According to The Insight Partners latest market study on “Aerosol Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material; Technology; Application,” the market was valued at US$ 3,941.90 million in 2020 and is projected to reach US$ 5,238.49 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Strategic Insights
Report Coverage | Details |
Market Size Value in | US$ 3,941.90 Million in 2020 |
Market Size Value by | US$ 5,238.49 Million by 2028 |
Growth rate | CAGR of 3.9% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 165 |
No. Tables | 83 |
No. of Charts & Figures | 84 |
Historical data available | Yes |
Segments covered | Raw Material ; Technology ; Application |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Aerosol paints are available in a sealed pressurized container. They are available in various colors and styles, making it a popular choice of product among consumers. They are widely used in the construction and automotive sectors as they are easy to use and have quick drying times.
Do it Yourself (DIY) is an activity that comprises decorating, building, modifying, and repairing things at home by oneself without the help of an expert or a professional. Consumers use aerosol paints for household DIY activities. They use these paints to modernize or reinvent their furniture, which helps them save the cost of new furniture. The frames of windows and doors in homes can become worn over a long period of time, and their colors can also be bleached from UV rays. The wooden frames can become coarse and untidy. The bottom of doorframes gets scuffed due to constant footfall. Thus, aerosol paints provide a dual-purpose fix as they repair and modify the window and doorframes and provide a new look to the furniture
Growing demand from automotive industry is going to influence aerosol paints market globally
In the automotive industry, aerosol paints are used in the manufacturing and after-sales refinishing of vehicles. In the industry, these paints are an ideal solution for touch-ups, and reconditioning and repairing of the different parts of vehicles. The aerosol paints help improve the overall look of a car by changing different panels to a contrasting color and providing a customized and personalized feel to the customers. The aerosol paints provide a high-quality finish, film hardness, gasoline resistance, and UV protection that make them suitable for the interiors and exteriors of a vehicle. The automotive industry is growing across the world. The US is one of the largest automotive markets globally. In 2018, the light vehicle sales in the US reached 17.2 million units. It is the fourth straight year in which the sales have reached or surpassed 17 million units. According to the European Automobile Manufacturers’ Association, or ACEA, the EU commercial vehicle output grew by 2.6%, which reached 2.8 million units in 2018. In 2019, commercial vehicle production in North America expanded by 3.6%. The growing production and sales of vehicles propel the demand for aerosol paints in the automotive industry. However, due to the COVID-19 outbreak pandemic, automotive and major manufacturing industries have suffered setbacks. The manufacturing industry is expected to recover soon as many countries are returning to normal owing to the increasing vaccination rates and changing consumer habits.
Impact of COVID-19 on Aerosol Paints Market:
The ongoing pandemic has created several challenges for the construction industry and disrupted the global economy. The global crisis, a continuation of the recession, and the path of recovery will mainly determine the nature and severity of these challenges. The construction industry, especially the novel residential segment, was performing well and witnessing a surge in activity across many divisions in the initial quarter of 2020. However, due to the growing number of cases in North America, many ongoing projects considered essential by the government authorities were not stopped, but new residential construction licenses were suspended. In addition to this, with the World Health Organization declaring the COVID-19 outbreak a pandemic, an unprecedented global disruption is at hand. Automobile and component manufacturing plants are being shuttered worldwide, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically, and almost every major industry event is either canceled or going the digital way. Henceforth, the demand for aerosol paint is experiencing a negative impact owing to the said factors.
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Aerosol Paints Market: Technology
Based on technology, the aerosol paints market is segmented into solvent-borne, Solvent-based aerosol paints are characterized by the distinctive mineral spirits used throughout their production process. The demand for these products has surged majorly in the developed regions across the world, particularly in North America and Europe, owing to the stringent environmental norms and acts pertaining to the use and manufacturing of hazardous chemicals. Solvent-based paints release toxic compounds during their application and drying, leading to a strong smell. As a result, these paints are highly flammable and have adverse effects on the environment and human health.
Aerosol Paints Market: Competitive Landscape and Key Developments
The key players operating in the aerosol paints market are Aeroaids Corporation; The Sherwin-Williams Company; Kobra Paint - Spray Art Technologies; Masterchem Industries LLC; MONTANA COLORS S.L.; Nippon Paint Holdings Co., Ltd.; Plutonium Paint; AVT Paints Pty Ltd; PPG Industries Inc.; Rust Oleum; Peter Kwasny GmbH; Motip Dupli Group B.V.; and Technima SAS and others. The major players are striving towards expanding their customer base and expanding their presence globally to acquire better market position.
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