The global water colour palette market is projetced to register a CAGR of 5.4% by garnering a market value of US$ 345 Billion. Demand for Water Colour Palette 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 art enthusiasts is expected to see a rise in demand for Water Colour Palette.
What is Driving Demand for Water Colour Palette?
Customers are increasingly adopting to various wooden palette over plastic palettes that are used in the water colour arts. The boom in wooden accessory industry has been a major contributing factor towards the growth of the market. Use of such palettes by various professional art enthusiasts is also on the growth curve and thus, impacting the market growth positively.
The characteristics of the wooden palettes to avoid the corrosion has been one of the greatest drive for the adoption of such palettes.
One of the key factors driving the worldwide market’s growth is rising consumer base in the art enthusiast category. The rise of painting purely in water colours and oil paints has been a driving factor in this category.
Moreover, the market for such palettes is predicted to grow in response to rising customer demand for stylish wooden accessories that can be attributed to the high use of water colours, correspondingly, acting as a major factor in the market growth.
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Trend in Water Colour Palette Likely to Augment Sales
The oval shape painting palettes are being increasingly preferred by the art community all over the world. The ergonomics provided in such palettes prevents it from colour spillage and mixing with other colours better than different shaped palettes such as round, square, rectangle, etc.
The high preference of such palettes has helped the market growth in a high manner leading to greater preference from beginner artists besides professional artists.
Though the availability of plastic palettes is greater than wooden palettes, the trend of wooden palette as a better tray for water colour painting is higher in the market. Such adoption of wooden trays has improved with better quality palettes being offered in the market by the key players.
Alternatively, preference of these palettes by professional artists has seen a surge in demand in the last few years and has paved a path for wooden palettes in the art of water colour painting.
Impact of COVID-19 on Water Colour Palette Market
The coronavirus widespread has had a substantial impact on a wide variety of enterprises and their supply and value chains at all levels. One of the businesses that is now suffering as a result of the pandemic is consumer products.
Inadequate logistics, traffic management, and public mobility limitations in impacted nation-states throughout the world had caused supply delays in raw material supply, which is one of the most critical sectors of the market’s value chain.
Major market participants have had to rethink their contingency preparations and risk management as a result of the pandemic. Although, with decline in cases the market is anticipated to revive itself fully in near future.
US and Canada Water Colour Palette Market Outlook
The rapidly growing art enthusiasts in regions like the U.S. and Canada, as well as customer demand for variety of palettes in the region, are two major factors driving the volume of sales of palettes. Furthermore, due to initiatives takes in regional education institutes regarding art has led the younger generation to opt for such products leading to augmentation in demand.
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One of the major trends in the U.S. and Canada region that is attracting customer attention is the shift from classic to contemporary products and its finishes. Moreover, the growing need of variety of products has also generated a high volume of sales for the manufacturers in the region. The market for palettes is anticipated to grow exponentially in regions of Canada and the U.S. in the coming years with surge in demand from younger generation artists.
Europe Demand Outlook for Water Colour Palette
The increasing sale of wall décor products such as decorative painting, wallpapers, and antique arts is one of the key contributing drivers and its measure is expected to be the leading factor for market growth in European market. However, the market’s expansion would be hampered by reasons such as price wars caused by minimal product differentiation and cost problems encountered by manufacturers and retailers.
Furthermore, today’s art market in Europe is highly interconnected, technologically driven, and diverse than ever before. The development and growth of the internet undoubtedly had played a big role in this. Moreover, the growing trend of flea market in the region is another prominent factor for the market growth and is anticipated to boost the sales of water colour palette in the region.
Who are the Key Manufacturers and Suppliers of Water Colour Palette?
Some of the leading manufacturers and suppliers of water colour palette include
- Winsor & Newton
- Schmincke
- Old Holland
- Daniel Smith
- Shanghai SIIC Marie Painting Materials
- Hebei Chinjoo Art Materials
- PEBEO
- Daler-Rowney
- Madisi
- Anhui Zhongsheng among others.
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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Key Segments
By Product Type:
- Wooden
- Plastic
- Other
By Shape:
- Oval
- Round
- Rectangle
- Square
By End User:
- Professional Artists
- Beginner Artists
- Intermediate Artists
By Sales Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Wholesalers/Distributors
- Independent Retail Stores
- Online Retailers
- Convenient Stores
- Others
By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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