Categories: Market Research

Paint Stripper Market Size, Key Drivers, Growth, Demand, Analysis: 2024-2033

The Paint Stripper Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Paint Stripper Global Market Report 2024, The paint stripper market size has grown strongly in recent years. It will grow from $1.25 billion in 2023 to $1.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in the manufacturing sector, demand for eco-friendly and biodegradable paint strippers, government regulations, economic growth, urbanization.

The paint stripper market size is expected to see steady growth in the next few years. It will grow to $1.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for environmentally-friendly formulations, expanding construction industry, rising popularity of diy projects and home renovations, increase in investment in infrastructure and construction projects, increase in the demand for paint removal products. Major trends in the forecast period include innovation and product development, technological advancements, develop paint stripper formulations, increase in mergers and acquisitions, .

The expanding construction industry is expected to propel the growth of the paint stripper market. Construction combines various elements to create a structure for a specific location, using a detailed design and plan. Paint strippers are used in the construction industry for surface preparation and maintenance, as they can be used to remove old and decaying paint or coatings. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, construction activity saw a 3.7% rise in March 2021. Further, in 2021, residential activity increased by 4.3% in 2021 over 2020. Additionally, according to the US Census Bureau, with a growth rate of 10.2%, the value of construction activities climbed from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the expanding construction industry is driving the growth of the paint stripper market.

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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 & Gas, Packaging , Other End Users

Major companies operating in the paint stripper market are developing innovative products such as solvent-based paint strippers, a chemical solution designed to dissolve and remove paint coatings by breaking down their chemical bonds. For instance, in 2023, Propspeed, a New Zealand-based company, launched Stripspeed, a new solvent-based stripper. The stripspeed method of removing foul-release coatings without grinding or dusting is simple and effective because of its solvent-based paint-stripping technology. Stripspeed can save up to 33% of the preparation time for smooth surfaces like propellers and shafts and up to 50% for more complicated surfaces like swim platform armatures. It produces no harmful dust or debris and is non-flammable, non-caustic, and devoid of DCM and NMP. They were designed to assist prop speed applicators in priming metal surfaces for subsequent application.

The paint stripper market report table of contents includes: