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Rise in construction and maintenance of residential & non-residential buildings and increase in disposable income drive the growth of the global paint spray guns market.
PORTLAND, Ore. , Aug. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Paint Spray Guns Market by Product Type (Airless, Pneumatic, HVLP, LVLP, Electrostatic), by Technology (Automatic, Manual), by End User Industry (Automotive, Construction, Manufacturing, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global paint spray guns industry generated $1.53 billion in 2021, and is anticipated to generate $2.26 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
Rise in construction and maintenance of residential & non-residential buildings and increase in disposable income drive the growth of the global paint spray guns market. However, requirement of external power source by the paint spray gun restrict the market growth. In addition, introduction of paint spray guns that are light in weight and incorporation of microprocessors for smart controls are anticipated to provide lucrative opportunities for the market growth.
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The HVLP segment to maintain its leadership status throughout the forecast period
Based on product type, the HVLP segment held the highest market share in 2021, accounting for more than two-fifths of the global paint spray guns market, and is estimated to maintain its leadership status throughout the forecast period, owing to its efficiency and ability to give a finer paint finish. However, the LVLP segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031, owing to its extensive applications in DIY projects.
The manual segment to maintain its leadership status throughout the forecast period
Based on technology, the manual segment held the highest market share in 2021, accounting for nearly two-thirds of the global paint spray guns market, and is estimated to maintain its leadership status throughout the forecast period, owing to its cost efficiency. However, the automatic segment is projected to manifest the highest CAGR of 4.2% from 2022 to 2031, owing to its high operational efficiency and extensive use in the automotive industry.
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The automotive segment to maintain its lead position during the forecast period
Based on end user, the automotive segment accounted for the largest share in 2021, contributing to more than two-fifths of the global paint spray guns market, and is projected to maintain its lead position during the forecast period. This is due to extensive use of paint spray guns in the automotive industry. However, the manufacturing segment is expected to portray the largest CAGR of 4.5% from 2022 to 2031, owing to rapid growth of the manufacturing industry in emerging countries such as India , China , and Vietnam .
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly half of the global paint spray guns market, and is projected to maintain its lead position during the forecast period, owing to large automotive and manufacturing industry. However, the LAMEA region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. This is owing to growth of the construction industry.
The report offers a detailed analysis of these key players of the market. These players have launched new paint spray guns to remain competitive in the market and enhance their product offerings. They also adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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