The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 5.0 %
The aerosol paints market is anticipated to experience massive growth due to increasing urbanization, rising disposable incomes and rapid infrastructural developments in emerging economies. The fast-growing automotive sector and the resulting increase in demand for automotive refinishing applications is driving the growth of the global aerosol paints market. The introduction of Environmental Protection Agency (EPA) approved aerosol products is also anticipated to contribute to the market growth. However, the availability of substitutes in the market and high cost of the products may hinder the market growth. Manufacturers can thus use this as an opportunity by leveraging new product development and R&D to gain market share. Companies are thus increasingly focusing on development of sustainable technologies to increase their presence in the market.
Industry Definition and Major Segments
Aerosol paints are commonly known as spray paints. They are a form of paint that come in a sealed pressurised container and are released as a spray when the valve is pressed. Aerosol paints leave a smooth, even coat on the applied surface, unlike traditional rolled or brush paints. They are available in standard sized cans that are easy to carry, store and inexpensive. Aerosol paints are widely used in automotive industry for providing finishing touches, repairs, and reconditioning of automotive components.
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Based on technology, the market is divided into:
• Water-borne• Solvent-borne
Based on resin, the industry can be segmented into:
• Acrylic• Epoxy• Polyurethane• Alkyd• Others
By end use, the industry is categorised into:
• Automotive• Construction• Wooden Furniture• Others
By region, the industry is categorised into:
• North America• Europe• Asia Pacific• Latin America• Middle East and Africa
Market Trends
Aerosol paints find application in a diverse range of architectural coatings such as interior and exterior paints, primers, sealants, stains, and varnishes. They provide a distinct cost and visual advantage over conventional paints, specially when used on a small scale. The aerosol paint market is thus driven majorly by the fast-growing construction industry. There is also increasing demand form the automotive industry as the consumer demand for automobiles is also rising across the world. In the automobile sector, aerosol paints are used during manufacturing as well for after-sales refinishing of vehicles. They are an ideal solution for touch-ups, reconditioning and repairs for different parts of vehicles. Aerosol paints are also finding increasing usage for DIY applications recently, sue to the influence of the internet and social media. They can be used for basic household applications, for example, wall painting, refinishing and customization of vehicles, household exterior and interior refurbishing, graffiti, and hobby artwork.
The Asia Pacific and North America regions are the largest markets for aerosol paints owing to the strong growth of residential construction. The Asia Pacific region is expected to continue its strong growth in the forecast period, due to the rapid rise of the end-use industries, increasing population base, rising disposable incomes and urbanization in developing countries like China, India, the Philippines, Vietnam and Indonesia. Many economies in Asia Pacific and Middle East region are experiencing huge investments for construction of industrial units, hospitals, multiplexes, malls, hotels, and IT sector, which is further expected to propel the growth of the aerosol paints market.
The market for solvent-based aerosol paints, particularly in Europe and North America, may expect some hindrance due to the presence of stringent environmental laws. On the other hand, increasing number of green building initiatives across various regions, especially in Europe, are projected to boost the demand for water-based paints in the forecast period.
Key Market Players
The major players in the market are Nippon Paint Holdings Group, Aeroaids Corporation, Krylon Products Group, RPM International Inc., and PPG Industries, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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