employed for spray-painting a variety of construction components and materials utilized to construct indoor and outdoor dwellings.
Regional Analysis
The North American aerosol paint Market share is expected to show promising growth during the assessment period. The region is a significant producer and user of aerosol spray. The vast expanse of trees and wood in North America is conducive to expanding lumbering and related industries, such as the furniture industry. In recent years, there has been an increase in the desire for bespoke and modular furniture. This is likely to stimulate market growth for aerosol sprays used to provide high-quality paint finishes. The construction industry in the US is one of the most significant contributors to the region's economy and has experienced rapid expansion in recent years. The sector's rapid growth trajectory can be ascribed to mergers, acquisitions, and massive pipeline construction projects. Such advancements generate growth opportunities for the construction industry, which uses aerosol sprays extensively.
The Asia-Pacific market is expanding the fastest. In growing countries such as China, India, Malaysia, Vietnam, and Thailand, the automotive, construction, and electrical & electronics industries are witnessing significant growth. Consequently, the rapid expansion of end-use industries and the substantial rise in per capita disposable income are anticipated to increase product consumption over the projected period, particularly in the developing nations of the region. To encourage sustainable growth, China has introduced the New Infrastructure plan. China has pledged to accelerate the construction of new infrastructure projects to boost consumption demand further and support industrial upgrading. Recently, the construction industry in India has been booming. All of these elements contribute to the need for aerosol paint.
Key Highlights
- Based on product, the market is segmented into solvent-based and water-based. The solvent-based category dominates the market.
- Based on application, the market is segmented into construction, automotive, furniture, and others. The construction sector dominates the market.
- North America dominates the global market for aerosol paint.
Competitive Players
The most prominent players in the global market are Aeroaids Corporation, DUPLI-COLOR, Krylon Products Group, Markal, Masterchem Industries LLC, Montana Colors, Nippon Paint (India) Company Limited., Plutonium Paint, PPG Industries, and Rust-Oleum.
Market News
- In April 2022, AkzoNobel India, a prominent paints and coatings firm, entered the expanding Do-It-Yourself (DIY) paints market. After finding success in Europe, India, the first nation in South Asia to release the "Dulux Simply Refresh" line, is driving the DIY phenomenon for AkzoNobel.
- In June 2022, Behr Paint Company introduced the BEHR PREMIUM Spray Paint, available in 36 colors, including eight new metallic finishes such as Antique Copper, Dark Steel, and Soft Iron. The aerosol spray paints offer an improved formulation that combines paint and primer capabilities in a single can, producing a quality, long-lasting finish and can be used to revive furniture and home décor items inside and outside the home.
Global Aerosol Paint Market: Segmentation
By Product
- Water-based
- Solvent-based
By Application
- Construction
- Automotive
- Furniture
- Others
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/aerosol-paint-market/segmentation
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