by Market Overview:
Tempera paint, also known as poster paint, is a water-based and water-soluble pigment mixed with various binding materials, usually with egg yolk or starch as the bond. It is used in making posters, classroom decorations, home decorations, as well as fine art pieces. It is widely used by students and artists owing to its easy availability and affordability. It is also child-friendly, non-toxic and easy to clean up. These characteristics make it a popular choice for arts and craft activities among students as well as hobbyist artists.
Market Key Trends:
The global tempera paint market is expected to witness positive growth over the forecast period, owing to rising arts and craft activities among students as well as hobbyists. According to the National Endowment for the Arts (NEA), more than 43 million U.S. adults participated in arts and crafts activities in 2018, which is a sizable consumer base for tempera paints. Furthermore, the availability of tempera paints in several fun colors makes it suitable for various art projects and gift items during festivals and occasions. Leading manufacturers are focusing on developing innovative packaging solutions and broadening the product portfolio to appeal to a wide consumer segment. The introduction of premium tempera paint ranges with extended shelf life and high color vibrancy is also expected to support the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The tempera paint industry requires significant investment for R&D and manufacturing facilities. Established brands have strong brand loyalty which poses high entry barriers for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of a variety of product options at different price points. However, large retailers and institutional buyers have relatively high bargaining power.
Bargaining power of suppliers: The tempera paint industry is highly fragmented with numerous raw material suppliers. This provides alternatives to buyers and limits suppliers’ bargaining power.
Threat of new substitutes: Alternatives like watercolor, acrylic and oil paints pose minimal threat as tempera paint has its unique properties and is widely used in schools and kid-friendly art projects.
Competitive rivalry: The global tempera paint market is moderately competitive due to presence of numerous regional and international brands. However, market is dominated by few key players like Crayola, Faber-Castell and Sargent Art.
Key Takeaways
The Global Tempera Paint Market Demand is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period 2023 to 2030, due to increasing popularity of art-based learning activities among kids and students. North America dominated the global market in 2023, accounting for over 30% market share due to high spending on art education and creative hobbies in the region.
Europe is also a major tempera paint market supported by government initiatives to promote arts in school curriculum. The Asia Pacific region is expected to be the fastest growing market during the forecast period with countries like China, India and Japan emerging as lucrative markets.
Key players operating in the tempera paint market are Crayola LLC, Faber-Castell AG, Sargent Art, Reeves (Colart Group), Liquitex (Colart Group), Sax Arts & Crafts, Prang (Dixon Ticonderoga Company), RASCHER GmbH, Richeson Art Materials, Jovi S.L. Players adopt strategies like new product development, expansion of product offerings and strengthening of distribution channels to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
