The North American paints and coatings market was valued at USD 25.65 billion in 2015 and is projected to reach UUSD 32.43 billion by 2020, at a CAGR of 4.8% during the forecast period from 2015 to 2020.
North American paints and coatings market is driven by the increase of construction activities in this region after the recovery from the global economic crisis. The U.S. accounts for XX.XX% of the region’s market size in 2015 followed by Canada and Mexico with XX% and XX% shares respectively.
The global economic crisis witnessed a substantial fall in the number of new commercial and residential construction projects, and there was also a large number of project terminations and rescheduling. The Canadian market recovered partially in 2010, while the number of the U.S. housing project start-ups recovered in 2011. The increased construction activity rate is anticipated to raise the demand for paints and coatings in North America. The North American paints and coatings market’s growth has also been bolstered by the region’s government stimulus packages, rising employment rates, and improvements in consumer confidence. The water-based paints and coatings account for the largest share of the paints and coatings market size in North America in 2015, with a value of USD XX.XX billion and a market share of XX.XX%. Meanwhile, solvent-based paints and coatings recorded a market size of over USD 3.3 billion in the region.
The North American paints and coatings market has been segmented on the basis of product type into acrylic, alkyd, polyurethane, epoxy, polyesters, and others. On the basis of application, the market has been segmented into industrial applications (automotive sector, marine paints, consumer durables, other OEMs, and industrial wood coatings) and decorative applications (interior and exterior wall paints, wood finishes, enamel, putty, and others). On the basis of geography, the market has further been segmented into the United States, Canada, and Mexico.
Pertaining to an extensive number of research and development activities prevailing in the North America paints and coatings market as with the emerging of green buildings and nano coatings, the world is becoming a healthier and safer place to live in. Research is being done to reduce the environmental impact of marine coatings during a ship life cycle.
There is a development of near-infrared (NIR) coatings and tiles to reduce heating of dark-colored surfaces on roofs and facades. The sun-reflective building materials help achieve a reduction of cooling loads and improve thermal comfort. They are often seen in roofing but there are also tentative applications for facades.
Market Dynamics of the North American Paints and Coatings Market:
The market for coatings and paints includes liquid- and powder-based paints, varnishes, and related products used in architectural and decorative, industrial, and specialty product segments. Interior and exterior paints, primers, sealers and varnishes are part of the architectural and decorative segment, which are used in homes and buildings. Products that are a part of the production process form part of the industrial products segment. Aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints form the specialty products segment.
Rising practice of green buildings and products, such as nano-coatings, green coatings, offer a lot of opportunities for the growth of the North American paints and coatings market. However, stringent regulations of environmental protection due to which there are a fewer number of approved chemicals present in the market resist the growth of this market. The major players present in this market are:
Key Deliverables in the Study: