Painting Tools Market size is estimated to surpass USD 14 billion by 2024. Growing urbanization along with increasing infrastructure spending is anticipated to drive painting tools market growth.
Sellbyville, DE -- (SBWIRE) -- 12/07/2018 -- 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.
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Construction applications is projected to surpass USD 10 billion by 2024. Rising population, ongoing industrialization, expanding foreign investment funding across developing economies will fuel the painting tools market. Globally, construction industry is projected as one of the most lucrative industries in the coming years and is forecast to have 4.5% growth rate in next five years.
Painting Tools Market size is estimated to surpass USD 14 billion by 2024. Growing urbanization along with increasing infrastructure spending is anticipated to drive painting tools market growth. Increase in government spending in tourism, commercial & building renovation coupled with rise in retail industry has positively influenced the product demand.
Painting Tools Market, By Product
Painting Tools Market, By Application
Industrial Machineries & Equipment
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Rise in the global purchasing power parity from USD 13,100 in 2013 to USD 15,800 in 2015 provides a positive outlook for consumer goods industry. Increasing application of coatings on consumer electronics products will stimulate demand.
APAC painting tools market is set to witness growth over 6% through 2024. Infrastructural advancement in China, Japan and India positively stimulates product penetration in the regional industry.
High painting tools market price trend along with limited consumer awareness regarding the product usage may hamper business growth.
Germany accounted over 15% of Europe painting tools market in 2016. Presence of major automobile brands including BMW, Mercedes-Benz, Volkswagen, Porsche, Opel and Audi in the country makes it a substantial contributor in European automotive industry. Russia is expected to surpass 20% of the regional industry share by 2024.
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Prominent manufacturers in painting tools market include Asian Paints, Gordon Brush, Braun Brush, Purdy, Anderson Products, Mill-Rose Company and Milton Brushware. Other significant manufacturers are Allway, Nespoli Group, Harbor Freight, EPOS Egypt, Shawky Brush & Roller Factory, Makinah, Dura Paints, MAAN and Nour Egypt.