Latin America painting tools market is anticipated to record significant growth opportunities on account of the expanding construction sector in the region. The nations in the region are spending heavily on the development of new construction projects, which in turn will enhance the painting tools business outlook.
The painting tools market size is anticipated to reach USD 12 billion by 2026.
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The global painting tools market is expected to record robust growth over the ensuing years on the back of burgeoning construction sector. In recent years, growing construction activities across the various regions of the world have accelerated the demand for painting tools. Masking Tapes, Spray Gun, Trays, Knives, Scrapers, Rollers, Brushes, etc., are considered as some of the most commonly used painting tools.
The global painting tools market size from spray gun segment is expected to record a 5% CAGR over the ensuing years.
Numerous private and government organizations across the globe have been investing heavily in infrastructure development projects. For instance, in 2016, India, which is one of the major economies of APAC announced plans to develop the nation’s first 2,500-kilometer-long coastal industrial corridor. The country received USD 631 million in loans from the ADB (Asian Development Bank (ADB).
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Moreover, the nation also introduced numerous construction projects like ‘Housing for All by 2022’ and 100 smart cities in recent years. This has led to an increase in the demand for paints to protect such infrastructure developments from chemical attacks, abrasion, and UV protection, which in turn will accelerate the painting tools market over the forecast period.
Based on the product, the spray guns segment is essentially gaining traction in the painting tools industry. Increasing demand for aesthetically pleasant painted appliances and high speed of these are key reasons expected to the demand for spray guns. Easy replacements of parts along with effortless cleaning after usage are key benefits of spray guns. However, high costs compared to other counterparts and less consumer awareness are likely to restrain painting tools market growth.
While speaking about the competitive landscape, it is imperative to mention that industry participants are undertaking several organic and inorganic growth strategies such as mergers, acquisitions, product launches to tap major market share. Notably, NOUR Trading House Inc., MAAN, Richard Tools, Nespoli Group, Asian Paints, Durapaints, EPOS Egypt, Allway Tools, Freight Tools, Harbor, Anderson Products, Milton Brushware, Braun Brush Co, Purdy, The Mill-Rose Company, Gordon Brush Mfg. Co., Inc., are the key companies currently at the forefront of the painting tools industry.
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For instance, Brazil, which is one of the leading economies in the region, introduced an infrastructure concessions program that will invest 45 billion reais (USD14.43 billion) in the development of buildings, power transmission lines, etc. Besides, the concept of green buildings is increasingly being introduced across the region, which will further improve the demand for painting tools in Latin America.
The ongoing COVID-19 pandemic has significantly impacted the construction sector, causing initial shortfalls, halts, and diversion of funds. The lockdown restrictions have completely halted the non-essential and non-essential construction work in some nations. However, the introduction of new guidelines and the reopening of construction works have accelerated the demand for painting tools recently.
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