Market Trends of North America Paints and Coatings Additives Industry
This section covers the major market trends shaping the North America Paints & Coatings Additives Market according to our research experts:
Architectural Segment to Dominate the Market
- The architectural segment includes additives used in coatings for commercial purposes, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings.
- Some of the majorly used additives for architectural coatings include rheological modifiers, defoamers, dispersants, and wetting agents.
- In general, the additives used for architectural coatings help in enhancing surface properties, stabilizing pigment, enhancing wetting and dispersing properties and defoaming properties, etc.
- The increasing demand for decorative coatings in houses, for greater aesthetics, is estimated to boost the demand for paint and coating additives in architectural coatings at a significant rate in the next few years.
- Thus, the demand for paints and coatings is increasing, in turn having a direct impact on the additives market.
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United States to Dominate the Market
- The United States is the second-largest producer of paints and coatings globally, after China. Growing infrastructure in the United States, which is one of the major consumers of architectural coatings, is driving the market.
- The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
- Some of the upcoming projects that are in the pipeline for the construction sector to boom in the country are:
- City officials in San Francisco recently unveiled designs for the South San Francisco Civic Center campus. It will include a new library, a parks and recreation center, and new City Council chambers. The budget for the project is estimated to be at USD 210 million.
- Owing to all these factors, the demand for paints & coatings in the region increases. This, in turn, is expected to increase the demand for coating additives during the forecast period.
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