The global industrial paint booth market is projected to grow at a sluggish CAGR of 2.6% in terms of value between 2020 and 2030. Owing to the anticipated economic slowdown in the upcoming year and a dip in consumption of industrial goods globally, the global industrial paint booth market is projected to witness stagnancy for the next couple of financial quarters. However, after the coronavirus pandemic is brought under control, the market is expected to regain traction and surpass a valuation of US$ 789 million by the end of the forecast period (2020 – 2030).
Key end-use industries of industrial paint booth such as automotive and industrial goods are witnessing massive slump in demand and production halts due to lockdowns imposed in many countries. For instance, in April 2020, the European Automobile Manufacturers Association concluded in a report that, in the first quarter of 2020, Europe has seen a decline in automotive production by around 2 million motor vehicles. This is turn, poses serious challenges to the global industrial paint booth market. This is because the automotive industry is a leading end user of industrial paint booth, capturing nearly half of the global market.
The following insights and evaluations are worth knowing for any market participant, helping them in ascertaining the prevailing dynamics and the future trajectories of the Industrial Paint Booth Market. They are a part of the estimations of the opportunities in various segments. The additional new opportunities have turned the Industrial Paint Booth Market into a fragmented landscape with more entry-level players entering the market, thanks to low barriers for investments.
After reading the Industrial Paint Booth Market report, readers get insight into:
- Major drivers and restraining factors, opportunities and challenges, and the competitive landscape
- New, promising avenues in key regions
- New revenue streams for all players in emerging markets
- Focus and changing role of various regulatory agencies in bolstering new opportunities in various regions
- Demand and uptake patterns in key industries of the Industrial Paint Booth Market
- New research and development projects in new technologies in key regional markets
- Changing revenue share and size of key product segments during the forecast period 2021 to 2031
- Technologies and business models with disruptive potential
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
APEJ to Accumulate Majority Chunk of Revenue Pie in Global Paint Booth Market
Asia Pacific Excluding Japan (APEJ) dominated the global industrial paint booth market throughout the historical period in 2019. The region accounted for 41.3% share of the global market. However, China, the automotive manufacturing hub in the world, is dealing with economic slowdown due to a disrupted business eco-system amid the coronavirus pandemic. Manufacturers are facing nosediving demand, production and revenue as the COVID-19 pandemic intensifies. This has significantly lowered the production. Simultaneously, shortage of workforce and raw materials has presented critical challenges to business owners. As a result there has been significant drop in exports from the region.
However, as the pandemic is being contained, the businesses are experiencing a resurgence. To increase exports, governments in East Asia are giving incentives to companies. For instance, In March 2020, the Chinese government announced a port fee reduction by up to 20%, which is poised to encourage manufacturers to increase production and exports of industrial paint booths in the region. Fact.MR therefore projects that APEJ will retain its position as a market leader and expand at CAGR of 2.8% in terms of value by the end of forecast period.
Some important questions that the Industrial Paint Booth Market report tries to answer exhaustively are:
- Key strategic moves by various players in the Industrial Paint Booth Market in recent years with respect to product launches, deals and tie-ups, and mergers and acquisitions, and divestment of shares
- Which strategies will enable top players in the Industrial Paint Booth Market to expand their geographic footprints
- Which new business models are expected to change the course of growth of key regional markets in near future
- Which technologies will witness most attractive research investments and what will be the key sources of funding for startups and new entrants
- Which products segments have in recent years have seen new, lucrative application areas
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