Detroit, Michigan, Jan 20th 2022. The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the
Painting Tools Market is likely to witness a CAGR of 5.3% during the forecast period. Rapid urbanization along with rising spending on infrastructure construction is expected to propel the painting tools market over the forecast period. The performance of the painting tools market is directly associated with the increase in construction activities and renovation of commercial and residential buildings, as well as growth in the retail sector. Furthermore, increased foreign investment and growing population in various developing economies are assisting the growth of the market.
Painting tools are set of tools that assist with the painting activities and find their applications in construction, automotive, and furniture, etc. The tools are available in varied specifications and with customizable and replaceable components to augment functionality and reliability.
For a more detailed breakdown of the COVID-19 impact on the Painting Tools Market, request a free sample of the report here:
Based on the product type, the market is segmented as brushes, rollers, scrapers, knives, trays, spray gun, masking tapes, and others. The paint brushes market is expected to be the leading segment of the market, during the forecast period, as paint brushes are the most commonly used painting tools. On the other hand, masking tapes are likely to witness significant growth as they cover the area protecting from the paint.
Painting Tools Market Share: By Application Type
Based on the application type, the market is segmented as construction, automotive, appliances, furniture, industrial machineries & equipment, and packaging. The construction segment is anticipated to register high growth rate in the market over the forecast period. The segment is further classified into residential, commercial, and industrial applications. Continuously rising population is driving the demand for accommodation building, ultimately boosting the painting tools market.
Painting Tools Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the leading region in the market owing to the advancement in infrastructure in the region, which is positively influencing the product penetration in the regional industry. The increase in residential building projects in emerging countries is further contributing to the market growth. Increasing government spending for advanced and green infrastructure is likely to boost the growth of the regional market over the next five years.
COVID-19 Impact on Global Painting Tools Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Key players operating in the Painting Tools market are-
Gordon Brush Mfg. Co., Inc.
Braun Brush Co
Harbor Freight Tools
Asian Paints Ltd.
Nespoli Group S.p.A.
Browse detailed report with COVID-19 impact analysis on the Painting Tools Market here:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Painting Tools Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
Know more about Stratview Research:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as aerospace & Defense, Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our team makes sure to have deep research about the topics so that the most useful insights can be delivered to the professionals.