The Oil Colors Market is expected to register a positive double-digit CAGR of 4.5% by garnering a market value of US$ 751 Million. Demand for oil colors might witness substantial growth post suffering a drop in demand and sales throughout the COVID-19 pandemic period. Post-pandemic the anticipated growth in the residential sector is expected to see a rise in demand for Oil Colors.
What is Driving Demand for Oil Colors?
Manufacturers are increasingly adopting to the various natural as well as synthetic oil pigments that are used in the oil paints. The boom in furniture industry has been a major contributing factor towards the growth of the market. Use of such oil colors in new automobiles is also on the growth curve and thus, impacting the market growth positively. The characteristics of the oil paints to avoid the corrosion on the metallic surfaces has been one of the greatest achievement in the field of innovation.
One of the key factors driving the worldwide oil paint market’s growth is rising consumer base in the art enthusiast category. The rise of panel painting purely in oils, or oil painting has been a driving factor in this category. Moreover, the market for oil colors is predicted to grow in response to rising customer demand for home decor and stylish wooden and metallic furniture that can be attributed to the color paints on such furniture, correspondingly, acting as a major factor in the market growth.
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Trend of Natural and Organic Colors Likely to Augment Sales
Various governments around the world have regulated the use of chemical colors that are more harmful to the eyes and skin. Moreover, increased cases of harms from such colors to the infants has been a major topic of discussion and in turn, increased awareness and benefits regarding natural and organic colors.
Furthermore, increased demand from parents with infants in their family has been a major contributing factor in the growth of the industry. The growing awareness about the use of natural colors to the people as well as environment is appealing to the customers and a high number of customers are opting for such natural and chemical-free oil colors that also on the other hand provide sense of responsibility towards the environment and ourselves and is a leading to augmented sales of natural oil paints.
Impact of COVID-19 on Oil Colors Market
The coronavirus outbreak has had a significant impact on a wide range of organizations as well as all stages of their supply and value chains. Consumer goods is one of the industries that is now suffering as a result of the pandemic.
Raw material supply is one of the most important sections of the market’s value chain, where key companies and vendors are experiencing issues due to insufficient logistics, traffic control, and public mobility restrictions in affected nation-states around the world, which can cause supply interruptions. As a result of the pandemic, major market participants have had to reassess their contingency plans and risk management.
US and Canada Oil Colors Market Outlook
The rapidly growing residential sector in regions like North America, as well as customer demand for natural colors in the region, are two major factors driving the use of oil paints. Furthermore, due to environmental concerns, there has been a reasonable demand for organic colors in recent years, and this, together with the rising number of household remodeling projects in the region, has generated a potential market for the competitors.
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One of the major trends in the US and Canada region that is attracting customer attention is the shift from classic to contemporary furniture and its finishes. Moreover, the growing need of metallic products has also generated a high volume of sales for the manufacturers in the region. Nippon, for example, offers a wide range of antique oil paints, and its vast line of product portfolio complements the minimalism aesthetic with its finishes.
Europe Demand Outlook for Oil Colors
In the coming years, the European commercial market is expected to be the largest and fastest-growing segment. Many companies are now high and premium quality colors that are specifically built for luxury looks. The growing popularity of home remodeling and, as a result, the use of stylish and smart oil paint combinations is predicted to drive up demand in the market.
The expansion of the metal work category for various everyday utility products has had a positive impact on the regional market. The desire of regional customers for a choice of better quality colors with long-agility has given top brands the opportunity to supply and meet customer demand.
Furthermore, due to the growth of the real estate industry, which has resulted in an increase in the construction of residential and commercial structures, as well as the use of oil colors for various such reasons, the region has gained a lot of traction.
Key Segments
By Pigment Type:
- White Oxides
- Zinc Oxide
- Titanium Dioxide
- Yellow Cadmium
- Ochre
- Sienna
- Umber
- Madder Root
- Other
By Origin:
- Natural
- Synthetic
By Type:
- Organic
- Inorganic
By Sales Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Wholesalers/Distributors
- Independent Retail Stores
- Online Retailers
- Convenient Stores
- Others
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