The global market for the paint knife market is estimated to be worth USD 64.1 million in 2021 and is anticipated to reach a value of USD 134.6 million by 2031. Sales are projected to rise at a CAGR of 7.7% over the forecast period between 2021 and 2031. The revenue generated by the paint knife market in 2020 was USD 60.5 million. The industry is anticipated to exhibit a Y-o-Y growth of 5.9% in 2021.
Global Paint Knife Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 60.5 million |
| Estimated Size, 2021 (E) | USD 64.1 million |
| Projected Size, 2031 (F) | USD 134.6 million |
| Value-based CAGR (2021 to 2031) | 7.7% |
The target market is segmented under application, price range, and distribution 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 paint knives is emerging and expanding due to the demand for paint knives by professional painters and even amateurs. These universal devices are used in paintings and come in handy for developing layered textured effects which makes them widely used. More so, the natural expansion of the market is complemented by the increased awareness of art education and DIY art projects.
For even more control and flexibility, paint knives come in different sizes and shapes, thereby prompting more consumers to experiment with another painting technique from a broader perspective. While focusing on artistic freedom and technical accuracy, it remains an extensive and growing segment of the art world.
The competitive landscape of the paint knife 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 RGM, Liquitex, Royal Talens, and Pen Store, 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 70.5 million and is predicted to rise approximately 2.1 times the current market value through 2031.
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Painting knifes are economical, highly efficient and used for various applications. With the wide applications of the painting knife, it is gaining marketing popularity. Panter uses these knifes for building up a thick texture in the painting and also, it is easy to create a broken color effect with this knife.
Increasing the infrastructure development and construction activities drive the painting tools market including paint knife around the globe. The construction industry and the painters are the prominent buyer of paint knife in the coming years.
Furthermore, with the trend of urbanization and changing lifestyle, people are demanding more for visibly striking textures in the commercial and residential buildings, this also fuels the global market of paint knife during the forecast period.
The global paint knife market is increasing at a rapid pace. Many regional and domestic players are offering different types of paint knife at different rates due to the increase in the competition in the market.
Mass urbanization, economic and social development, mainly from developing economies are expected to boost up the paint knife market expansion. Also, it is very easy to clean a paint knife with a paper or cloth towel in a single wipe, that is why most canvas painters demanding a paint knife.
However, during the COVID-19 pandemic, the industry supply chain was standstill due to strict lockdown imposed by the government. This led to supply shortages and consumer demand unmet.
Nevertheless, e-commerce platforms have received considerable focus during this time. People are doing work from home and children are studying from home. They get time for their hobbies during the pandemic. People ordered painting products including paint knife through online supply channels. Paint knife sales have increased in line with this shifting trend.
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The USA and Canada hold a significant market share of paint knife in the next ten years. People of the region mainly children uses this painting knife to paint the highlights on stones and rocks also, build up texture in the foreground to imitate the rocks, grass and other nature.
Furthermore, some American artists who make skilful use of the palette knife in their paintings are Ray Grimes, Krista Schumacher, Tibor Nagy, Brent Cotton etc. They show their talent on the social media platform which inspired other people to paint with knife. These are some factor that increases the sales of the painting knife in the region.
People of Europe mainly use paint knife in oil paint or acrylic paint for mixing the color or to transfer paint to a canvas. These knifes have a soft edge, so it is not damaged the canvas and paper sheet. Also, children artists can use such knifes easily.
Furthermore, the diverse shapes and sizes open up a range of opportunities to the artists for applying acrylic paint to the canvas, giving shape to the applied paint and mixing color on the knife.
Also, paint knifes with wooden handles are perfect for professional artists, art teachers, art students and creative hobbyists. These knifes are a great assortment for mixing, scumbling, scratching, spreading, murals, large paintings, theatre work. This application increases the sales of the product in the region.
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Leading players of the paint knife are looking forward to mergers & acquisitions and strategic collaborations to increase customer base around the globe. Some of the leading manufacturers and suppliers of paint knife include
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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Paint Knife Market
