Painting tools market revenue is forecast to experience a tremendous surge over the coming years, subject to high product usage in consumer goods, construction, packaging, industrial equipment, automotive, furniture, and home appliances sectors. Thriving paints & coatings sector along with favorable product features such as rust-resistance & attractive textures are expected to contribute remarkably toward the product popularity. Multinational corporations such as Cognizant, Barclays, Microsoft, Deloitte, KPMG, BCG, etc., are constantly renovating their architectural and building infrastructure for an improved aesthetic appearance, thereby offering profitable avenues for painting tools industry players to expand their product portfolio. Global Market Insights, Inc., has compiled a report stating that painting tool industry value, which was estimated at more than USD 9.3 billion in 2016, is anticipated to exceed USD 14 billion by 2024.
Painting tools industry has firmly set its base across key geographical locations such as APAC and North America. The APAC belt, in fact, accounted for more than half of the overall painting tools market share in 2016, and will record a cumulative growth of more than 6% over the coming seven years. Extensive infrastructural development across countries such as India, China, and Japan are expected to impel the regional growth. India painting tool industry, which contributed more than 19% towards the APAC market share in 2016, will have a major impact on the regional painting tools industry revenue.
U.S. Painting Tools Market Size, by Application, 2016-2024 (USD Million)
The large presence of automobile brands such as BMW, Volkswagen, Porsche, Opel, and Mercedes-Benz across Europe will boost painting tools industry expansion across the region. Germany painting tool industry, which contributed more than 15% toward Europe market share in 2016, is likely to produce a revenue of more than USD 615 million by 2024. In terms of demand, Russia painting tool market is expected to record a CAGR of 5.1% over 2017-2024.
U.S. painting tools market is predicted to contribute nearly USD 1800 million toward the North American industry revenue by 2024. Thriving furniture sector supported by the presence of reputed furniture manufacturing firms such as Purdy, Richard Tools, etc., will boost the regional growth.
Construction application, which produced a revenue of more than USD 6 billion in 2016, is forecast to generate over USD 10 billion of revenue by 2024. Rapid industrialization along with the rise in foreign direct investments across promising destinations will beneficially influence the business growth. Global construction sector, which is predicted to record a CAGR of 4.5% over the coming five years, will boost the product sales.
Automotive sector, which contributed more than USD 550 million toward painting tools industry revenue in 2016, is predicted to register a CAGR of 5.5% over 2017 to 2024. Growing consumer propensity to own luxury vehicles due to attractive & eye-catching coating finishing surface display will increase the product demand in the sector. Home appliances sector is anticipated to influence the business trends over the years ahead, subject to the introduction of new features in electronic items along with consumer requirement to replace the older ones. Escalating demand for metallic finishes in the home appliances to impart aesthetic value will further boost the product popularity.
Masking tapes, brushes, knives, rollers, spray guns, trays, and scrapers are some of the major tools of painting. Overall demand for paint brushes was more than 440 million units in 2016 and is expected to increase over the coming years. An increase in the sale of the brushes can be attributed to the growing demand for plastic handle brushes across the promising economies along with the growing use of wooden handle brushes in the countries of Europe and North America.
Rollers, which contributed over 25% of painting tools industry size in 2016, is most likely to boost the product sales over the years ahead. Mounting use of rollers to uniformly coat huge construction surfaces and impart unique paint coating texture on walls will soar the industry demand.
Spray gun is expected to contribute more than USD 3,000 million toward painting tools industry revenue by 2024, owing to its burgeoning use for uniformly coating high-end luxury cars such as Cadillac, Maserati Ghibli, Rolls-Royce, and Bentley. Knives & scrappers are expected to become more popular with exclusive demand for high-quality paint & coatings in the commercial & residential structures. In terms of volume, these products are projected to contribute more than 17% towards Latin America painting tools market share by 2024.
Global painting tools industry share is highly fragmented due to the presence of key industry giants, who have been vying with one another to sustain their market positions by adopting key business strategies such as collaborations and supply agreements. Braun Brush, Anderson Products, Nespoli Group S.P.A., Shawky Brush & Roller Factory, Dura Paints, Milton Brushware, Harbor Freight Tools, and Gordon Brush are some of the major players of painting tools industry.