North America Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types), Technology (Water-borne, Solvent-borne, Powder Coating, and UV-cured Coating), End-user (Architectural, Automotive, Wood, Protective Coatings, General Industrial, Transportation, and Packaging), and Geography (United States, Canada, Mexico, and Rest of North America)
ABOUT THIS REPORT
Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The North America paints and coatings market is estimated to witness a significant growth, at an estimated CAGR of over 4%, over the forecast period. The major factors driving the market studied are the increasing commercial construction activities in the United States, and the increasing beverage can production in the region.
In terms of revenue, the architectural segment dominated the regional market. The architecture segment is expected to witness the highest CAGR of over 5% in revenue, during the forecast period.
In terms of volume, the water-borne segment dominated the regional market, and is expected to witness the highest CAGR of over 3%, during the forecast period.
Use of nano technology in paints and coatings is expected to act as an opportunity for the market’s growth in the future.
Scope of the Report
The North American paints and coatings market report includes:
Other Resin Types
Rest of North America
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Key Market Trends
Increasing Demand from the Architectural Industry
Paints and coatings are extensively used in the architectural sector for both exterior and interior applications. Paints and coatings are applied on the exterior of the house, not only to give them a new look, but also to protect it from blistering summers, freezing winters, soaking rain, and the daily exposure of UV radiation (without fading, peeling away, and cracking the exteriors).
Paints and coatings are also used in the interiors of houses to add color or for decorative purposes, along with a wide range of other functions. The functions vary depending upon the type of environment and room that they are used on. For example, paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate, and hence are used in bathroom walls. Most ceilings are painted flat white so that they could reflect the majority of the ambient light in the room to give the resident a spacious and relaxed.
The construction industry in North America has been increasing in response to rapid household formation in Mexico and growing residential construction across the United States.
The construction spending on private sector in North America is exhibiting a healthy growth since near past, which, in turn is boosting the demand for architectural coatings in the region.
These developments in construction sector are partly due to the robust economic growth and its positive implications on corporate profits, household income, and the state of public finances.
All the aforementioned factors are expected to drive the North America paints and coatings market in the architectural industry during the forecast period.
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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.
The University of Illinois at Chicago (UIC) has recently announced plans for a USD 95 million Center for the Arts to be built on its campus. The 88,000-square-foot building will be used primarily by the UIC’s School of Theatre & Music.
Owing to all these factors, the demand for paints and coatings in the region is expected to increase during the forecast period.
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The North America Paints & coatings market is highly consolidated, with top five players accounting for around 80% of the market. Key players in the market include The Sherwin-Williams Company, PPG Industries, Inc., RPM International Inc., and Masco Corporation, among others.