Aerosol Paints Market - Forecast(2024 - 2030)

Report Code: CMR 64604 Report Format: PDF + Excel

Aerosol Paints Market Overview

Aerosol Paints market size is forecast to reach US$302.6 million by 2026, after growing at a CAGR of 5.8% during 2021-2026. This growth can be attributed mainly due to the extensive utilization of aerosol paints in the construction industry. Aerosol paint or spray paint is paint that comes in a sealed, pressurized container and is released in as an aerosol spray. The paint is dispersed by depressing a nozzle on the top of the can, connected to a valve inside the can. Aerosol paint leaves a smooth, evenly coated surface, unlike standard, rolled or brushed paint finishes. It is applied on surfaces for both, aesthetics and protection. The most important resins used in aerosol paints are acrylic polymers, epoxy polymers and alkyd polymers. Spray painting is one of the most preferred ways of applying paint. As compared to conventional paints, aerosol paints have unique atomization, storage and application methods. Aerosol paints are designed to be used on a wide range of surfaces like metals, plastic, wood, glass, and masonry. Primarily due to their high quality, quick-drying, and easy applicability, aerosol paints can be used on both new and existing structures, such as monuments, private offices, factories, residential spaces, and public buildings, which is increasing their demand. Aerosol paints are also widely utilized in DIY projects which is the latest trend, led by the pandemic. For automotive DIY, acrylic enamel spray paints are used because they last a lot longer, as they form a hard shell when dry. The increasing DIY applications also fuel the growth of the aerosol paint market.

COVID-19 Impact

The pandemic has impacted every industry across the globe in one way or another. One key issue that has arisen is the availability of raw materials has dramatically reduced. This has severely impacted the overall paints market in general. The core industries, construction industry and automobile industries have been impacted owing to shortages of labour, rising safety concerns and government-imposed lockdowns which have led to closing down of manufacturing plants. This has result in lower demand and consumption of commercial purpose aerosol paints in 2020. However, during the lockdown consumers have taken up DIY projects utilizing aerosol paints. According to a DIY survey in the US, 60% of respondents said they started a new home DIY project in April 2020 and home improvement purchases grew from 55% in March 2020 to over 80% by April. The top product being searched for home improvement online is paint, up 700% from March to April. Hence the DIY sector helped boost the aerosol paint market.

Report Coverage

The report: “Aerosol Paints Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Aerosol Paints Market.

By Technology: Solvent borne and Water borne.
By End-Use Industry: Building & Construction (Residential- Private Dwellings, Row Houses, Apartments, Commercial- Educational Institutes, Hotels, Restaurants, And Cafes, Sports Stadiums, Airports, Office Buildings, Shopping Malls & Supermarkets, Hospitals, Clinics and Healthcare Institutes and Others), Transportation (Automotive- Passenger Vehicles (PV), Light Commercial Vehicles, Heavy Commercial Vehicles; Aerospace- Commercial, Military and Others; Locomotive; Marine- Passenger, Cargo and Others), Furniture (Cabinets, Plywood and Others), Oil and Gas (Pipelines, Tanks and Others), Water and Wastewater (Water Tanks, Water Pipes, Wastewater Pipes), Electrical & Electronics, General Industry (Storage Tanks, Railing, Pipes, Fences) and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

  • Asia-Pacific dominates the aerosol paints market, owing to the increasing construction and automotive industries in the region. 
  • The advent of electric cars is making waves in the automotive world. Also, auto refinish manufacturers are seeing a strong move into cosmetic repair where aerosol paints are extensively used. 
  • The development of bio-based products and increasing government support due to Volatile Organic Compounds (VOC) emissions is likely to act as a driver for a growth of water borne aerosol paints market. In the automotive industry, water-based acrylic enamel is currently the most widely used paint for reducing the environmental impact. 
  • The major opportunity for this market is to completely transition towards eco friendly products in a move to support sustainable development.

Figure: Asia-Pacific Aerosol Paints Market Revenue, 2020-2026 (US$ Million)

Aerosol Paints Market Revenue

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Aerosol Paints Market Segment Analysis – By Resin Type

The acrylic segment held the largest share of 38.1% in the aerosol paint market in 2020. Acrylic resins are polymers and co-polymers of esters of methacrylic and acrylic acids. Acrylic resins are very versatile and popular for industrial spray paints. They provide toughness, good weatherability, abrasion resistance and resistance to chemical attacks. Acrylic resins when compared to alkyd resins provide better gloss retention. Acrylic polymers are used for protective and decorative applications. For protective applications they provide good protection, hardness and durability whereas for decorative applications they provide high gloss and clarity. Acrylic resins are also used in the construction industry as high surface hardness can be achieved with their application. Acrylic resins are used in various applications, such as walls, roofs, and decks, where they are used to provide elastomeric finishes so as to improve the UV resistance of the surface. Hence acrylic resins are expected to dominate the aerosol paint market during the forecast period.

