Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
US Paints and Coatings Market Size was valued at USD 25.8 Billion in 2022. The paints and coatings industry is projected to grow from USD 26.96 Billion in 2023 to USD 38.341 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50%
The US Paints and Coatings Market is influenced by a diverse array of market factors that collectively contribute to its growth and evolution. One of the primary drivers is the construction and real estate industry's activities. The demand for paints and coatings is intricately tied to construction projects, both in the residential and commercial sectors. As new buildings are constructed and existing structures undergo renovations, there is a consistent need for a variety of paints and coatings to protect surfaces, enhance aesthetics, and meet regulatory requirements. The cyclical nature of construction and maintenance activities plays a pivotal role in shaping the demand dynamics of the US Paints and Coatings Market.
Moreover, technological advancements in paint formulations contribute significantly to market dynamics. Continuous research and development efforts focus on creating innovative paints and coatings that offer improved performance, durability, and environmental sustainability. The development of low-VOC (volatile organic compound) and eco-friendly formulations addresses growing concerns about environmental impact and health hazards associated with traditional paint products. Technological innovations drive product differentiation and cater to the increasing demand for sustainable and high-performance coatings in the US market.
The automotive industry's requirements for specialized coatings influence the paints and coatings market. Automotive coatings play a critical role in protecting vehicles from corrosion, enhancing visual appeal, and meeting performance standards. As the automotive industry continues to innovate in terms of design and materials, the demand for advanced coatings with features such as self-healing, anti-scratch, and anti-reflective properties contributes to the evolution of the US Paints and Coatings Market.
Government regulations and environmental standards impact the paints and coatings industry. Regulatory frameworks set by environmental agencies dictate the permissible levels of VOCs and other harmful substances in paint formulations. Compliance with these regulations is essential for paint manufacturers to ensure that their products meet environmental standards and contribute to sustainable practices in the US market.
Market competition and industry consolidation are notable factors shaping the US Paints and Coatings Market. The market comprises a mix of multinational corporations and regional players, leading to competitive pricing strategies, product innovations, and market expansions. Mergers, acquisitions, and collaborations are common as companies seek to enhance their product portfolios, gain a competitive edge, and strengthen their presence in the market. The competitive landscape fosters innovation and the introduction of diverse coatings options for consumers in the United States.
Global economic conditions and trade dynamics impact the paints and coatings market. As a globally traded commodity, factors such as international trade agreements, tariffs, and geopolitical events can influence the supply chain and market conditions for paints and coatings in the US. Economic stability and trade policies play a role in determining the accessibility and cost competitiveness of raw materials and finished products.
The influence of architectural trends and consumer preferences also shapes the paints and coatings market. Changing design preferences, color trends, and the demand for specialty finishes contribute to the variety of products available in the market. Paint manufacturers often align their product offerings with prevailing design aesthetics and consumer preferences, reflecting the dynamic nature of the US Paints and Coatings Market.
Challenges related to raw material availability, price volatility, and fluctuating demand due to economic uncertainties are factors that the industry navigates. The prices of key raw materials, such as pigments, resins, and solvents, can be subject to fluctuations based on market conditions and global supply chain dynamics. Economic uncertainties may impact construction and consumer spending, influencing the overall demand for paints and coatings in the US market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 4.50% (2024-2032) |
US Paints Coatings Market Highlights:
US Paints and Coatings Market Overview
US Paints and Coatings Market Size was valued at USD 25.8 Billion in 2022. The paints and coatings industry is projected to grow from USD 26.96 Billion in 2023 to USD 38.341 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2024 - 2032). Key market drivers propelling the market's expansion are the nation's growing building activity as well as the growing need for paints and coatings from consumer goods, autos, and industrial maintenance applications.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Paints and Coatings Market Trends
-
Growing Demand from the Architecture Sector to Boost the Market Growth
The interiors of homes can use paints and coatings for a variety of purposes beyond just adding color and decoration. The types of environments and rooms in which they are employed determine the functions of each. For instance, bathroom walls must be able to be wiped down to maintain their cleanliness due to moisture. Because of their tighter molecular structure compared to flat paints, glossier sheen paints are more resistant to moisture penetration. Therefore, bathrooms employ these kinds of paints. Furthermore, the exterior of the house is painted or coated to give it a fresh appearance as well as protection from the sun's rays, frigid winters, drenching rain, and scorching summers without fading, peeling, or breaking. Additionally, the market is being driven by the US, one of the main markets for architectural coatings, as its infrastructure continues to grow. A robust economy, favorable commercial real estate market conditions, and increased federal and state funding for public works and institutional structures all contributed to the US construction industry's continuous growth. Moreover, the United States has seen a sharp rise in residential development in recent years for a variety of reasons. Among these are increased house demand, a thriving economy, and low loan rates. Because of the low interest rates, more people may now be eligible for mortgages, increasing the number of buyers. The number of building permits issued in the US for residential construction was 1.74 million in 2021, up 18% from the previous year. The demand for paints and coatings in the nation is anticipated to rise throughout the forecast period as a result of all these reasons.
