LONDON, April 12, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the painting tools market forecasts the global painting tools market size to grow from $10.8 billion in 2022 to $11.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The painting tools market share is expected to grow to $16.6 billion in 2027 at a CAGR of more than 8%.
The growing renovation of commercial and residential buildings is expected to drive the painting tools market growth. The process of renovating and modifying an old and defective structure in order to return it to its previous better state is known as renovation. Painting tools help with a variety of painting tasks, including wall cleaning, scraping loose paints, wiping rust from metal surfaces, and others. According to a survey conducted by Houzz Inc., a US-based company that specialises in interior design and decorating, the median renovation spend per household in the United States for landscape design and home renovations increased from $13,000 in 2019 to $15,000 in 2020. Furthermore, the European Commission set a target of renovating 35 million buildings in the European Union by 2030 in October 2020. As a result, rising commercial and residential building renovations are expected to drive the growth of the painting tools market.
Major players in the painting tools market are Gordon Brush Mfg. Co Inc., Milton Brushware, Allway Tools, Dura Paints, Asian Paints Ltd., MAAN, Nour Egypt, Nespoli Group, Makinah, EPOS Egypt, Technochem Industries, J. Wagner GmbH, Sherwin-Williams, Peta Decorating, and JAT Holdings PLC.
The key painting tools market trend that is gaining traction is technological advancement. To increase their market share, major market players are focusing on developing advanced innovations such as DIY (do it yourself) solutions. For example, in April 2022, AkzoNobel India, an India-based paints and coatings company, launched Dulux Simply Refresh, a comprehensive range of DIY (do it yourself) solutions divided into three categories: decorative paints, repair solutions, and painting kits. Dulux simply refresh spray paint is an easy-to-use aerosol with low drip and splatter technology that provides a glossy finish to all pre-painted surfaces, a quick drying formulation, and waterproofing properties.
Asia-Pacific was the largest region in the painting tools market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the painting tools report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global painting tools market is segmented by product into brushes, rollers, scrapers, knives, trays, spray gun, masking tapes, other products; by application into construction, appliances, automotive, industrial equipment and machinery, furniture, packaging, other applications; by distribution channels into online channel, offline channels.
Painting Tools Global Market Report 2023 by The Business Research Company provides insights on the painting tools market size, painting tools market segments, painting tools market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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