The scope of our recent study on the “Aerosol Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material (Acrylic, Alkyd, Epoxy, Polyurethane, and Others); Technology (Solvent-Borne, Water-Borne, and Others); Application (Construction Industry, Automotive and Transportation, Wood and Furniture Industry, Packaging, and Others)” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis.
The aerosol paints 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. 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.
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Based on raw material, the aerosol paints market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. Alkyd segment held the largest share in the global aerosol paints market in 2020. The use of alkyd aerosol paint is increasing owing to its ease of application and a high gloss finish, which is expected to boost the growth of the alkyd aerosol paint market during the forecast period.
The aerosol paints market is segmented into five main regions- North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific held the largest share of the global aerosol paints market. It is also estimated to register the fastest CAGR in the market over the forecast period. The demand for aerosol paints is expected to increase in the region due to various factors such as the huge population base, increasing disposable income, and improved living standards. The growth of the automotive refinish market has also positively contributed to the growth of the demand for aerosol paints in Asia Pacific. These factors have also attracted foreign players to expand into the region. Additionally, the rapid growth of this region can also be attributed to the growth of the construction industry in the region. China, is the world’s largest construction market and is expected to grow significantly over the next few years. Moreover, other developing economies like India is also set to grow at a tremendous rate with the focus of the region towards boosting domestic manufacturing activities.
Impact of COVID-19 Pandemic on Aerosol Paints Market :
The COVID-19 outbreak has impacted distinguished industries differently. Due to the pandemic, the lockdown scenario has affected and hampered the supply chain of the aerosol paints market. The non-availability of raw materials and labor, owing to the restrictions on the movement of people, has hindered the production of the aerosol paints market. The COVID-19 outbreak has been considered a pandemic and has badly affected several businesses across the globe. The pandemic has had the most influence on the production, logistics, and tourism & travel industries. The virus outbreak propelled the governments of numerous countries to impose a lockdown to decrease the spread of the virus. Thus, several companies are undergoing downtime and have driven some companies to work remotely, leading to low productivity and income.
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.
The report segments the aerosol paints market as follows:
Based on raw material, the market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. Based on technology, the market is segmented into solvent-borne, water-borne, and others. Based on application, the market is segmented into construction industry, automotive and transportation, wood and furniture industry, packaging, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
GROWING DEMAND FROM AUTOMOTIVE INDUSTRY IS GOING TO INFLUENCE AEROSOL PAINTS MARKET GLOBALLY
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.
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