Aerosol Paints Market Size, Share & Trends Analysis Report By Product (Water-based, Solvent-based), By Application (Construction, Automotive), By Region (North America, APAC, Europe), And Segment Forecasts, 2020 - 2027

Report Overview

The global aerosol paints market size was valued at USD 210.8 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2020 to 2027. Aerosol paints are widely utilized to increase the shelf life of wood, metal, and plastic components. The rising product application in the automotive and construction industries for protection and aesthetic purposes is projected to drive the market growth over the forecast period. The market in North America and the U.S. is anticipated to be driven by the presence of several prominent manufacturers, such as Rust-Oleum, RPM International, Inc., and Kelly-Moore Paints. Heavy investments in infrastructure development, with an emphasis on the regional construction sectors in Asia Pacific, North America, and Europe, are also expected to boost the product demand over the coming years.

The product manufacturers use two types of production techniques, which are water-based and solvent-based technologies. Water-based products are anticipated to register high demand over the forecast period as these paints are safer to handle in comparison with their solvent-based counterparts.

Moreover, green building initiatives across various regions, especially in Europe, are anticipated to propel the demand for water-based paints in the coming years. However, the demand for solvent-based products has witnessed a drop in the developed regions, particularly in Europe and North America, due to the presence of stringent environmental norms and acts about hazardous chemicals.

Thus, major manufacturers are focusing on sustainable product development technologies to enhance their presence in the global market. Rapid industrialization and surging disposable income levels, especially in the emerging economies such as China and India, are the major factors driving the construction application segment, and consequently the demand for these paints.

Application Insights

The construction segment led the market and accounted for more than 35% share of the global revenue in 2019. The global construction chemicals market is expected to witness considerable growth on account of rising construction projects of residential & commercial buildings, landfills, and tunnels, and other infrastructure activities. Furthermore, rapid urbanization in developing regions is anticipated to boost the market over the forecast period. However, the usage of these paints in the construction industry is limited to certain functional applications, owing to their high costs, such as to touch-up small areas or to give a smooth finish to a previously painted area.

Automotive is the second-largest application segment. In the automotive sector, aerosol paints are used during manufacturing, as well as after-sales refinishing of vehicles. These paints are an ideal solution for touch-ups and reconditioning & repairs of different parts of vehicles. Growing sales of consumer automotive, such as trucks, buses, and other forms of passenger transport, are expected to drive the product demand in this segment over the forecast period. The demand for DIY products has also increased over the recent past, majorly owing to the advent of the internet and social media. These are used for basic household applications, such as wall painting, refinishing or customization of vehicles, graffiti, household exterior & interior refurbishing, and hobby artwork.

Product Insights

The solvent-based segment led the market and accounted for more than 56% share of the global revenue in 2019. Solvent-based aerosol paints are characterized by the different mineral spirits used during their manufacturing process. The demand for these products has changed majorly in the developed regions of the world, particularly in Europe and North America, owing to stringent environmental norms and acts regarding hazardous chemicals.

Solvent-based paints emit toxic compounds during their application and drying, leading to a strong smell. These paints are highly flammable and have harmful effects on the environment and human health. Water-based products are highly efficient and safer to use, thus they are anticipated to have a strong demand over the forecast period. These paints comprise latex resins in a dispersed phase. Moreover, water-based paints have sustainable production methods, which is also anticipated to drive their demand.

Regional Insights

Asia Pacific was the dominant regional market in 2019 and accounted for over 31% share of the global revenue in 2019. Industries, such as automotive, construction, and electrical & electronics, are witnessing significant growth in developing countries like China, India, Malaysia, Vietnam, and Thailand. Thus, the rapid expansion of end-use industries along with a significant rise in per capita disposable income is expected to boost the product consumption, especially in the developing economies of the region, over the forecast period.

The market in North America is also anticipated to witness considerable growth from 2020 to 2027 mainly due to the presence of major manufacturers and the popular trend of Do-It-Yourself (DIY) activities for household and vehicle refurbishing activities. There is an ascending demand for customized vehicles in the region that involve the use of these paints to provide the desired aesthetic look. This is expected to propel the product demand in the regional automotive segment. The North American market was led by the U.S. in 2019 and this trend is anticipated to continue over the forecast period due to the increasing affordability for end-users.

Key Companies & Market Share Insights

Companies operating in the global market lay high emphasis on expanding their global footprint to increase their revenue and market share. Companies are expanding their services in North America, Asia Pacific, and Europe to cater to the rising demand from the emerging economies. Countries, such as India, China, the U.S., and the Netherlands, where the construction industry is growing significantly owing to population expansion, increase in disposable income, and rising purchasing power, are expected to provide new growth opportunities for the market players over the forecast period. The global market is found to be significantly fragmented owing to the presence of a large number of manufacturers. Some of the prominent players in the global aerosol paints market are:

• Nippon Paint Holdings Co., Ltd.

• Masco Corp.

• Dupli-Color Products Company

• LA-CO Industries, Inc.

• Krylon Products Group

• Montana Colors S.L.

• Southfield Paints Ltd.

• Kobra Paint

• Rust-Oleum

• Aeroaids Corp.

Aerosol Paints Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global aerosol paints market report on the basis of product, application, and region:

• Product Outlook (Volume, Tons; Revenue, USD Thousand, 2016 - 2027)

  • Water-based

  • Solvent-based

• Application Outlook (Volume, Tons; Revenue, USD Thousand, 2016 - 2027)

  • Do-it-Yourself

  • Construction

  • Automotive

  • Wooden Furniture

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2016 - 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa