Painting Tools Market Size in North America 2020 Industry Analysis and Forecast 2024
The paint tool market size in North America is projected to exceed $ 2.8 billion by 2024. The expansion of the painting tool industry in North America would be fueled by steadily increasing demand from end-use sectors such as construction, furniture, automobiles, and home appliances. It is expected that the increasing demand for corrosion-resistant paint and the propensity for aesthetic appearance of residential and commercial buildings will drive demand for the product. Large investments in the construction sector to develop residential and commercial infrastructure will play an important role in fueling industry growth.
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The low volatility of oil prices in North America has led to a stabilization of raw material prices for painting tools, which will further complement the expansion of the business. Due to the expansion in residential construction, the approval of 160,000 new buildings in the region should open up enormous growth opportunities for the painting tool market in the coming years. Below are some of the key benefits of painting tools that are driving their use in various industries.
Technological advancement in rollers and brushes
In the product segment, brushes have the highest share, accounting for nearly $ 555.9 million in 2017. Brushes are considered the most basic tool for painting, having the advantages of excellent control, more detail, adhesion, and even coverage. Technological advancement in the manufacture of paint brushes has given consumers the opportunity to use bespoke brush bristles of various sizes and uses. The growing preference for painting tools to improve the aesthetic finishing of residential and commercial buildings will increase their demand in the years to come.
Almost 44.4 million roll units were sold in 2017 and this sales trend is expected to fuel industry growth in the years to come. The benefits of easy paint peeling, the ability to hold more paint, and the smoother surface of paint rollers have increased their use in the construction industry. Improvements in product design, including inking rollers with attached ink tanks and easy cleaning of the bristles, will improve the user experience and increase demand.
Robust application demand in the construction sector
The market share of painting tools in North America from the construction industry was almost 75% in 2017. Tools such as paint brushes and rollers are widely used in the construction sector to apply paint to buildings easily and quickly. Increasing infrastructure investments by governments and organizations are likely to affect demand for the product.
Infrastructure spending in New York City is reported to increase by more than $ 34 billion between 2017 and 2019 due to continued investment by numerous international companies. Such investments will encourage mass building activities in the region, which will further increase the demand for painting tools.
Thriving automotive and painting tool industries in the USA
The U.S. painting tools market had the largest share at $ 1,092.2 million in 2016. The growing awareness of the benefits of paints and coatings for the development of green building initiatives and the increasing propensity for aesthetic finishing of buildings will fuel the growth of the regional industry. In addition, favorable government standards to support the sector, increased infrastructure investment and the presence of leading companies in the paint tool industry will create a sustainable regional market environment.
The industry share from the automotive sector is expected to increase the paint tool market size in the coming years due to the widespread use of the product to improve the aesthetics and sustainability of automobiles. In addition, the continued demand for improved paint and coating surfaces from aftermarket applications is expected to drive overall industry growth.
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Prominent companies in the painting tool industry include Gordon Brush, Richard Tools, Mill Rose, Hyde Tools, Allyway Tools, Purdy, and Premier Rollers. The market is highly competitive as several multinational and local players place increasing emphasis on extensive research and development activities to develop advanced products and gain a competitive advantage.
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Table of contents (ToC) of the report:
Chapter 1 Methodology & scope
1.1.1 First data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and Validation
1.1.4 Definitions, assumptions & forecast parameters
1.2 data sources
Chapter 2 Summary
2.1 Painting tool industry 3600 Synopsis, 2013 – 2024
2.1.1 Business Trends
2.1.2 Country trends
2.1.3 Product trends
2.1.4 Application trends
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