The scope of our recent study on the “Aerosol Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material (Acrylic, Alkyd, Epoxy, Polyurethane, and Others); Technology (Solvent-Borne, Water-Borne, and Others); Application (Construction Industry, Automotive and Transportation, Wood and Furniture Industry, Packaging, and Others)” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis.
The aerosol paints market was valued at US$ 3,941.90 million in 2020 and is projected to reach US$ 5,238.49 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028. Aerosol paints, are available in a sealed pressurized container. They are available in various colors and styles, making it a popular choice of product among consumers. They are widely used in the construction and automotive sectors as they are easy to use and have quick drying times.
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Based on raw material, the aerosol paints market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. Alkyd segment held the largest share in the global aerosol paints market in 2020. The use of alkyd aerosol paint is increasing owing to its ease of application and a high gloss finish, which is expected to boost the growth of the alkyd aerosol paint market during the forecast period.
Impact of COVID-19 Pandemic on Aerosol Paints Market :
The COVID-19 outbreak has impacted distinguished industries differently. Due to the pandemic, the lockdown scenario has affected and hampered the supply chain of the aerosol paints market. The non-availability of raw materials and labor, owing to the restrictions on the movement of people, has hindered the production of the aerosol paints market. The COVID-19 outbreak has been considered a pandemic and has badly affected several businesses across the globe. The pandemic has had the most influence on the production, logistics, and tourism & travel industries. The virus outbreak propelled the governments of numerous countries to impose a lockdown to decrease the spread of the virus. Thus, several companies are undergoing downtime and have driven some companies to work remotely, leading to low productivity and income. The chemical and materials industry is one of the significant sectors suffering severe disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc., because of this outbreak. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various chemicals and materials. Aerosol paints are mainly used in end-use industries such as automotive and construction, owing to which the market has faced a severe negative impact. The occurrence of COVID-19 has disrupted the residential construction sector. The major disruption is in the supply chain. The change of COVID-19 from a China-centric challenge to a worldwide pandemic has shifted the impact to the worldwide construction supply chains and markets.
The ongoing pandemic has created several challenges for the construction industry and disrupted the global economy. The global crisis, a continuation of the recession, and the path of recovery will mainly determine the nature and severity of these challenges. The construction industry, especially the novel residential segment, was performing well and witnessing a surge in activity across many divisions in the initial quarter of 2020. However, due to the growing number of cases in North America, many ongoing projects considered essential by the government authorities were not stopped, but new residential construction licenses were suspended. In addition to this, with the World Health Organization declaring the COVID-19 outbreak a pandemic, an unprecedented global disruption is at hand. Automobile and component manufacturing plants are being shuttered worldwide, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically, and almost every major industry event is either canceled or going the digital way. Henceforth, the demand for aerosol paint is experiencing a negative impact owing to the said factors.
The report segments the aerosol paints market as follows:
Based on raw material, the market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. Based on technology, the market is segmented into solvent-borne, water-borne, and others. Based on application, the market is segmented into construction industry, automotive and transportation, wood and furniture industry, packaging, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
GROWING DEMAND FROM AUTOMOTIVE INDUSTRY IS GOING TO INFLUENCE AEROSOL PAINTS MARKET GLOBALLY
Aerosol paints are available in a sealed pressurized container. They are available in various colors and styles, making it a popular choice of product among consumers. They are widely used in the construction and automotive sectors as they are easy to use and have quick drying times.
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