European Painting Tools Market revenue to cross $3.63 Bn by 2028
Published Date: July 27, 2022 Request a sample
European Painting Tools Market size is estimated to reach USD 3.63 billion by 2028, according to a latest forecast report by Graphical Research. One of the major reasons for this is the strong demand for these devices in the region’s appliances sector. The appliances sector is a key consumer of paints & coatings. Rising customer preference for attractive appliance designs will increase the paint consumption rate over the forecast period. The trend of DIY projects is picking up pace in many parts of Europe, which is expected to reduce the requirement for workers in the region’s painting tools industry. However, rising non-residential construction activities in the region will enhance the need for skilled labor in the sector. According to the European Construction Industry Federation (FIEC), investments in non-residential construction activities, such as building hospitals, schools, offices, hotels, and industrial establishments increased by 2.6% in 2021. This is going to positively influence the demand for painting tools because there is a high need for aesthetically appealing spaces. The COVID-19 pandemic had an adverse impact on the production of painting tools across Europe because of the several travel and movement restrictions imposed by the regional governments. The residential and commercial construction rate took a major hit during the first half of 2020 due to severe shortage of raw materials and manpower. However, the post-pandemic period seems promising for the regional painting tools market as the demand for an advanced residential and commercial infrastructure is growing at a robust rate across the EU. Although painting tools are gaining significant traction among end-users, lack of availability of skilled labor could slow down the industry growth. Key reasons, such as low wages, lesser employee benefits, and lack of job security are preventing people from continuing in this profession. The automotive segment will surpass USD 230 million revenue by 2028. Europe is considered one of the leaders in the automotive industry, as the region has a large presence of renowned automakers. The number of on-road vehicles in the region is increasing every year. The presence of automotive component manufacturers and suppliers is strong in countries like the UK, Germany, Italy and France, fueling painting tools industry growth. Regional production of luxury vehicles and EV development has also reached an appreciable rate. Browse detailed statistical insights from the report, “Europe Painting Tools Market Forecast 2028 By Application (Construction [Residential, Commercial, Industrial], Automotive, Appliances, Furniture, Industrial Machineries & Equipment, Packaging), By Product (Extension Poles, Sanding Tools, Trowels, Brushes, Rollers, Scrapers, Putty Knives, Trays, Spray Gun, Masking Tapes), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Poland, Russia), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @ https://www.graphicalresearch.com/industry-insights/1576/europe-painting-tools-market According to the European Automobile Manufacturers’ Association (ACEA), in 2021, 9.9 million passenger cars were produced in Europe. These statistics will fuel the demand for high-quality painting tools as they can help carmakers provide a long-lasting finish to their products as well as elevate the overall appearance of a car. Italy painting tools market will exceed USD 390 million by 2028. The automotive sector is one of the major contributors towards the country’s economic growth and development, with the industry representing a sizeable portion of its GDP. Italy is also home to many reputed luxury automakers, such as Ferrari, Lamborghini, and Maserati. The European painting tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments: Europe Market, By Product Europe Market, By Application The above information has been provided for the following countries: