Aerosol Paint Market

Market Overview

The Aerosol Paint Market Size was valued at USD 240.19 million in 2022. It is projected to reach USD 379.05 million by 2031, growing with a CAGR of 5.2% during the forecast period (2023–2031).

Aerosol paints are a type of spray paint used to get a smooth finish and even coating than traditional painting techniques. Aerosol sprays can be sprayed directly on bare wood and different metals. Aerosol paints come in pressurized containers that are portable, lightweight, and easy to store. There has been growing demand from the furniture, construction, and automotive industry for highly efficient paints and coatings. These factors are expected to increase market growth during the assessment period. Heavy investments in infrastructure development are anticipated to increase product demand in the future. Rapid industrialization and rising disposable income levels, particularly in emerging economies like China and India, are the primary factors driving the construction market and, by extension, demand for these paints.

Market Dynamics

What are the factors driving the market growth?

Growth in the Construction Sector

Construction is expected to be one of the most dynamic sectors globally. It is slated to play a crucial role in the prosperity of society globally in the coming decades. According to Oxford Economics, the world construction sector is forecasted to grow by around USD 8 trillion by 2030, driven by the economies such as the U.S., China, and India. Furthermore, it is predicted that India will grow twice as fast as China in the construction sector. This growth can be attributed to the government’s ambitious, smart city projects and Pradhan Mantri Awas Yojana's aims to provide housing for all. Furthermore, there has been an upsurge in the construction activity in the Middle East as the region is moving away from its oil monopoly and complementing it with other sectors, such as tourism and business hub. The 2022 FIFA world cup in Qatar is seeing heavy investments in the construction sector in the region. The growth in the construction sector is expected to create upswings for aerosol sprays extensively used in spray painting various construction parts and materials that go into making indoor and outdoor housing.

Growing Demand for Automobiles

Aerosol paints are utilized in the automotive sector's production and refurbishing of automobiles. Aerosol paints are suitable for repainting, refurbishing, and repairing small areas of various automotive components. The aerosol paints enhance the overall appearance of a vehicle by altering the color of various panels to a contrasting hue while offering the consumer a unique and personalized experience. They are suitable for a vehicle's interior and exterior because of their high-quality finish, film hardness, gasoline resistance, and U.V. protection. The automobile industry is supported globally by various factors, including the availability of low-cost trained labor, significant R&D centers, and low-cost steel production. Increasing automobile demand, particularly in developing nations, will boost the aerosol paints market.

Regional Analysis

The global aerosol paint market is divided into four regions, namely, North America, Europe, Asia Pacific, and LAMEA.

The North American Market is expected to show promising growth during the assessment period. North America has been a leader in the field of technological development over the years. Today, the region is one of the key manufacturers and consumers of aerosol spray. North America has a vast landscape of trees and wood, favorable for the growth of lumbering and allied industries such as the furniture industry. The demand for customized and modular furniture has seen an increased demand in recent times. The region is blessed with various types of forests, such as boreal, tundra, and montane, which further help keep up with the demand and less dependency on other nations. This highlights the growing potential of the furniture and allied industries and, in turn, is inclined to create upswings for the market growth for aerosol spray that is used to give high-quality paint finishes on wood. The construction sector in the U.S. is one of the major contributors to the region's economy and has been witnessing tremendous growth in the recent past. The high growth trajectory of the sector can be attributed to mergers, acquisitions, and large-scale pipeline projects. Such developments create growth avenues for the construction sector that uses aerosol sprays extensively in its various construction activities.

Asia-Pacific market expansion is the most rapid. In developing nations like China, India, Malaysia, Vietnam, and Thailand, the automotive, construction, and electrical & electronics industries are experiencing substantial expansion. Consequently, the rapid expansion of end-use sectors and the large increase in disposable income per capita are predicted to increase product consumption over the forecast period, particularly in the developing countries of the region. China has unveiled the New Infrastructure plan in an effort to promote sustainable growth. China has committed to expediting the building of new infrastructure projects in an effort to further stimulate new consumption demand and promote industrial upgrading. According to the International Trade Administration, China will continue to be the world's largest automobile market in terms of both yearly sales and manufacturing output, with domestic production estimated to exceed 35 million vehicles by 2025. The construction business in India has been booming recently. Government initiatives like as Smart Cities, Housing for All, and Atal Mission for Urban Revitalization and Transformation (AMRUT) are anticipated to fuel the expansion.

