The market is expected to value at USD 32,518.24 million in 2018 and reach USD 39.193.54 million by 2023, registering a CAGR of 3.80% during the forecast period, 2018-2023.
United States, which has the largest construction industry in North America is growing at an alarming rate with market expected to cross USD 460 billion in residential sector and USD 700 billion in the non-residential sector hugely driven by the continuous investments in office buildings, highways and street projects. Canada’s construction industry is the second largest in the North American region, and is also expected to improve and grow at a decent pace through 2023. Various government projects, including the Affordable Housing Initiative (AHI), New Building Canada Plan (NBCP) and Made in Canada will hugely support the growth in this sector, further driving the use of paints and coatings in the industry.
The water-based paints and coatings account for the largest share of the paints and coatings market size in North America in 2017, while solvent-based paints and coatings registered the highest CAGR through the forecast period.
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: