The U.S. paints and coatings market size was valued at USD 23 billion in 2019 and is anticipated to grow at a CAGR of 3.4% from 2020 to 2027.
The market is expected to be driven by increasing commercial construction activities and rising demand for the product from the automotive sector in the country. Paints and coatings are used to perform a wide range of functions in various end-use industries. Their functions differ depending on the type of environment that they are used on. They are applied to different equipment to ensure resistance to wear and tear, anticorrosion, aesthetic, durability, and operational efficiency. The growing construction sector in the country owing to positive market fundamentals for commercial real estate and a strong economy, along with rising state and federal funding for institutional buildings and public works, is expected to support the demand for paints and coating in the country over the forecast period.
The waterborne segment led the market and accounted for more than 44% share of the overall revenue in 2019. Rising adoption by the end-use industry of eco-friendly paints and coatings and growing strictness in environmental regulations in the country are expected to fuel the demand for waterborne paints and coatings over the forecast period. Water-based paints and coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers as they possess excellent thermal and corrosion resistance. In addition, they are flame-resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions.
Powder-based paints and coatings are projected to witness the highest growth over the forecast period as they are more durable and eco-friendly as compared to their counterparts. They have negligible VOC content due to the absence of solvents, and thus they comply more efficiently and economically with the environmental protection regulations. Increasing demand for low VOC or zero-emission coatings in the U.S. is expected to propel the demand for powder-based U.S. paints and coatings over the forecast period.
The architectural and decorative segment led the market and accounted for more than 55% share of the overall revenue in 2019. Rising infrastructure spending in the U.S. is expected to potentially fuel the growth of the construction industry over the forecast period. Furthermore, other upcoming construction projects include the construction of the South California Civic Center campus, the O’Hare Airport Construction Project, LaGuardia Airport Construction Project, and the Second Avenue Subway Construction Project. This is expected to further propel the demand for U.S. Paints and Coatings in architectural and decorative applications in the coming years.
The U.S. has witnessed significant growth in automobile production in the recent past. For instance, in March 2017, an automotive manufacturer, Ford, announced the production expansion of trucks and SUVs in three of its facilities located in Michigan, the U.S. The overall cost of the expansion was approximately USD 1.2 billion. Capacity additions and expansion of plants by automotive companies in the U.S. are further expected to augment the demand for paint and coatings. In January 2018, Toyota Motors and Mazda Motors jointly announced the expansion of their production plant in Alabama, U.S. This expansion is anticipated to fuel the use of architectural U.S. Paints and Coatings.
The acrylic segment led the market and accounted for more than 40% share of the overall revenue in 2019. This is attributed to its high demand from infrastructure, automotive, paints and varnishes, and paints and metal coating applications. They offer excellent physical and chemical properties, such as fire resistance, UV light resistance, abrasion resistance, vapor permeability, high weathering resistance, and gloss retention, which make them highly suitable for the application in various end-use industries.
Epoxy is another material segment that is widely used in construction, shipbuilding, and wastewater treatment plants owing to its excellent properties, such as resistance to stains, cracking, extreme temperatures, and blistering. Increasing demand for epoxy-based paints and coatings in home appliances, such as refrigerators and washing machines, to protect them from food acids, corrosive gases, and humidity, extend the service life and improve the aesthetics of appliances is expected to fuel the segment growth over the forecast period.
Some of the prominent players in the U.S. paints and coatings market include:
The Sherwin Williams Company
Axalta Coating Systems, LLC
PPG Industries, Inc.
RPM International, Inc.
High Solids/Radiation Curing
Others (Specialty Coatings)
Architectural & Decorative
Automotive & Transportation
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