The Painting Tools Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Painting Tools Global Market Report 2024, The painting tools market size has grown strongly in recent years. It will grow from $11.84 billion in 2023 to $12.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to rapid urbanization, commercial and residential building renovations, government spending on construction, social and economic development.
The painting tools market size is expected to see strong growth in the next few years. It will grow to $18.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rising demand for eco-friendly painting tools, growing renovation of commercial and residential buildings, housing market growth, consumer preferences. Major trends in the forecast period include innovation in paint formulations, technological advancement, increasing collaborations, advanced paint formulations.
The increasing renovation of commercial and residential buildings is expected to drive the growth of the painting tools market going forward. Renovation is the process of renovating and modifying an old and defective structure to return it to its prior better state. Painting tools aid in the completion of numerous painting tasks such as wall cleaning, scraping loose paints, wiping rust from metal surfaces, and others. For instance, in December 2023, according to the Joint Center for Housing Studies (JCHS), a US-based university research center, individuals in America spent $363 billion on home improvements, renovations, and repairs in 2020 and $406 billion in 2021, marking an 11.8% increase from previous year. Therefore, the increasing renovation of commercial and residential buildings is expected to propel the growth of the painting tools market.
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The painting tools market covered in this report is segmented –
1) By Product: Brushes, Rollers, Scrapers, Knives, Trays, Spray gun, Masking tapes, Other Products
2) By Application: Construction, Appliances, Automotive, Industrial Equipment and Machinery, Furniture, Packaging, Other Applications
3) By Distribution Channels: Online Channel, Offline Channels
Major companies operating in the painting tools market are adopting a strategic partnership approach to develop sustainable painting tool technology for vehicle manufacturing. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in July 2023, Dürr AG, a Germany-based engineering company, partnered with Mercedes-Benz Group AG, a Germany-based automobile company. With this partnership, these companies aim to significantly reduce energy consumption per painted car body. The partnership seeks to achieve this using energy-efficient tools and climate-neutral technologies, such as the intelligent operation of paint booths and car body ovens.
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