NEW YORK, Aug. 3, 2021 /PRNewswire/ -- According to new research study on "Aerosol Paints Market to 2028 – Global Analysis and Forecast – by Raw Material, Technology, Application and Geography," the aerosol paints market is projected to reach 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. Growing demand for aerosol paints in DIY applications is one of the major factors fueling the aerosol paints market growth. Moreover, wide areas of applications in several end-user industries such as automotive, construction, wood working and others have further propelled the demand for aerosol paints.
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Asia Pacific held the largest share of the global aerosol paints market in 2020. Aerosol Paints demand in Asia pacific is expected to grow on account of several factors such as the huge population base, increasing disposable income, and improved living standards. The growth of the automotive refinish market in the region is also expected to further propel the demand for aerosol paints. Moreover, the lockdowns during the pandemic have witnessed a surge in demand for several aerosol paint products for architectural and automotive applications.
Growing Demand form the Automotive Industry to Propel Aerosol Paints Market Growth
Aerosol paints are available in pressurized containers that can be used to paint without any additional assistance. They are available in various colors and styles, and are widely used in the construction and automotive sectors as they are easy to use and have quick drying times.
In the automotive industry, aerosol paints are used in the manufacturing as well as after-sales refinishing of vehicles. Aerosol paints are an ideal solution for small repainting, reconditioning and repairing of different parts of the vehicles. The aerosol paints help improve the overall appearance of a car by changing different panels to a contrasting color while providing a customized and personalized feel to the customer. They 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 US is one of the largest automotive markets globally. In 2018, the light vehicle sales in the US reached 17.2 million units. It was the fourth straight year in which the sales had reached or surpassed 17 million units. Over the same year, according to the European Automobile Manufacturers' Association, or ACEA, the EU commercial vehicle output grew by 2.6%, reaching 2.8 million units in 2018. However, due to the COVID-19 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.
Aerosol Paints Market: Segmental Overview
Based on raw material, the aerosol paints market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. The alkyd segment dominated the global aerosol paints market in 2019. These paints consist of a polyester resin and are cross-linked by drying fatty acids and vegetable oils. The Increasing use of alkyd aerosol paint is increasing can be attributed to its ease of application and a high gloss finish, which is expected to boost the demand growth of the for the alkyd aerosol paint market in during the forecast period. Acrylic segment is expected to witness significant growth over the forecast period. They are moderately priced and exhibit superior performance in various applications, such as roof coating and wall coating. On the basis of technology, the aerosol paints market is segmented into solvent-borne, water-borne, and others. Water-borne paints are expected to grow at the highest CAGR over the forecast period. The sustainability factor of the water-borne paints are expected to propel the demand in the coming years. On the basis of application, construction industry, automotive and transportation, wood and furniture industry, packaging, and others. Construction industry held the largest share of the global aerosol paints market in 2020. The usage of aerosol paint in the construction industry is confined to certain functional applications due to their relative high costs, such as to touch-up small areas or to give a smooth finish to a previously painted area. In the construction industry, architectural coatings also find various applications in decorative interiors such as wall paintings, flooring, and sculptures. Automotive segment is expected to witness significant demand over the forecast period, owing to its increasing consumption for small repainting works, as well as reconditioning and repairing of various vehicle parts.
Impact of COVID-19 Pandemic on Aerosol Paints Market
The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has disrupted the global supply chain and disturbed the manufacturing, delivery schedules, and sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. Aerosol paints are mainly used in end-use industries such as automotive and construction, owing to which the market has faced a severe negative impact. The occurrence of COVID-19 has disrupted the residential construction sector. The major disruption is in the supply chain. The change of COVID-19 from a China-centric challenge to a worldwide pandemic has shifted the impact to the worldwide construction supply chains and markets. 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. These factors have negatively impacted the aerosol paints market. However, this has also resulted in a surge in demand for aerosol paints for DIY applications.
Aerosol Paints Market: Competition Landscape and Key Developments
A few of the prominent players operating in the global 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. Major players in the aerosol paints market are focused on research & development and innovation strategies to cater to the rapidly changing consumer buying behavior and to meet the chaining requirements of potential customers. Additionally, they are adopting emerging technologies in paints and coatings industry to stay competitive.
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