Industrial Paint Booth Market to Approach a Volume CAGR of 4% Through 2030 The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Industrial Paint Booth Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Industrial Paint Booth Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Industrial Paint Booth Market are thoroughly studied in the presented market study. For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=818 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. For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=818 Key Takeaways of Industrial Paint Booth Market Study
The global industrial paint booth market is anticipated to create an absolute $ opportunity of more than US$ 178 Mn by the end of the forecast period (2020 – 2030). By product type, downdraft paint booth segment is anticipated to accumulate the majority share in terms of value, growing at a value CAGR of 2.5% during the forecast period. In the end user segment, the automotive industry is projected to show sluggish growth, poised to create an absolute $ opportunity of more than US$ 76.4 million by the end of forecast period. Asia Pacific Excluding Japan (APEJ) is projected to create an absolute $ opportunity of more than US$ 78 million and is expected to hold 41.1% market share in terms of value in the global industrial paint booth market by the end of the forecast period.