LOS ANGELES, April 23, 2019 (GLOBE NEWSWIRE) -- The global Painting Tools Market size is estimated to grow at CAGR above 5.8% over the forecast time frame 2019-2026 and reach the market value around USD 16 billion by 2026.
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In-kind projects in the building industry are among the major drivers for growth, together with constant support from private public partnerships, which in return will drive the overall size of the painting tool market. It is estimated that increased house needs and infrastructure development investment will fuel the growth of the industry. Increased demand for smart towns and increased construction expenses for economically stable countries is expected to boost market expansion for painting tools.
The need for sustainable and smart sustainable infrastructure solutions has increased with population growth, environmental impacts and urbanization. The global construction industry, for example, will expand to approximately 2.8% by 2021. The main factors that drive further the growth of the painting tools market are also the provision of effective building methods, together with the capability to offer effective integration, planning and design. As they are commonly used in painting houses, this has led to a demand for brushes & rollers.
Awareness of the important link between infrastructure and quality of life could have led to a significant shift in public politics, thus driving the market in painting tools in the largest population areas. An increase in the use of paints and coatings in consumer electronic products will drive demand in the industry. The business share will grow with rapid technological developments concerning new and improved painting tools designs and substantial R&D investments by key players. The worldwide trade in the developed economies may however be hampered by lack of access to skilled work and rising labor costs, such as China, the UK and Canada.
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Product Insights
In 2018, spray gun represented over 21 percent of the total market of painting tools. The spray pistol consists of a powerful nozzle with a container underneath which loads the paints and coatings. The industry will enhance key benefits such as high speed and accessibility of the application, even surface covering, and easy availability of different sizes. Moreover, the overall growth of the segment is further driven by high versatility, increased productivity, precise finishing and less waste of paints.
Application Stance
The residential Construction tools market is expected to grow by more than 6% in revenues by 2025. The market scope of the segment will be strengthened by the increasing population, growing regulatory support from several public bodies and the increasing incorporation of green technology in building projects. In conjunction with extra kitchens in the apartment, the growing popularity of the Multi-Generation Suiten will further stimulate growth in the overall market share of the painting tools. The application of appliances in the global painting tool market is projected to exceed USD 900 million by 2025. The company's expansion will be promulgated by key elements such as increased technological development, rapid urbanization, increased per capita revenue and an increased number of small households. Moreover it will provide positive space for growth in the segment overall, with the shifting consumer preferences to new, enhanced kitchen and living room décores and considerable protection of the appliances against damage.
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Regional Outlook
In the total painting tool market in 2018, Europe accounted for more than US$ 2 billion. Professional architecture manufacturers and quality enthusiasts will boost their demand for products and promote the expansion of the industry. In conjunction with general industrial applications, increased demand from the decorative painting segments will further boost the overall painting tools market expansion across the region. Furthermore, changing consumer preference in residential and commercial buildings toward the esthetics and structures of the walls promulgate market share.
Key Players
The market share of Asian Paints, Gordon Brush, Dura Painted and Nespoli Group are highly competitive in nature. Braun Brush, Mill-Rose Company, Anderson Products, Purdy, Milton Brushware and Richard Tools were also major participants in the industry. The key strategies adopted by major industry players are supply chain agreements, product improvements, mergers and acquisitions.
Key manufacturers participate, together with major purchases and merges, in numerous supply agreements with the different end-user industries. For example, Reno Chemicals Pharmaceuticals and Cosmetics Pvt were purchased by Asian Paints on 17 December 2017 for USD 24.7 million. The acquisition contributed to strengthening and diversifying its international business and product portfolio.
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