APAC Painting Tools Market Size 2020 Growth, Trends, Industry Analysis, Statistics, Key Players and Forecast to 2026 – KSU
It is estimated that the APAC painting tools market size is expected to grow sharply to around 5.6% CAGR between 2020 and 2026. An influx of funds for renovation work in urban cities in India, China and Indonesia has solidified the position of painting tools suppliers in the region.
The development of infrastructure in emerging economies in residential and industrial areas has boosted the market share of APAC paint tools. With the increasing trend towards smart cities, consumer awareness of sustainability has made the relevance of bio-based packaging clear.
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At a time when the automotive industry is experiencing a robust upswing in the region, the demand for painting tools is likely to skyrocket. Domestic production and sales of passenger and commercial vehicles have skipped, which has a positive impact on the industry outlook. So much so that well-known automotive companies such as Tesla, Volkswagen and General Motors are expanding their presence in the region.
Remarkable growth in the construction industry will potentially have a positive impact on the industry given the growing population that has sparked a surge in construction activity. In addition, affordable housing projects have helped leading companies grow their revenue streams. The market share of painting tools in the Asia-Pacific region from the construction segment was 70% in 2019, and the trend is likely to continue over the next five years.
Spray gun penetration will be more pronounced in the industrial sector due to its popularity in high volume paints that require a high quality finish and even coatings. Some of the dynamics like reduced labor costs, smooth finish and an increase in application time will drive product demand. It is worth noting that spray guns minimize the excessive use of paint and reduce the OPEX.
Relentless innovation in rollers has led paint tool manufacturers to increase their investments in the region. By shifting the customer focus to reusable tools with simple cleaning functions, manufacturers are aiming to improve customer relationship management (CRM) and streamline their supply chain. The market share of APAC painting tools for rollers was over 25% in 2019. The growth is likely to be observed over the next five years.
Brush traction is likely to increase as the demand for specific finishes with different types of colors has increased in recent years. The brush segment is expected to raise more than $ 600 million by 2026.
The use of painting tools in industrial machinery and equipment to combat corrosion is becoming more apparent. Research and development activities improve the application of paint in rollers and brushes. The industrial machinery and equipment segment is expected to grow more than 4% CAGR through 2026.
An increase in foreign investment and packaging industry demand in Japan, South Korea and Malaysia have strengthened the industry’s value proposition. Low labor costs and a favorable investment policy will further increase stakeholder confidence.
China is likely to be a happy hunting ground on the heels of the robust construction industry as it holds around 50% of the landscape. The mainland has accelerated efforts to pour funds into infrastructure by exporting its construction products and services.
Stakeholders are expected to increase their investments in India after the growth of the construction industry, manufacturing facilities and real estate sectors. In particular, the $ 271 million injection for incomplete housing projects in India in 2020 has strengthened housing projects in APAC. Construction output in India is expected to grow 7.1% through 2025, partly due to the increase in residential projects.
Although the COVID-19 pandemic has hurt growth prospects, a gradual surge in the construction and packaging industries and a stimulus package from various governments will keep the market intact.
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Some of the leading companies in the Asia Pacific painting tools market are Asian Paints, Décor India, Jinxing Brush Products Co., Ltd., Prem Brush Factory, Jiangsu B-Line Tools Co., Ltd., Hylite Brushware Company, and Maru -T Ohtsuka Corp, among others. These companies are likely to focus on portfolio diversification and investments in design operations and research and innovation.
Table of contents (ToC) of the report:
Chapter 2 Market Snapshot
2.1 Snapshot of Painting Tools Market in Asia Pacific
Chapter 3 Painting Tool Trends in Asia Pacific
3.1 Industry coverage
3.2 Industry size and forecast, 2016-2026
3.3 Value chain analysis
3.3.1 Company product snapshot
3.4 Innovation landscape
3.5 Regulatory Standards and Guidelines
3.6 Driver and restraint systems
3.6.1 Painting Tools Market Drivers
3.6.2 Painting Tools Market Restrictions
3.7 Effects of COVID-19 on Industry
3.8 Industry analysis – Porter’s
3.9 Product growth mapping
3.10 Competitive Benchmarking, 2019
3.10.1 Strategy dashboard
3.11 PESTLE analysis
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