Spray Paint Market Projected to Gain Significant Value through 2021-2031 - TMR Study

Spray paint is an aerosol product designed to be dispensed as a fine mist. Compared to conventional brush methods of painting, spray painting market is faster and offers a more uniform application. While industrial spray painting relies on special air compressors that break the paint particles into a fine mist, commercial spray paints are self-contained aerosol cans that use liquefied gasses to atomize the paint.

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Pigments are used in spray paint to provide color and opacity. There are four basic types of pigments used in spray paint. White pigments such as titanium dioxide are used to scatter light and make the painted surface more opaque. Color pigments provide color to the paint mixture. These contain a variety of synthetic chemicals. Inert pigments are used as fillers that alter the film characteristics of the paint. Finally, functional pigments provide extra performance characteristics such as imparting protection from ultraviolet rays. Other ingredients are included in the formula to stabilize the pigment dispersion, to control pH and viscosity, and to prevent corrosion in the can.

Key Drivers of the Spray Paint Market

Spray paints are most popular in the infrastructure, and automotive sector. Growing requirement for spray paint can be attributed to the rise in the housing sector, offices spaces, and buildings etc. The spray paint industry has maintained its dominance among the various highest revenue generators for decades in Asia Pacific and Europe. Spray paint is expected to generate significant demand and the market is likely to grow due to increasing product demand, high disposable income, and emerging economies. Increasing use of spray paints in automotive, industrial, and furniture sectors is driving the growth of the market across the globe. These factors act as drivers and propels the demand for spray paint at the global level.

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New Innovations creating opportunities in the spray paint market

Advanced spray paint is used to coat piston and synchronizer rings in automotive applications. Similarly, new, improved spray paints offered by manufacturers helps in aerospace applications to coat engine turbine blades and protect it from extreme temperatures, as well as ensures increased reliability for extended periods of time. These new improved spray paints are replacing hard chromium plating as the preferred coating method to offer improved performance. Such improvisations create new opportunities for growth of the product in the market. Technological innovation is all around us, changing even the most mundane things. In the future, watching paint dry may not mean what it does today. Also, initiatives by companies to offer additional products gives more options to customers. In 2021, SANVO, a leading technology group, offered a wide range of paint products including water-based, multi-purpose, anti-rust, Nitrocellulose spray paint, Alkyd enamel, undercoating, glass anti-fog spray, oil-based, high heat, and chalkboard. Such factors create new opportunities for the product in the market.

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Harmful ingredients a restraint of the spray paint market

Some spray paints in the market are contaminated with dangerously high concentrations of lead, which is a banned chemical in the manufacture of paints. Lead paint chips and dust are formed when a surface covered with lead paint ages, peels, and breaks. There is a high risk associated with children who are exposed to lead when they eat such paint chips or swallow or breathe in lead dust. These harmful chemicals can affect their developing brains and cause reduced intelligence, learning ability, and attention span, as well as increased risk of behavioral problems such as aggressiveness, bullying, and violence. Such factors can restrain the spray paint market

Europe the dominant market

Europe accounts for highest share in the spray paint market in terms of revenue contribution as compared to markets in other regions due to increased adoption of spray paints by various end-users such as aerospace sector, defense sector, chemical Industries, and personal use in the region. Advent of online platforms such as company owned portals, e-commerce portals, and third party portals are beneficial for different manufacturers of spray paints and contribute to the growth of the market in the region. Emergence of online platforms have helped many manufacturers expand their geographical presence, which is anticipated to drive the growth of the spray paint market.

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Key players operating in the global market

Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the spray paint market are:

Dupli-Color
KRYLON
DEM-KOTE
Tulip
Sherwin-Williams
CRC

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