LONDON--(BUSINESS WIRE)--The global painting tools and accessories market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing number of infrastructure projects. This increase can be primarily attributed to the growth of the population and regulatory support from various government authorities for building projects. Further, some countries are also increasing their construction spending to address the needs of the people. As a result of this increase in the number of residential and non-residential construction projects across the world, the demand for paints has grown exponentially. Moreover, the need for wall textures that are corrosion resistant, artful, and colorful is also increasing. The gaining popularity to enhance the exteriors of commercial buildings to improve aesthetics will also increase the requirement for paints, thereby stimulating the use for painting tools and accessories over the forecast period.
As per Technavio, the rising adoption of eco-friendly painting tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global painting tools and accessories market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global painting tools and accessories market: Rising adoption of eco-friendly painting tools
Low volatile organic compound (VOC) and environmentally friendly paints have been used widely by end-users due to the focus on reducing environmental pollution. Along with the emphasis on the reduction of pollution related to paints, a focus on painting tools such as brushes, rollers, tarps, and cleaning solutions that can pollute the environment if they are not disposed of properly is also essential. Hence, the vendors have shifted their focus to eco-friendly painting tools. For instance, Kwick Clean and Green offers painting brushes with replaceable bristle packs. Furthermore, Warner Manufacturing Co. offers biodegradable products such as scrapers and paint mixers, which are made of products such as tapioca and potato starch instead of plastics. Such a rise in the availability of eco-friendly painting tools will eventually increase the demand for such tools during the forecast period.
“Apart from the rising adoption of eco-friendly tools, other factors such as increase in number of DIY consumers, the growth of automotive industry, and the rising use of painting tools in consumer electronics, are expected to drive the growth of the global market during the forecast period,” says a senior analyst at Technavio.
Global painting tools and accessories market: Segmentation analysis
This market research report segments the global painting tools and accessories market by product (brushes, rollers, spray guns, scrapers, and others) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the commercial and residential construction sector and the rising investments in infrastructure development in the region.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.