Market Introduction
The aerosol paint market in APAC comprises economies such as China, India, Japan, South Korea, and Australia. Factors such as growing urbanization, increasing manufacturing industries coupled with growing industrialization, and the rising impact of social media offer lucrative opportunities for the key players in the aerosol paint market in these countries. Also, the rapid expansion of end-use industries along with a significant rise in per capita disposable income is expected to boost the product consumption, especially in the developing economies of the region, during the the forecast period. Aerosol paint is extensively used in industries such as automotive, packaging, and construction. Factors such as growth in automotive production, accessibility of cheap raw materials and labor, low taxes, and less stringent environmental regulations are boosting the growth of the aerosol paint market in China. The market is anticipated to witness tremendous growth owing to increasing urbanization coupled with rapid infrastructural developments in emerging economies of Asia Pacific and the introduction of the Environmental Protection Agency (EPA) approved aerosol cleaning products. Thus, the rapidly growing automotive sector and increasing demand for automotive refinish applications is driving the growth of the Asia Pacific aerosol paints market. However, the high cost of the products and the availability of substitute products in the market restrain the market growth. New product development and research & development would provide lucrative opportunities for the market players in the future.
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.
Market Overview and Dynamics
The aerosol paints market in Asia Pacific is expected to grow from US$ 1,386.70 million in 2021 to US$ 1,911.00 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Do it Yourself (DIY) is an activity that comprises decorating, building, modifying, and repairing things at home by oneself without the help of an expert or a professional. Consumers use aerosol paints for household DIY activities. They use these paints to modernize or reinvent their furniture, which helps them save the cost of new furniture. The frames of windows and doors in homes can become worn over a long period of time, and their colors can also be bleached from UV rays. The wooden frames can become coarse and untidy. The bottom of doorframes gets scuffed due to constant footfall. Thus, aerosol paints provide a dual-purpose fix as they repair and modify the window and doorframes and provide a new look to the furniture. In addition, the usage of aerosol paints helps eliminate the cost of purchasing new frames. Doors have marks and scrapes, and the door style goes out of fashion after some period. It becomes costly to replace the door. Aerosol paints can also be used for making various art and craft products. They can be used to paint the gates and fences. The aerosol paint is also used for painting murals. Murals are painted by using aerosol paints or applied directly on a wall, ceiling, or other permanent surfaces. The aerosol paints provide a great effect to the wall art and are easy to use with stencils too. Thus, increased use of aerosol paints in DIY activities drives the market growth.
Key Market Segments
In terms of raw material, the Alkyd accounted for the largest share of the Asia Pacific aerosol paints market in 2020. In term of technology, solvent-borne held a larger market share of the aerosol paints market in 2020. Further, in term of application, the construction industry held a larger market share of the aerosol paints market in 2020
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the aerosol paints market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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 among others.
Reasons to buy report
Asia Pacific Aerosol Paints Market Segmentation
Asia Pacific Aerosol Paints Market – By Raw Material
Asia Pacific Aerosol Paints Market – By Technology
Asia Pacific Aerosol Paints Market – By Application
Asia Pacific Aerosol Paints Market – By Country
Asia Pacific Aerosol Paints Market – Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,386.70 Million |
| Market Size by 2028 | US$ 1,911.00 Million |
| CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Raw Material
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Aerosol Paints Market is valued at US$ 1,386.70 Million in 2021, it is projected to reach US$ 1,911.00 Million by 2028.
As per our report Asia Pacific Aerosol Paints Market, the market size is valued at US$ 1,386.70 Million in 2021, projecting it to reach US$ 1,911.00 Million by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The Asia Pacific Aerosol Paints Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Aerosol Paints Market report:
The Asia Pacific Aerosol Paints Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Aerosol Paints Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Aerosol Paints Market value chain can benefit from the information contained in a comprehensive market report.
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