According to The Insight Partners 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.
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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In the automotive industry, aerosol paints are used in the manufacturing and after-sales refinishing of vehicles. In the industry, these paints are an ideal solution for touch-ups, and reconditioning and repairing of the different parts of vehicles. The aerosol paints help improve the overall look of a car by changing different panels to a contrasting color and providing a customized and personalized feel to the customers. The aerosol paints provide a high-quality finish, film hardness, gasoline resistance, and UV protection that make them suitable for the interiors and exteriors of a vehicle. The automotive industry is growing across the world.
The US is one of the largest automotive markets globally. In 2018, the light vehicle sales in the US reached 17.2 million units. It is the fourth straight year in which the sales have reached or surpassed 17 million units. According to the European Automobile Manufacturers’ Association, or ACEA, the EU commercial vehicle output grew by 2.6%, which reached 2.8 million units in 2018. In 2019, commercial vehicle production in North America expanded by 3.6%. The growing production and sales of vehicles propel the demand for aerosol paints in the automotive industry. However, due to the COVID-19 outbreak pandemic, automotive and major manufacturing industries have suffered setbacks. The manufacturing industry is expected to recover soon as many countries are returning to normal owing to the increasing vaccination rates and changing consumer habits.
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.