Global paint spray gun market projected to reach $2.26 billion at a CAGR of 3.8% by 2031: Allied Market Research

Increase in construction and maintenance of residential and non-residential buildings and increase in disposable income are driving the growth of the global paint spray gun market.

PORTLAND, Ore., August 8, 2022 /PRNewswire/ — Allied Market Research released a report entitled “Paint Spray Guns Market by Product Type (Airless, Pneumatic, HVLP, LVLP, Electrostatic), by Technology (Automatic, Manual), by End-Use Industry (Automotive, Construction, Manufacturing, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global paint spray gun industry generated $1.53 billion in 2021 and is expected to be generated $2.26 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.

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Main determinants of growth

The rise in construction and maintenance of residential and non-residential buildings and the increase in disposable income are driving the growth of the global paint spray gun market. However, the requirement of an external power source by the paint spray gun limits the market growth. In addition, the introduction of light-weight paint spray guns and the incorporation of microprocessors for intelligent controls are expected to provide lucrative opportunities for market growth.

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Covid-19 scenario

  • The outbreak of the Covid-19 pandemic has negatively impacted the global paint spray gun market due to the implementation of the global lockdown.

  • The lockdown resulted in all manufacturing centers being forced to partially or fully cease operations. Also, disruptions in the supply chain as well as unavailability of raw materials and labor shortages caused various challenges in conducting production activities.

  • Numerous construction measures were delayed or canceled due to the lockdown. The reduction in construction activity reduced the demand for paint spray guns.

  • To paint vehicles, automobile manufacturers mainly use paint spray guns. However, automobile manufacturing has been restricted during the pandemic, severely hampering demand for paint spray guns.

  • Nonetheless, the construction sector and automotive sector are witnessing a surge in the post-pandemic era, which is expected to have a positive impact on the global paint spray gun market.

The HVLP segment is projected 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 gun market, and it is estimated to maintain its leadership status throughout the forecast period owing to its efficiency and capability by one to achieve finer painting. However, the LVLP segment is expected to show the highest CAGR of 4.9% from 2022 to 2031 due to its extensive applications in home improvement 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 gun market, and it is estimated to maintain its leadership status during the forecast period due to its cost-effectiveness. However, the automatic segment is expected to show the highest CAGR of 4.2% from 2022 to 2031 due to its high operational efficiency and extensive use in the automotive industry.

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The automotive segment is projected to maintain its leading position during the forecast period

Based on end-users, the automotive segment accounted for the largest share in 2021, contributing more than two-fifths of the global paint spray gun market and is expected to maintain its leading position during the forecast period. This is due to the extensive use of paint spray guns in the automotive industry. However, the manufacturing segment is expected to grow from 2022 to 2031 due to the rapid growth of the manufacturing industry in emerging markets such as China India, Chinaand Vietnam.

Asia Pacific to maintain its dominance until 2031

Based on region, Asia Pacific held the highest market share in terms of revenue in 2021, accounting for almost half of the global paint spray gun market and is expected to maintain its leading position during the forecast period due to the large automotive and manufacturing industries. However, the LAMEA region is expected to register the fastest CAGR of 4.8% from 2022 to 2031. This is due to the growth of the construction industry.

Leading Market Players:-

The report provides a detailed analysis of these major market players. These players have launched new paint spray guns to stay competitive in the market and improve their product offerings. They also pursued various strategies like collaborations, expansion, joint ventures, agreements and others to increase their market share and keep dominant shares in different regions. The report is valuable for highlighting business performance, operating segments, product portfolio, and strategic moves made by market players to depict the competitive scenario.

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