According to a new report published by Allied Market Research, titled, “Paint Spray Guns Market,” The paint spray guns market size was valued at $1.53 billion in 2021, and is estimated to reach $2.26 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031.
Commonly observed types of paint spray gun are airless, compressed air, HVLP (high volume low pressure), LVLP (low volume low pressure), and electrostatic. Among these, the HVLP segment accounted for the highest market share in 2021, owing to its wide usability. The market is analyzed with respect to different technology types, such as automatic, and manual. Among these the manual segment accounted for a high revenue share in 2021.
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The market is mainly driven by rise in construction and maintenance of residential and non-residential buildings. Furthermore, on the basis of end-user industry, the manufacturing segment is anticipated to witness rapid growth during the forecast period, owing to rise in demand for manufactured products, owing to an increase in disposable income. However, requirement of external power source by the paint spray gun restraints the paint spray guns market growth.
Region wise, Asia-Pacific held the largest paint spray guns market share in 2021, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is anticipated to grow with high CAGR, owing to mostly untapped market.
The advancements in paint spray guns have significantly increased the usability of paint spray gun. 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.
For instance, in October 2021, 3M India, introduced a paint spray gun that is approximately 50% lighter as compared to other offerings in the segment. It incorporates an impact-resistant, stainless steel-reinforced composite body, which makes it the lightest spray gun in the world in its segment. This is expected to make it easier for the operator to paint with less strain.
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However, during the pandemic lockdown, various manufacturers in the paint spray guns market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of paint spray gun manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for paint spray guns; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
Key companies profiled in the paint spray guns market forecast report include 3M, Anest Iwata, Asahi Sunac, Auarita, DSTech Co., Ltd., EXEL Industries, FUSO SEIKI, Graco Inc., J. Wagner, Lis Industrial, NingBoNavite, Nordson, Prowin Tools, SATA GmbH & Co. KG, Titan Tool Inc., Tritech Industries, Inc., and Zhejiang Rongpeng Air Tools Co., LTD.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging paint spray guns market trends and dynamics.
- Depending on product type, the airless paint spray gun dominated the paint spray guns market, in terms of revenue in 2021. However, LVLP segment is projected to grow at a significant CAGR during the forecast period.
- By technology type, the manual segment accounted for the highest revenue share in 2021.
- By end-user industry, automotive segment registered highest revenue in 2021.
- LAMEA is projected to register highest growth rate in the coming years.
- The key players within the paint spray guns market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the paint spray guns industry.
- The report provides an extensive analysis of the paint spray guns market opportunites.
- In-depth paint spray guns market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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