Global Paint Sprayer Market Outlook & Forecast 2023-2028: Fluctuations In Raw Materials Pricing Could Hinder Future Growth Potential
Paint Sprayer Market
Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Paint Sprayer Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global paint sprayer market is expected to reach a value of $1.751 billion by 2028 from $1.313 billion in 2022, growing at a CAGR of 4.92% during 2023-2028
Rapid industrialization and increasing applications in the household and commercial sectors are primarily driving the paint sprayer market. The growth in the use and demand for Li-ion batteries, along with the rise in infrastructural development, has surged the demand for paint sprayers.
The paint sprayer is a device that helps in painting a surface evenly with paint or similar liquids. It can be used for painting several surfaces, such as wood, metal, brick, and many more. The demand for paint sprayers is majorly driven by the industries such as automobile, manufacturing, construction, and marine. In addition, the rising trend of DIY (Do it Yourself) projects are anticipated to drive the paint sprayer market. The market is segmented into product, power source, applicator type, and end-user.
MARKET TRENDS & OPPORTUNITIES
Efficient & Sustainable Spray Painting
Protecting the environment is one of the most significant concerns; efficient and sustainable solutions are essential in achieving day-to-day activities. The exceptional growth in the painting industry and consumer demand has placed a significant environmental burden on the planet. Therefore, the paint sprayer market key players focus on integrating sustainability into their offerings.
Home Improvement Projects
The home renovation industry is growing across the globe, resulting in rising sales of building materials, appliances, and other home improvement elements. In addition, rental housing is witnessing a rising trend, creating opportunities for home remodeling and renovation. This, in turn, is anticipated to boost the demand for paint spray products from the renovation and retrofit industry.
About 60% of homeowners in the US consider their financial position before investing in renovation activities. Most homeowners in the country focus on renovating their homes at least once a year. Home improvement is initiated to improve the quality of life. In addition, it has been witnessed that millennials and baby boomers have almost the same perspective toward renovating homes in the region. Around 57% of millennials and baby boomers intend to make home improvements once a year. These factors are anticipated to propel the paint sprayer market during the forecast period.
Growth in DIY Activities: Rising home renovations and DIY activities are expected to surge the demand for paint sprayers globally
In some developed economies of the US and Europe, most adults indulge in creative and purposeful leisure activities. Some consumers also invest in home improvement and maintenance activities based on their interests.
Consumers in countries such as France, Germany, Italy, and the UK consider DIY activities a major hobby. Home remodeling and painting hold a major position within the painting industry. DIY enthusiasts have the skills to paint. Hence, such factors are anticipated to surge the growth of the global paint sprayer market.
Fluctuations In Raw Materials Pricing
Raw material costs comprise approximately 50% to 60% of the overall cost of production. The prices of major raw materials used to manufacture paint sprayers have been volatile over the last few years.
The volatility of raw material prices severely threatens vendor margins in the paint sprayer market. Other operating expenses, such as labor wages, also sharply increase. Chinese manufacturers add more worries to the company's top line. These factors burden vendors to strive to produce efficient paint sprayers at affordable costs to cope with the competition in the industry.
INSIGHTS BY PRODUCT
Air paint sprayers are the largest segment and account for 38.74% of the global paint sprayer market share. The air paint sprayers utilize a compressor to atomize the fluid sprayed on the component. Furthermore, these can be further categorized into two types such as HVLP and LVLP. HVLP paint sprayers are most used in the residential sector for DIY activities since they are more lightweight and efficient for users.
INSIGHTS BY POWER SOURCE
The global paint sprayer market is segmented into corded and cordless paint sprayers by the power source. The corded paint sprayers are the largest segment and account for 59.27% of the global share in 2022. A corded paint sprayer can be operated if needed with a continuous runtime. The segment is expected to grow at a CAGR of 4.35%. They can be used on various surfaces, from flat surfaces and brick walls to furniture and wooden fences.
Cordless paint sprayers are smaller in size and therefore are easy to transport with this type of sprayer. Cordless paint sprayers are generally light-weighted since they do not have wire. Hence, the user is anticipated to experience less strain while spraying the paint with cordless paint sprayers. The global cordless paint sprayer market is growing at a CAGR of 5.72% during the forecast period.
INSIGHTS BY APPLICATOR TYPE
The manual applicator type is the largest segment by applicator type and accounts for 65.72% of the global cordless paint sprayer market share. Manual air-assist spray guns apply high-viscosity material under demanding surface quality requirements. The segment is expected to generate additional revenue of USD 262.40 million during the forecast period, growing at a CAGR of 4.52%. Woodcrafters use the manual applicator to finish solid wood furniture with solvent and water-based lacquers.
INSIGHTS BY END-USER
The industrial & commercial end-user segment, consisting of significant contributors such as the automotive and construction industries, generated the maximum revenue in the paint sprayer market in 2022. The scenario is expected to remain consistent throughout the forecast period owing to the rising demand for paint sprayers from industries.
However, renovation, retrofit, and DIY activities are expected to drive the market for paint sprayers in the residential and commercial segments. The industrial & commercial end-user segment is expected to grow at a CAGR of 5.25% during the forecast period.
The residential segment is expected to witness significant growth in the paint sprayer market owing to the rise in the construction of new homes and buildings. This is because paint sprayers are used in renovation and retrofit activities that can use sprayers such as airless and HVLP paint sprayers. A major trend that has led to the significant demand for paint sprayers is the growth in DIY activities. The global residential paint sprayer market is expected to grow at a CAGR of 4.05% during the forecast period.
APAC is the largest paint sprayer market accounting for approximately 37.87% of the global market. It is expected to be the fastest-growing industry during the forecast period, mainly due to the dominant construction industry.
APAC is home to several industries, including manufacturing, services, automobiles, and electrical. This consequently increases the need for paint sprayers in the region. While Japan and South Korea are prominent manufacturers and exporters of electrical appliances and automobiles, Singapore dominates with its excellent construction facilities.
Furthermore, the increasing purchasing power of consumers and the rising practice of DIY among young consumers are driving the target market in the region.
The global paint sprayer market is characterized by low market concentration with high competition. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence. Currently, the paint sprayer market is moderately fragmented and is dominated by vendors such as Graco and Wagner. These significant vendors have a global presence.
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Market Opportunities & Trends
Efficient & Sustainable Spray Painting
Home Improvement Projects
Market Growth Enablers
Growth of Automotive Industry
Growth in Diy Activities
Advances in Li-Ion Batteries
Growing Construction Industry
Fluctuations in Raw Material Prices
Cost & Maintenance of Paint Sprayers
Low-Cost Labor in Developing Economies
Lemmer Spray Systems
Rongpeng Air Tools
Buvico Spraying Equipments
Vands Engineering Solution
Fuji Industrial Spray Equipment
SCOPE OF THE MARKET
Segmentation by Product:
Segmentation by Power Source:
Segmentation by Applicator Type:
Segmentation by End-user
Industrial & Commercial
Segmentation by Geography:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1drn3k-sprayer?w=12
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