Aramid Prepreg Market Segment Analysis – By Technology

The water-borne segment held the largest share of 58% in the aerosol paints market in 2020. Water-borne systems are preferred as they reduce VOC emissions. Water-borne aerosol paints can be used to reduce overall emissions compared to solvent-borne paints. They are used in architectural coatings where waterborne coatings have been the standard choice for interior wall coatings. These coatings are highly useful for enhancing the life and aesthetic value of the residential and commercial buildings. With the growth of electric vehicles, the demand for waterborne coatings is likely to increase. The properties which waterborne paints possess as such non-flammable, non-toxic and odorless make it user friendly and increase its applications. As a result, the demand for water borne aerosol paints can be seen in almost every core industry, which contributes to increased market growth.

Aerosol Paints Market Segment Analysis – By End Use Industry

The construction segment held the largest share of 26.1% in the aerosol paints market in 2020. Due to their rising requirement in the construction industry, the sales of aerosol paints are increasing. Aerosol paints are used widely due to their characteristics such as quick drying, ease of application and high-quality finish. They can be used on newly constructed or existing construction projects such as houses, offices, factories etc. They are also widely used in houses. With the advent of the pandemic many people have taken up DIY projects to convert their house into a workspace. In DIY applications aerosol paints are preferred. For instance, Home Depot, the largest home improvement retailer in the United States, supplying tools, construction products, and services, has reported 24% increased sales in 2020 as people spruced up their homes during the lockdown. The United Nations Department of Economic and Social Affairs has published Sustainable Development Goals (SDGs) to help address global challenges such as hunger, poverty, and climate change. The construction industry is a key player in achieving the UN’s SDGs. The UN projects that 60% of the population will be living in cities by 2030, which in turn boosts the construction industry and thereby boosts the aerosol paints market. The automobile industry also held a considerable share owing to the demand of electric vehicles. Policies focused on a transition to zero-emission vehicles have spurred electric vehicle production and uptake in China. In April 2020, the Ministry of Finance of China has issued a notice on ways that stated new electric vehicles purchased between January 1, 2021, and December 31, 2022, would be exempted from vehicle purchase tax. Owing to this, the automotive sector is also expected to show significant growth. Hence, all these factors accelerate the growth of the aerosol paints market. 

Aerosol Paints Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the aerosol paints market in 2020 up to 46.3%, owing to the construction and infrastructural projects in the region. Another factor contributing to the growth of the market in this area is the growth in automobile industry. Driven by rapid urbanization and industrialization in India and China, the construction industry in growing leaps and bounds. China is the largest construction market in the world. China recently launched the New Infrastructure plan to offset the economic impact of the COVID-19 pandemic and boost sustainable growth. New Infrastructure projects will focus on the construction of 5G networks, industrial internet, inter-city transportation and inner-city rail systems, data centers, artificial intelligence, ultra-high voltage, and new energy vehicle charging stations. China has pledged fresh efforts in advancing the construction of new infrastructure projects in a bid to further stimulate new consumption demand and boost industrial upgrading by issuing $US529 billion of special local government bonds. In order to maintain economic growth, standards of living, and meet the demand of its increasingly educated workforce, China undertook stimulating the potential of its economic and technological competitiveness with Make In China (MIC) 2025, to become a world-leading manufacturing power. In the wake of the pandemic, an additional $1.4 trillion was invested into MIC 2025 initiatives. China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production is expected to reach 35 million vehicles by 2025, according to the International Trade Administration. In India the construction industry has been experiencing a boom. Government programs Smart Cities, Housing for All, Atal Mission for Urban Rejuvenation and Transformation (AMRUT) is expected to drive the growth further. According to Invest India, the real estate sector attracted $5 billion institutional investments in 2020. Based on all these factors the APAC region is expected to dominate the aerosol paints market in the forecast period.

Aerosol Paints Market Drivers

Stringent Government Regulations

VOCs are chemicals found in solvent-based and in small quantities in many water-based paints. Once applied, the VOCs evaporate and it is because of this transfer painted areas should be ventilated. Excessive exposure to VOCs can have negative effects on health and the environment. VOCs are dangerous to air quality because when they react with nitrogen oxide under UV radiation, ground-level ozone is formed. The US Environmental Protection Agency (EPA) reports that VOCs often cause eye, nose, and throat irritation, nausea, and can also damage the liver, kidney, and central nervous system. The EPA regulates VOCs on the national level, but recently there have been pushes by some states and counties to impose even stricter VOC limits. In the European Union, the Paints Directive sets out maximum VOC content limit values for paints and varnishes in certain applications. Most of the aerosol paints used nowadays have low VOC or are zero VOC. These government regulations drive the growth of the aerosol paints market.

