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Asia Pacific painting tools market size to expand with industrial construction growth
Published Date: October 17, 2022
The infrastructure development in countries like China, India, and Indonesia are driving Asia Pacific painting tools market trends. The increasing public construction activities and renovation of commercial buildings are directly influencing the industry. Development of the automotive sector, retail sector, and an inflow of foreign investments in the region will contribute to the adoption of key painting tools and equipment.
Several countries are undertaking smart city projects on a vast scale creating more demand for painting tools. A consistent surge in government expenditure on industrial infrastructure development is taking place in the region. According to reports, Asia Pacific painting tools industry size is anticipated to cross USD 5.5 billion by 2028.
Commercial & industrial construction strengthens paintings sector growth
The rising construction activities in the region are driving demand for painting tools. Several smart city projects, solar energy plants, pharmaceutical plants, etc. are being developed in the region. With the growing population, the demand for residential projects is on the rise. Government spending in developing countries for better infrastructure and other initiatives is also influencing the APAC painting tools industry.
For instance, the Vietnam government has authorized a smart rural development program. Under this project, the rural economy will be developed via digital transformation, improving living standards, infrastructure development, better service quality, etc. By the end of 2025, Vietnam expects to implement this program across all the rural areas.
Many large construction endeavors have commenced this year across solar power, chemical, and pharmaceutical sectors. These projects represent major activities that will augment the growth of the Asia Pacific painting tools market. Tuas Biomedical Park in Singapore, Yeosu Mononitrobenzene Manufacturing Plant of South Korea, Pinnapuram Integrated Renewable Energy Project 5230 MW in India, Laizhou Tushan Photovoltaic Power Plant 1000 MW in China, and Avonlie Solar Farm 190 MW in Australia are some examples of notable projects under development.
Sustainable alternatives: packaging applications for painting tools & equipment
With the environmental goals of companies and government bodies to reduce the carbon footprint and emissions, sustainable packing has become a focal point across the sector. The move from conventional packages to recyclable ones is a huge transition that will directly fuel the demand for painting tools.
Consumer buying behavior has changed which has increased the demand for sustainable packages.
For example, Marks and Spencer, a well-known retailer, has recently launched a new sustainable package for its British vine tomatoes. The aim is to make the grocery or food items more environment-friendly and recyclable. The new one has 95% reduced plastic than the earlier one which is anticipated to eradicate nearly 8 million units of plastic by the end of the year. It can also be repurposed in home recycling bins. Such developments represent promising new opportunities for painting tool manufacturers.
Some of the key leaders across the Asia Pacific painting tools market include Zhenjiang Jinxing Brush Products Co., Ltd., Asian Paints, Hylite Brushware Company, Décor India, Vishwakarma Impacts, Maru-T Ohtsuka Corp., and Prem Brush Factory. With technological advancements in the automotive sector of the region and the rising demand for vehicles, especially EVs, the market forecast is predicted to witness significant growth. A strong furniture market and continuous demand for modern applications in homes will ensure sustained need for suitable painting tools in production facilities and aftermarket services.