Construction Industry Segment to dominate Asia Pacific Aerosol Paints Market during 2020–2028

 According to a new market research study on “Asia Pacific Aerosol Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Raw Material, Technology, and Application,” is expected to reach US$ 1,911.00 million by 2028 from US$ 1,386.70 million in 2021. The market is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific aerosol paints market along with the drivers and restraints pertaining to the market growth. Increasing innovations for packaging of aerosol paints, raising focus towards sustainable aerosol paint solutions, and elevating use of aerosol paint in DIY activities are the major factor driving the growth of the Asia Pacific aerosol paints market. However, binding regulations pertaining to use of aerosol paints hinder the growth of Asia Pacific aerosol paints market.

The COVID-19 is anticipated to cause a significant economic loss in Asia Pacific. The consequence and impact are likely to worsen with the spread of the virus. The governments of various Asia Pacific countries’ imposed lockdown in early 2020 to restrict the spread of the virus, which, in turn, negatively impacted the aerosol paints market revenue, as several companies are undergoing downtime and have driven some companies to work remotely, leading to low productivity and income. The chemical and materials industry is one of the significant sectors suffering severe disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc. due to the pandemic.

The Asia Pacific aerosol paints market is segmented on the basis of raw material, technology, application, and country. Based on raw material, the market is segmented into acrylic, alkyd, epoxy, polyurethane, and others. In 2020, the alkyd segment held the largest share in the market and acrylic is expected to be the fastest growing segment during the forecast period. Based on technology, the aerosol paints market is segmented into solvent-borne, water-borne, and others. In 2020, the solvent-borne segment held the largest share in the market and the water-borne segment is expected to be the fastest growing segment during the forecast period. Based on application, the aerosol paints market is bifurcated into construction industry, automotive and transportation, wood and furniture industry, packaging, and others. In 2020, the construction industry segment held the largest share in the market and automotive and transportation segment is expected to be the fastest growing segment during the forecast period Similarly, Based on country, the market is segmented into the Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. In 2020, China held the largest share in the market and India is expected to be the fastest growing country during the forecast period

The Sherwin-Williams Company; Kobra Paint - Spray Art Technologies; Montana Colors S.L.; Nippon Paint Holdings Co., Ltd; PPG Industries Inc.; Rust Oleum; AVT Paints Pty Ltd; and Aeroaids Corporation are among the leading companies in the Asia Pacific aerosol paints market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Rust-Oleum announced Color Watch 2019, the collection of spray paint colors which comprises of mix of new neutrals and bright hues to transform everyday items into something extraordinary.

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