The global market for the metal paint tray market is estimated to be worth USD 369.2 million in 2021 and is anticipated to reach a value of USD 686.6 million by 2031. Sales are projected to rise at a CAGR of 6.4% over the forecast period between 2021 and 2031. The revenue generated by the Metal Paint Tray market in 2020 was USD 353.3 million. The industry is anticipated to exhibit a Y-o-Y growth of 4.5% in 2021.
Global Metal Paint Tray Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 353.3 million |
| Estimated Size, 2021 (E) | USD 369.2 million |
| Projected Size, 2031 (F) | USD 686.6 million |
| Value-based CAGR (2021 to 2031) | 6.4% |
The target market is segmented under product application and sales channel. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The market for metal paint trays is on the rise due to the burgeoning customer base that comprises painters, both commercial and home-based. Being reusable and highly durable, metal trays are the best option preferred over plastic ones due to the durability factor. The market is more liberated by the consciousness of sustainability, as consumers have shifted toward reusable and environmentally friendly products.
As more people engage in home renovation or improvements, and DIY painting, there is a corresponding demand for durable, trusted paint tools such as metal trays. This coupled with their versatility to support different paint types and ease of cleaning makes them even more popular.
The competitive landscape of the metal paint tray market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include Wooster Brush, Linzer, HAKZEON, and Rok, among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 317.3 million and is predicted to rise approximately 1.9 times the current market value through 2031.
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Growing product demand from quality minded home improvement enthusiast and professional craftsmen in the architectural industry are fueling industry expansion.
Moreover, surge in the demand from the decorative paints segment along with the general industrial application will further drive the overall market growth for metal paint tray market across the region.
In addition, changing consumer aesthetics and wall designs in residential and commercial building will further increase the market share.
The outbreak of COVID-19 pandemic have significantly damaged new construction activities, which has significantly affected the mental paint tray industry. This weak demand scenario has largely affected the market due to evolving priorities of expenditure towards essential infrastructure and needs.
Further, the imposition of temporary lockdown has resulted in disruption of trade and production activities. However, the market is recovering due to government actions and stimulus contacts for various construction and associated markets.
The trending concept of nuclear family along with increasing population has contributed to the growth of residential building construction. Paints, and wall decoration are broadly used since they provide improved appearance to these structures. Changing consumer preference for eye-catching interior textures specifically in the residential sector is further expected to impact the global market growth in a positive way.
Principal Consultant
Geographically, North America is projected to dominate the significant share in the global metal paint tray market. The adoption of eco-friendly painting tray has led to a boom in the market. North America is considered to be the primary market for metal paint tray. Market demand in North America is fueled by increased investment in the construction and infrastructure sectors in the United States and Canada.
Moreover, rising automotive and electronic industries in United States has resulted in increased sales of metal paint tray market.
Europe is likely to witness massive growth during the forecast period due to the competitive price and ease of application of products which will fuel the growth of the metal paint tray industry. Moreover, the product helps to reduce the wastage of paint which is positively affecting the demand.
In addition, industry players in the region are focused on tying up with architects and government tenders for large projects that supply products on a large scale and at affordable prices.
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Key players in the metal paint tray market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Metal Paint Tray Market