Europe has developed automotive, packaging, industrial, and construction industries, as well as technologically advanced infrastructure. Increasing investments in research and development projects by market participants also contribute to market expansion. In addition, the expansion of the construction industry in several European nations, such as Germany, the United Kingdom, France, Russia, and Spain, is anticipated to raise demand for aerosol paint over the projection period. The vehicle manufacturing industry is imperative in Europe. There are around 18.5 million buses, vans, trucks, and cars are manufactured every year. Moreover, changing economic conditions lead to increased disposal incomes, coupled with lost-cost EMIs and technological advancements in motor vehicles. These advancements are changing by the hour. Therefore, the demand for new cars and bikes has been seeing healthy growth.

The construction industry is becoming a major driver of the African economy, contributing 10 to 15% of GDP. Building residential, commercial, institutional, and industrial structures in the region are drawing investment from all over the world, which is improving employment prospects. Latin America is also witnessing a rise in construction activities. As a result of government remedies to persistent housing shortages, the housing market is anticipated to expand. Latin America is home to 624 million people and has significant urbanization rates, with over 80% of its inhabitants residing in urban areas. During the projection period, hotel construction may also grow rapidly. Saudi Arabia is believed to have the largest automobile sales and car parts market in the area. Moreover, it continues to be a significant market for U.S. automakers. In addition, it is the sixth-largest export market for U.S. passenger automobiles and light trucks, according to estimates. Moreover, SUVs and premium cars are popular vehicles in the country, garnering significant customer traction. Furthermore, several prominent corporations, such as BMW and Mercedes, dominate the country's automotive industry. Consequently, the flourishing automotive industry is projected to increase the demand for aerosol paint.

Segmental Analysis

The aerosol paint market is segmented by type and industry vertical.

Based on product, the aerosol paint market is segmented into solvent-based and water-based.

The solvent-based category dominates the market. Solvent-based spray paints are characterized by the various mineral spirits utilized in their production. During their application and drying, solvent-based paints produce hazardous chemicals, resulting in a foul odor. These paints are highly combustible and dangerous to the environment and human health.

Since water-based products are very effective and safer to use, their demand is projected to be high over the forecast period. These paints are composed of scattered latex resins. In addition, water-based paints are manufactured using environmentally friendly processes, which is expected to boost their demand.

Based on application, the aerosol paint market is segmented into construction, automotive, furniture, and others.

The construction sector dominates the market. Due to an increase in projects for residential and commercial buildings, landfills, tunnels, and other infrastructure, the global market for construction is anticipated to expand significantly. In addition, rising urbanization in developing regions is predicted to drive market growth throughout the projection period.

The automobile sector is one of the fastest-growing industries. The rising consumer consciousness about the increasing carbon dioxide due to vehicular pollution and stricter emission norms in various countries create a favorable base for players to launch new electric cars and bikes. This highlights the growth potential of the automobile sector in the coming years. Aerosol paints are used extensively in automotive manufacturing since they are easy to use and fast-drying. These paints provide superior paint finishes to various parts of the automobiles, such as body panels, doors, exhaust, suspensions, and engines, among others.

Recent Developments

• April 2022- AkzoNobel India, a prominent paints and coatings firm, has entered the expanding Do-It-Yourself (DIY) paints market. After finding success in Europe, India, the first nation in South Asia to release the "Dulux Simply Refresh" line, is driving the DIY phenomenon for AkzoNobel.
• June 2022- Behr Paint Company introduced the BEHR PREMIUM Spray Paint, available in 36 colors, including eight new metallic finishes such as Antique Copper, Dark Steel, and Soft Iron. The aerosol spray paints offer an improved formulation that combines paint and primer capabilities in a single can, producing a quality, long-lasting finish and can be used to revive furniture and home décor items inside and outside the home.