What are the Historical Developments and Current Growth Metrics of the Paint Stripper Market?
The paint stripper market has seen considerable growth due to a variety of factors.
• In recent times, the paint stripper market has seen substantial growth. The market, which will increase from $1.33 billion in 2024, is forecasted to reach $1.4 billion by 2025, growing at a compound annual growth rate (CAGR) of 5.7%.
Its expansion in the preceding period can be linked to the surge in the manufacturing sector, the appeal for environmentally friendly and biodegradable paint strippers, enforced government regulations, economic advancement, and urbanization.
What is the Forecasted Market Size and CAGR for the Paint Stripper Market?
The paint stripper market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the paint stripper market is predicted to experience consistent growth, reaching a value of $1.65 billion by 2029, with a compound annual growth rate (CAGR) of 4.1%.
This growth during the forecast period is likely to be driven by the rising demand for eco-friendly formulas, the growth of the construction industry, increasing popularity of DIY projects and home makeovers, enhanced investment in infrastructure and building projects, and a surge in the demand for paint removal products. The projection period is also expected to see trends like product innovation, technological progress, formulation development of paint strippers, and an increase in mergers and acquisitions.
What Key Factors and Trends Are Driving The Growth Paint Stripper Market?
The paint stripper market's growth is likely to be fueled by the expanding construction sector. Construction encompasses various components to build a specific location-based structure, following an intricate design and plan. Paint strippers are vital tools in this industry for surface preparation and maintenance, permitting the removal of aged and deteriorated paint or coats. For instance, Atradius, a Dutch insurance firm providing trade credit insurance, forecasts that the global construction output will escalate by 2.0% in 2024, up from 3.7% in 2023. Advanced economies are predicted to see growth of 1.8%, while emerging markets are likely to see a 2.2% rise in construction activities. Projections for non-residential output and civil engineering this year show increases of 2.8% and 4.4%, respectively. Therefore, the growth of the construction sector is acting as a catalyst for the increased demand in the paint stripper market.
What Are The Market Segments In The Paint Stripper Market?
The paint stripper market covered in this report is segmented –
1) By Type: Solvent Type, Caustic Type, Acidic Type
2) By Packaging Type: Bucket, Drum
3) By Grade: Industrial Grade, Technical Grade
4) By End User: Aerospace, Automotive, Marine, Oil And Gas, Packaging, Other End Users
Subsegments:
1) By Solvent Type: Organic Solvent-Based Strippers, Biobased Solvent Strippers
2) By Caustic Type: Alkaline-Based Strippers, Caustic Soda-Based Strippers
3) By Acidic Type: Methyl Chloride-Based Strippers, Phosphoric Acid-Based Strippers
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What Emerging Trends Are Influencing The Growth Of The Paint Stripper Market?
Major corporations in the paint stripper market are pioneering new products like solvent-based paint strippers, which are chemical formulas crafted to erase and eliminate paint coatings by severing their chemical bonds. For example, Propspeed, a company based out of New Zealand, inaugurated Stripspeed, a novel solvent-based stripper, in 2023. The way Stripspeed eliminates foul-release coverings without the need for dusting or grinding is both straightforward and efficient, thanks to its solvent-based paint-removal technology. It can cut down the prep time by 33% for sleek surfaces like propellers and shafts, and by 50% for more complex surfaces such as swim platform armatures. It doesn't generate harmful dust or debris, is non-flammable and non-caustic, and is free of DCM and NMP. It was created to aide those applying prop speed in priming metal surfaces for subsequent layers.
Who Are the Key Players In The Paint Stripper Market?
Major companies operating in the paint stripper market report are:
• 3M Company
• Henkel AG & Co. KGaA
• Sherwin-Williams
• The Sherwin-Williams Company
• PPG Industries
• AkzoNobel
• Nippon Paint Holdings Co. Ltd.
• RPM International Inc.
• Asian Paints
• United Gilsonite Laboratories
• Jasco
• Green Products
• Fiberlock Technologies
• Tri-State FabricatorsInc.
• Franmar Chemical Inc.
• Sunnyside
• EZ Strip Inc.
• Savogran
• Vitex Corp.
• SRI Performance
• Twin Specialties
• Citristrip
• CHEMEON
• Dumond Chemicals
• Motsenbocker's Lift Off
• Blue Bear
• Formby's
• Klean-Strip
What Are The Regional Insights Into The Paint Stripper Market?
North America was the largest region in the paint stripper market in 2024. The regions covered in the paint stripper market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
