Market Trends of North America Paints and Coatings Industry
This section covers the major market trends shaping the North America Paints & Coatings Market according to our research experts:
Increasing Demand from the Architectural Industry
- Paints and coatings are extensively used in the architectural sector for exterior and interior applications. Paints and coatings are applied on the house's exterior to give them a new look and protect it from blistering summers, freezing winters, soaking rain, and daily exposure to UV radiation (without fading, peeling away, and cracking the exteriors).
- Architectural coatings are meant to protect and decorate the surface features. These are used to coat buildings and homes. Most are for specific uses, such as roof coatings, wall paints, etc.
- Architectural coatings range from commercial purposes, such as office buildings, warehouses, retail convenience stores, and shopping malls, to residential buildings. Such coatings can be applied on outer and inner surfaces and include sealers or specialty products. Architectural coatings can be mainly divided into interior and exterior coatings.
- The construction industry in North America is increasing in response to rapid household formation and growing residential construction, which, in turn, is boosting the demand for architectural coatings in the region.
- Several construction projects are going on in the region, likely increasing the consumption of architectural paints and coatings during the forecast period.
- For instance, in November 2022, the company Samsung announced its plans to construct a USD 17 billion semiconductor fabrication facility in Austin, Texas. Thus, creating the demand for architectural coating in the region during the forecast period.
- Moreover, in the United States, the consumption of architectural paint is growing significantly. The DIY sector accounted for the major architectural paint consumption accounting for a 39% share of the total architectural paint consumption in the United States.
- All the factors above are expected to drive the North American 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 one of the major consumers and producers of paints and coatings globally, owing to the growing infrastructure in the country.
- The United States is the largest country for construction activities in the North American region. The country had a GDP of USD 25,350 per capita, with an expected growth rate of 3.7% Y-o-Y in 2022.
- 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 increased federal and state funding for public works and institutional buildings.
- The United States holds a major share of the construction industry in North America. According to the US Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,792.9 billion in 2022, a more than 10% increase compared to USD 1,626.4 billion in 2021.
- Several construction projects are going on in the country, expected to boost the demand for paints and coatings during the forecast period. For instance, in the United States, the Metropolitan Park campus plans to house 2.1 million sq ft of office space for Amazon in two 22-story LEED-certified buildings with a nearly USD 2.5 billion budget.
- 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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