Market Trends of Aerosol Paints Industry
This section covers the major market trends shaping the Aerosol Paints Market according to our research experts:
Architectural to Dominate the Market
- The architectural segment dominates the demand in the aerosol paints market. Architectural coatings include interior and exterior paints, primers, sealers, varnishes, and stains that are applied on-site to new and existing residential, commercial, institutional, and industrial buildings.
- Conventional paints are used for architectural coatings applications. However, manufacturers are increasingly using aerosol paints for architectural applications after realizing the cost benefits and aesthetic quality associated with aerosol paints when used on a small scale.
- The Asia-Pacific has been witnessing strong growth in residential construction in countries such as India, China, the Philippines, Vietnam, and Indonesia. According to the Fitch Solutions Infrastructure Report (FSIR), China is the world's largest construction market and is forecasted to grow at a compound annual growth rate (CAGR) of 8.6% between 2022 and 2030.
- Besides, in North America, high housing demand, owing to the growing population, increasing immigrants and demand for homes, and the trend of nuclear families drive residential construction in the region.
- The United States is the largest construction market in the North American region. According to the US Census Bureau, in February 2022, the construction spending in the country was an adjusted annual rate of USD 1,704.4 billion, 0.5% more than the revised January estimate of USD 1,695.5 billion.
- Hence, the architectural end-user segment is expected to dominate the market for aerosol paints during the forecast period.
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Germany to Dominate the European Region
- Germany has the largest construction industry in Europe. The non-residential and commercial buildings in the country are expected to witness significant growth prospects in the coming years. The country's total buildings and construction work permits in 2020 were around 232 thousand units. Additionally, the increasing need for schools, government offices, and healthcare facilities is expected to boost the construction industry in the country.
- Furthermore, the new German Social Democrat government is focusing heavily on the housing crisis in the country. The government is creating an entirely new ministry to supervise its housing plans. The government has pledged to construct over 400,000 new housing units every year since 2022, 100,000 of which will be publicly subsidized. This is expected to fuel the demand for aerosol paints from the residential segment.
- In the past few years, the automotive industry has been witnessing a decline in production in the country due to the high cost and shifting production to countries like China. However, the German government's initiated e-mobility plan aims to put 15 million electric vehicles (EVs) on the road by 2030. This is expected to drive up automotive production in the country.
- Some key players in the German furniture industry are Huls AG & Co. KG, Topstar GmbH, and Rauch GmbH & Co. KG, among others. Most companies are located in Bavaria, Baden-Wurttemberg, and North Rhine-Westphalia. Currently, there are over 22,000 furniture manufacturers across the country.
- German furniture manufacturers are investing in skills, design, creativity, research, innovation, and new technologies that can produce new products in line with the changing population structure, lifestyles, trends, and new business models and supplier-consumer relationships. Thus, the development of new technologies is expected to drive the growth of the woodworking market in the country.
- The aforementioned factors may contribute to the increasing demand for aerosol paints in Germany during the forecast period.
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