Technological developments and industrial innovation are driving a major transition in the U.S. Paints & Coatings market. This driver, which may be divided into numerous essential parts, is significant in determining the market environment. The market has undergone a revolution due to the advancement of coating technologies. For instance, nano-coatings have become more popular because of their exceptional endurance and protection. These nanoparticle-based coatings provide increased protection against abrasion, corrosion, and UV light. In industries like aerospace, automotive, and construction, where long-lasting and high-performance coatings are crucial, such advancements are in great demand. In addition, environmentally conscious and sustainable coatings have become more popular in response to environmental issues. The industry's dedication to lessening its environmental impact is seen in the move towards water-based and low-VOC (volatile organic compound) coatings. Consumer demand for eco-friendly products is rising as a result of their increased awareness of environmental challenges. Government incentives and laws that encourage businesses to adopt environmentally conscious practices are in line with this trend, which in turn spurs innovation in sustainable paints and coatings. Thus, driving the paints and coatings market revenue.
Paints and Coatings Market Segment Insights
Paints and Coatings Product Insights
The US paints and coatings market segmentation, based on product includes Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, High Solids/Radiation Curing, and Others (Specialty Coatings). The waterborne coatings segment dominated the market mostly because of their expanding application in damp-proofing buildings. Furthermore, the water-based market is anticipated to be driven by stringent environmental laws aimed at lowering the volatile organic compound (VOC) content of paints and coatings.
Paints and Coatings Material Insights
The US paints and coatings market segmentation, based on material, includes Acrylic, Polyester, Alkyd, Polyurethane, Epoxy, and Others. The acrylic category generated the most income. This is explained by the strong demand it has from the automotive, infrastructure, paint and varnish industries, and paint and metal coating applications. They are very well suited for usage in a variety of end-users due to their exceptional physical and chemical qualities, which include great weathering resistance, vapor permeability, fire resistance, UV light resistance, abrasion resistance, and gloss retention.
Figure 1: US Paints and Coatings Market, by Material, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Paints and Coatings Application Insights
The US paints and coatings market segmentation, based on application, includes Architectural & Decorative and Non-architectural (Automotive & Transportation, Wood, General Industrial, Marine, Protective, Others). The architectural & decorative category generated the most income. Over the projection period, rising infrastructure spending in the United States is anticipated to support possible development in the construction industry. In addition, there are several additional construction projects that will soon be underway, such as the Second Avenue Subway Construction Project, the O'Hare Airport Construction Project, the LaGuardia Airport Construction Project, and the South California Civic Center complex. In the upcoming years, this is expected to significantly fuel demand for American paints and coatings in decorative and architectural applications.
Paints and Coatings Country Insights
The United States stands among the world's leading manufacturers and users of paints and coatings because of its expanding infrastructure. When it comes to construction operations, the United States is the largest nation. With a GDP per capita of USD 25,350, the nation is predicted to expand at a pace of 3.7% YoY in 2022. A robust economy, favorable commercial real estate market conditions, and rising federal and state financing for institutional and public works projects all contributed to the expansion of the construction sector in the United States. The US Census Bureau reports that in 2022, new building in the country was valued at USD 1,792.9 billion, up over 10% from USD 1,626.4 billion in 2021. There are numerous ongoing construction projects in the nation, which should increase demand for paints and coatings over the course of the projected period. Additionally, rising disposable income and ongoing technological innovation are two important aspects anticipated to propel market revenue growth in the region.
Paints and Coatings Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the paints and coatings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, paints and coatings industry must offer cost-effective items.
Major players in the paints and coatings market are attempting to increase market demand by investing in research and development operations includes The Sherwin Williams Company; Nippon Paint Holdings Co., Ltd.; PPG Industries, Inc.; Axalta Coating Systems, LLC; BASF SE; and RPM International Inc.
Key Companies in the paints and coatings market include
-
The Sherwin Williams Company
-
Nippon Paint Holdings Co., Ltd.
-
PPG Industries, Inc.
-
Axalta Coating Systems, LLC
-
-
RPM International Inc.
Paints and Coatings Industry Developments
February 2022: The Sherwin-Williams Company strengthened its position as a significant manufacturer of coating solutions in the building materials industry by acquiring AquaSurTech. Research, production, and distribution of durable, environmentally friendly paints and coatings for vinyl/PVC building items have been the primary focus of AquaSurTech.
November 2021: Oskar Nolte GmbH and Klumpp Coatings GmbH were purchased by The Sherwin-Williams Company. The company's strategy of acquiring complementary, superior, and unique businesses is aligned with this purchase, which presents chances to expedite their profitable expansion in the worldwide industrial wood industry.
Paints and Coatings Market Segmentation
Paints and Coatings Product Outlook
-
Waterborne Coatings
-
Solvent-borne Coatings
-
Powder Coatings
-
High Solids/Radiation Curing
-
Others (Specialty Coatings)
Paints and Coatings Material Outlook
-
Acrylic
-
Polyester
-
Alkyd
-
Polyurethane
-
Epoxy
-
Others
Paints and Coatings Application Outlook
-
Architectural & Decorative
-
Non-architectural
-
Automotive & Transportation
-
Wood
-
General Industrial
-
Marine
-
Protective
-
Others
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