Green buildings

In the construction industry the latest trend is green buildings. A green building is a building that, in its design, construction or operation, reduces or eliminates negative impacts, and can create positive impacts, on the climate and natural environment. For construction of a green building, materials that are non-toxic, ethical and sustainable are used. Aerosol paint manufacturers have made it a priority to reduce the amount of solvent used in paint formulations in keeping with the VOC standards. Some use sustainable raw materials in many of their spray paints to make them more eco-friendly. According to a global green building survey, US currently holds the number one position overall, with a total of 124,212 Leadership in Energy and Environmental Design (LEED) projects. LEED certification is a globally recognized symbol of sustainability achievement and leadership and provides a framework for healthy, highly efficient, cost-saving green buildings. Hence with the growing interest in green buildings, the market for aerosol paints is also expected to grow.

Aerosol Paints Market Challenges

Rising Prices of Epoxy Resins

The epoxy resins increased in price to as much as 60% in the autumn of 2020. The polyester resin market has also been impacted. This, in particular, has been down to a combination of factories in Singapore and Sweden closing, along with a factory explosion in China. Strong demand from certain markets is driving up prices of epoxy polymers. Also, the situation is being compounded by a current global shortage of containers which has led to a sharp rise in transport costs from Asia to Europe. This complex mix of higher demand, capacity and supply problems together with restricted availability of transport resources is increasing uncertainty in the market and driving up raw material prices sharply. This has become a major challenge for the aerosol paints market and constrains the growth of the market.

Aerosol Paints Market Landscape

Innovative products, acquisitions, and R&D activities are key strategies adopted by players in the Aerosol paints market. Aerosol paints market top companies are Nippon Paints, PPG Industries Inc, Krylon Inc, Dupli Color, Ironlak, Aeroaids Corporation, Montana Color, Rust-Oleum, Valspar Corporation, Masco Corp and Southfield Paints Ltd.

Acquisitions/Technology Launches

  • In May 2021, PPG completed its acquisition of Wörwag, a global manufacturer of coatings for industrial and automotive applications. The company, headquartered in Germany, specializes in developing sustainable liquid, powder and film coatings.

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1. Aerosol Paints Market- Market Overview
    1.1 Definitions and Scope
2. Aerosol Paints Market - Executive Summary
    2.1 Key Trends by Resin Type
    2.2 Key Trends by Technology
    2.3 Key Trends by Application/End Use Industry
    2.4 Key Trends by Geography
3. Aerosol Paints Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Aerosol Paints Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Aerosol Paints Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Aerosol Paints Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Aerosol Paints Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Aerosol Paints Market – By Resin Type (Market Size -$Million/Billion)
    8.1 Acrylic
    8.2 Alkyd
    8.3 Epoxy
    8.4 Polyurethane
    8.5 Silicone
    8.6 Others
9. Aerosol Paints Market – By Technology (Market Size -$Million/Billion)
    9.1 Solvent borne
    9.2 Water borne
10. Aerosol Paints Market – By End Use Industry (Market Size -$Million/Billion)
    10.1 Building & Construction
        10.1.1 Residential
   Private Dwellings
   Row Houses
        10.1.2 Commercial
   Educational Institutes
   Hotels, Restaurants, and Cafes
   Sports Stadium
   Office Buildings
   Shopping malls & Supermarkets
   Hospitals, Clinics and Healthcare Institutes
    10.2 Transportation
        10.2.1 Automotive
   Passenger Vehicles (PV)
   Light Commercial Vehicles (LCV)
   Heavy Commercial Vehicles (HCV)
        10.2.2 Aerospace
        10.2.3 Locomotive
        10.2.4 Marine
    10.3 Furniture
        10.3.1 Cabinets
        10.3.2 Plywood
        10.3.3 Others
    10.4 Oil and Gas
        10.4.1 Pipelines
        10.4.2 Tanks
        10.4.3 Others
    10.5 Water and Wastewater
        10.5.1 Water Tanks
        10.5.2 Water Pipelines
        10.5.3 Wastewater Pipeline
    10.6 Electrical & Electronics
    10.7 General Industry
        10.7.1 Storage Tanks
        10.7.2 Railing
        10.7.3 Pipes
        10.7.4 Fences
        10.7.5 Others
    10.8 Others
11. Aerosol Paints Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        11.5.2 Africa
   South Africa
   Rest of Africa
12. Aerosol Paints Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Aerosol Paints Market – Market Share Analysis Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Aerosol Paints Market – Key Company List by Country Premium Premium
15. Aerosol Paints Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"