Growth in construction and maintenance of residential and non-residential buildings and increase in disposable income driving the growth of the global paint gun market.
PORTLAND, Ore., August 8, 2022 /PRNewswire/ — Allied Market Research released a report titled “Paint Guns Market by Product Type (Airless, Pneumatic, HVLP, LVLP, Electrostatic), by Technology (Automatic, Manual), by End-User Industry (Automotive, Construction, Manufacturing, Others): Global Opportunity Analysis and Forecast for industry, 2021 -2031”. According to the report, the global paint gun industry has been generated $1.53 billion in 2021 and is expected to generate $2.26 billion to 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
Major determinants of growth
Increase in construction and maintenance of residential and non-residential buildings and increase in disposable income are driving the growth of the global paint gun market. However, the requirement of external power source from the paint spray gun is restricting the market growth. Furthermore, the introduction of light weight paint spray guns and the inclusion of microprocessors for intelligent controls are expected to provide lucrative market growth opportunities.
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The outbreak of the Covid-19 pandemic has had a negative impact on the global paint gun market due to the implementation of the global lockdown.
The lockdown has forced all manufacturing centers to partially or completely shut down their operations. Moreover, disruptions in the supply chain, along with the unavailability of raw materials and labor shortages, have caused various challenges in carrying out manufacturing activities.
Many construction activities were delayed or canceled due to the lockdown. Thus, the reduction in construction activities has reduced the demand for paint guns.
Car manufacturers mostly use paint guns to paint vehicles. However, car production was curtailed during the pandemic, making the demand for paint guns very difficult.
However, the construction sector and the automotive sector are witnessing an upswing in the post-pandemic period, which in turn is expected to positively impact the global paint gun market.
The HVLP segment will maintain its leadership status throughout the forecast period
On the basis of product type, the HVLP segment held the highest market share in 2021, accounting for more than two-fifths of the global paint spray gun market and is expected to maintain its leadership status throughout the forecast period owing to its efficiency and finer paint capabilities. However, the LVLP segment is projected to exhibit the highest CAGR of 4.9% from 2022 to 2031 owing to its extensive applications in DIY projects.
The handheld segment to retain its leadership status throughout the forecast period
On the basis of technology, the handheld segment holds the highest market share in 2021, accounting for nearly two-thirds of the global paint gun market and is expected to maintain its leadership status throughout the forecast period owing to cost effectiveness. However, the automatic segment is projected to exhibit the highest CAGR of 4.2% from 2022 to 2031, owing to its high operational efficiency and widespread use in the automotive industry.
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The automotive segment will retain its leading position during the forecast period
On the basis of end-user, the automotive segment accounted for the largest share in 2021, contributing more than two-fifths of the global paint spray gun market and is expected to maintain its leading position during the forecast period. This is due to the widespread use of paint guns in the automotive industry. However, the manufacturing segment is expected to post the largest CAGR of 4.5% from 2022 to 2031, owing to the rapid growth of the manufacturing industry in developing countries such as India, Chinaand Vietnam.
Asia-Pacific region to maintain its dominance until 2031
Based on the region, Asia-Pacific region holds the highest market share in terms of revenue in 2021, accounting for almost half of the global paint spray gun market and is expected to maintain its leading position during the forecast period, owing to the large automotive and manufacturing industries. However, the LAMEA region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. This is due to the growth of the construction industry.
Leading Market Players:-
The report offers a detailed analysis of these key players in the market. These players have launched new paint guns to stay competitive in the market and enhance their product offerings. They have also adopted various strategies such as collaboration, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in various regions. The report is valuable as it highlights the business performance, operating segments, product portfolio and strategic moves of the market players to show the competitive scenario.
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