Online Retail Segment is Expected to be the Fastest Growing During the Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Artist Grade Acrylic Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Distribution Channel” is expected to reach US$ 67.03 million by 2028 from US$ 49.96 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the SAM artist grade acrylic paints market along with the drivers and restraints pertaining to the market growth. Rise in popularity of acrylic paints over oil paints is the major factor driving the growth of the SAM artist grade acrylic paints market. However, issues associated with the accessibility of innovative/substitute products such as powder paints hinder the growth of SAM artist grade acrylic paints market.
The SAM artist grade acrylic paints market is segmented into product type, distribution channel and country. Based on product type, the SAM artist grade acrylic paints market is segmented into fluid acrylics, heavy- body acrylics, and others. The heavy-body acrylics segment dominated the market in 2020 and fluid acrylics segment is expected to be the fastest growing during the forecast period. Based on distribution channel, the SAM artist grade acrylic paints market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The supermarkets & hypermarkets segment dominated the market in 2020 and online retail segment is expected to be the fastest growing during the forecast period. Based on country, the artist grade acrylic paints market is classified into Brazil, Argentina, and Rest of SAM.
Brazil reported the highest number of COVID-19 confirmed cases, followed by Argentina, Peru, Chile, and Ecuador. Governments in South America have taken an array of actions to protect their citizens and contain the spread of novel coronavirus. It is anticipated that SAM will face lower export revenues in the coming months, both from the drop in commodity prices and reduction in export volumes—which are important trade partners. Containment measures in several countries of SAM would reduce economic activity in the manufacturing and service sectors for at least the next quarter of 2020, with a rebound once the pandemic is contained. These factors affected the growth of the artist-grade acrylic paints market in SAM. However, as the economies are recovering from losses, the artist-grade acrylic paints market is also projected to witness positive growth across the region in the next few years.
Acrylicos Vallejo; Decoart, Inc.; Lukas; Pebeo; and Royal Talens BV are among the leading companies in the SAM artist grade acrylic paints market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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