The global market for water colors market is estimated to be worth USD 2,505.6 million in 2021 and is anticipated to reach a value of USD 4,534.9 million by 2031. Sales are projected to rise at a CAGR of 6.1% over the forecast period between 2021 and 2031. The revenue generated by the water color market in 2020 was USD 2,483.1 million. The industry is anticipated to exhibit a Y-o-Y growth of 0.9% in 2021.
Global Water Color Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 2,483.1 million |
| Estimated Size, 2021 (E) | ~USD 2,505.6 million |
| Projected Size, 2031 (F) | ~USD 4,534.9 million |
| Value-based CAGR (2021 to 2031) | ~6.1% |
The target market is segmented under product type, end user, price range, 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.
Growing ecologically concerned, consumers are looking for water colors with recyclable packaging and natural pigments. To appeal to this expanding clientele, several firms are increasingly promoting their eco-friendliness. The healing benefits of painting, especially with watercolors, are becoming acknowledged in the wellness sector.
Water color products now have more opportunities in the wellness and healthcare sectors as art therapy is frequently used to lower stress, enhance mental health, and encourage relaxation.
The market mainly focuses on the needs of professional artists due to their ability to create vivid, fluid, and ethereal imagery. The development of online sales channels and the availability of target products on store shelves are contributing to the fast-paced demand growth.
Brands such as Adeco, Novica, BergHOFF, Zeller Present, Madeira, Catskill Craftsman, John Boos, Ukinox, ETAC, and MR Direct among others maintain a strong market presence, by offering a diverse range of products.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 2,029.3 million and is predicted to rise approximately 1.8 times the current market value through 2031.
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With the advancing industries and growing demand of customers for low volatile natural ingredients in water colors, various industries continue to grow the demand. Additionally, the growing interest of customers in the packaging and labeling industry and its application remain to be the major reason driving the demand.
Further, the sales of watercolors are projected to become attributable to the rising demand for environment-friendly and practical products that offer usability on a large scale basis. Besides, the evolving printing industry is another major factor advancing the deals of the water colors industry.
The COVID-19 pandemic had severely affected the global economy by shutting the industrial sectors and growing the amount of unemployment. Moreover, the changing preferences of individuals consisted of essential items thus, hindering the growth of the water colors industry. Therefore, the water colors industry is likely to consume considerable uptime to recover from the crisis.
In the case of water-based colors, the density of the liquid is comparatively lower than the others and thus, has a reduced overall weight. Further, the water colors become easy to handle and thus, help in growing the customer base. Due to the presence of fewer chemicals, the water colors are more versatile and durable, and also usable by kids as well.
The growth in a number of extra recreational activities in educational institutes also increases the demand for safe painting products thus, growing the volume of sales of water colors. Moreover, the rapidly expanding advertisement and textile market are creating a lucrative market for water colors in the future. Better printing quality and effects at an affordable price are also encouraging the usage of water colors.
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North America is one of the largest markets for water color globally due to the fact that parents are very keen on making their kids participate in activities that are separate from the daily curriculum. Thus, high demand for organic and safe colors that are not hazardous are likely to create new growth opportunities for water color market.
In addition, the rapid urbanization and growth in the construction industry are promoting the use of cost-effective, convenient, and reliable products thus, is also encouraging global investment in the industry. Moreover, the recovering industries and commercial sectors are likely to provide a large range of expansion rate and usability of water colors, thus, growing the volume of sales.
The world-famous painters present in the countries of Europe majorly drive the global painting business. Thus, the innovation in types of colors present in the market will be directly be influenced and the sales are projected to grow.
Moreover, the high rate of adoption of smartphones and online shopping is likely to help the color industry to expand their customer base drastically as online retailers tend to supply products at a global range.
The growth in the number of manufacturing plants and industries and less reliability on other countries to conduct trading of materials for the production of various products is likely to create an evolving and growing market for the water color industry.
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Some of the leading manufacturers and suppliers of water color 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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Water Color Market
