North America Painting Tools Market size was valued at USD 1980.3 million in 2017 and is expected to witness growth of more than 5.3% CAGR from 2018 to 2024.
North America Painting Tools Market, By Application, 2013 – 2024 (Million Units)
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Painting tools market is estimated to witness sturdy growth owing to high demand from end-use industries such as automotive, construction, furniture and appliances. The resurgence of the construction sector following investments in the residential and commercial sector is a key factor propelling the growth of painting tools in North America. Moreover, the growing awareness of corrosive prevention and shifting consumer preference towards aesthetic appearance will augment the market.
Key players in the industry are focusing heavily on R&D initiatives to develop innovative products. The demand for painting tools based on parameters such as environmental friendliness, price, easy usability, quality, and fast paint applicability has led to greater emphasis on product differentiation. Advancement achieved in design enhancing user applicability is expected to boost the overall market growth
Moreover, the amendments to construction practices in lieu of reformed safety and sustainability standards will boost the demand for painting tools. Although, low wages, lesser employee benefits, and lack of job security coupled with the negligence towards improving the training provided to the next generation workforce of the industry may hamper growth in the coming years.
Brushes held the largest share of the product segment accounting for USD 555.9 Million in 2017. Paint brushes are the most fundamental tool used for painting. They provide benefits including excellent control, adhesion, uniform coverage and greater detail. Brushes are also the most convenient tool to paint the corners and delicate works unable to be met by the spraying cans. The increasing preference among the consumers in residential and commercial construction for aesthetic finishing will further augment their demand.
Construction application accounted for 75.2% of the overall industry share in 2017. The application is predicted to gain its volume share and reach 76.6% by 2024. The recovery of the economy from the recession has led to the resurgence of the residential and commercial construction sector augmenting the product demand. New York City is anticipated to grow over USD 34 billion from 2017 to 2019 due to continuous market investments by several international firms. These commercial constructions focus on providing extra space along with appealing appearance which will boost the market growth.
U.S. painting tools market held the largest share and accounted for USD 1092.2 million in 2016. The growing awareness of the benefits of paints & coating for green building initiatives coupled with a focus on aesthetic appearance is key drivers propelling the market growth. Furthermore, the favorable demographic trends and the increased investment by the government on the infrastructure development have led to the construction sector gaining significant momentum, which, in turn, will augment the market for painting tools over the coming years.
Premier rollers, Purdy, Mill Rose, Richard Tools, Allyway Tools, Hyde Tools and Gordon Brush are key players in the industry. Painting tools market remains highly fragmented with several local and multinational players who focus heavily on R&D initiatives to create innovative products for gaining market share.
Growth in several end-use industries including construction, appliances, furniture and automotive will bolster the painting tools market. The growing awareness on the utilization of green building construction methods and environment-friendly paints & coatings in the automotive industry are key factors propelling the demand.