Asia Pacific Painting Tools Market size crossed USD 4,170 million in 2021 and is projected to showcase around 5% growth rate from 2022 to 2028. The market growth is on account of the infrastructure advancements in developing economies like India, China, Thailand, and Indonesia. Thriving automotive sector in China is also contributing to the growing sales for painting tools over the recent years.
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A rise in foreign investment is fueling industrial spending in the Asia Pacific region and supporting the demand for painting tools. Expanding packaging industry in Malaysia, Japan, and South Korea on accounts of the advancing industrial sector and surging consumer goods demand would further drive the market expansion.
In 2020, the rising COVID-19 cases had interrupted the construction activities due to stringent lockdown norms and movement restrictions across countries like India, Japan, China, Malaysia, and others. This led to a reduced production and demand for various equipment, negatively affecting the growth curve of APAC painting tools industry. However, post the COVID scenario and ease of lockdown norms, the construction sector has gained significant momentum and will observe a robust increase in construction projects.
The construction segment will reach USD 4,270 million revenue by 2028, credited to the rising urbanization, growing population, and an upsurge in the demand for residential structures. In addition, the promotion of affordable housing schemes and policies by different governments would further add to the market prospects. For example, in early 2022, China declared its plans to build millions of low-cost rental housings by 2025 in line with its drive for ‘common prosperity’ and the government’s aim to seek sustainable options to a slumping property market in the country.
The rollers products segment will amass appreciable gains in the forthcoming years. Some of the pivotal advantages that support the growing usage of rollers across the APAC continent include increased durability, ability to cover larger areas in less time, relatively cheaper than brushes, and ease of use.
China is among the world’s leading construction market and is predicted to grow at a CAGR of 8.6% through 2030. The market is expected to churn out profit from China on grounds of the growing population and urbanization and the flourishing construction sector in the country. The country is also upping its investments in infrastructure by exporting construction services and products into some of the major global markets.
Prominent companies operating in the Asia Pacific painting tools market are Vishwakarma Impacts, Jiangsu B-Line Tools Co., Ltd., Asian Paints, Zhenjiang Jinxing Brush Products Co., Ltd., Décor India, and Hylite Brushware Company. These conglomerates are focused on strategic initiatives like mergers and acquisitions, partnerships and collaborations, and product development to solidify their positions in the overall market.