Report : Europe Aerosol Paints Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Raw Material (Acrylic, Alkyd, Epoxy, Polyurethane, and Others), Technology (Solvent-Borne, Water-Borne, and Others), and Application (Construction Industry, Automotive and Transportation, Wood and Furniture Industry, Packaging, and Others)
Solvent-borne Segment to dominate Europe Aerosol Paints Market during 2020–2028
According to a new market research study on “Europe Aerosol Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Raw Material, Technology, and Application,” is expected to reach US$ 1,575.21 million by 2028 from US$ 1,260.34 million in 2021. The market is estimated to grow at a CAGR of 3.2% from 2021 to 2028. The report provides trends prevailing in the Europe aerosol paints market along with the drivers and restraints pertaining to the market growth. Fostering demand from automotive industry, up-surging use of aerosol paint in DIY activities and increasing focus towards sustainable aerosol paint solutions are the major factor driving the growth of the Europe aerosol paints market. However, rigorous regulations pertaining to use of aerosol paints hinder the growth of Europe aerosol paints market.
In Europe, currently the UK, France and Russia are the hardest-hit countries by the coronavirus outbreak. It is estimated to suffer an economic hit due to a lack of revenue from various industries, as the country recorded the highest number of coronavirus cases followed by France, Spain, Italy, and Germany. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe. The outbreak of the novel coronavirus has negatively affected the growth of the market in the UK and rest of the region. There has been a decrease in sales of aerosol paints products due to decline in end-use industries such as automotive, wood and furniture, and construction sector. Furthermore, the disruption of supply chain has also affected the supply of the product to the market.
The Europe aerosol paints market is segmented on the basis of raw material, technology, application, and country. Based on raw material, the market is bifurcated into acrylic, alkyd, epoxy, polyurethane, and others. In 2020, 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 bifurcated 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 segmented 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 Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, the rest of Europe held the largest share in the market and UK 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; and AVT Paints Pty Ltd are among the leading companies in the Europe 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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