North America Painting Tools Market size exceeded USD 1,680 million in 2021 and is anticipated to witness 4% CAGR from 2022 to 2028. There is a high demand for this equipment from end-use industries such as automotive, construction, furniture, and appliances.
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The resurgence of the construction sector following investments in the residential and commercial activities is a key factor pushing the industry growth. The strong customer inclination towards aesthetic appearance will also augment the market demand. Key companies are focusing heavily on R&D initiatives to develop innovative products. The demand for painting tools based on parameters, such as eco-friendliness, price, ease of use, quality, and speed of paint application has put a greater emphasis on product differentiation.
The COVID-19 pandemic put immense strain on the product demand because renovation and new construction activities came to a sudden halt during the first half of 2020. Shortage of manpower and raw materials hindered the overall supply chain network, further hampering the production of painting devices.
But the residential and non-residential construction activities are picking up significant pace across North America post the pandemic era, thanks to government initiatives. For example, the government of Canada, in its 2022 Budget, proposed to allocate funds worth CAD 4 billion (USD 3.1 billion) over the next 5 years, starting from 2022-2023. The aim of this funding is to set up 100,000 net new housing units in 5 years.
The North America painting rollers segment will cross 60 million units in terms of volume by 2028. North America has a large presence of reputed paint manufacturers as well, which will have a favorable effect on the sale of quality painting tools.
Rollers are an ideal tool for applying an even, uniform, and thin coating to well-prepared walls, ceilings, and furniture. Since most rollers have a porous surface, they have a greater paint-holding capacity, which can reduce paint wastage. Recent product launches by reputed manufacturers will further boost their adoption.
Canada painting tools market revenue is set to grow at a substantial rate during the forecast timeline, due to the growing awareness of the benefits of using eco-friendly paints & coatings for green building initiatives coupled with a focus on improving the overall aesthetic appearance. Increased investments by the country’s government on infrastructure development have led to the construction sector gaining significant momentum.
The construction segment will witness remarkable growth through 2028. The demand for residential spaces has skyrocketed, especially after the COVID-19 pandemic period. According to reports released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development for May 2022, privately-owned housing completions touched 1,465,000, a 9.3% increase from May 2021.
Some of the leading companies operating in the North America painting tools market are Premier Rollers, Purdy, Mill Rose, Richard Tools, Allyway Tools, Hyde Tools, and Gordon Brush. The market remains highly fragmented due to the presence of several local and multinational players who focus heavily on R&D initiatives to create innovative products for gaining a competitive edge.
Growth in many end-use sectors, such as construction, appliances, furniture, and automotive will bolster the product adoption. Rising awareness regarding the importance of using green building construction methods and benefits of buying eco-friendly paints & coatings in the automotive industry are key factors amplifying the market demand.