According to TechSci Research report, “US Paints & CoatingsMarket – By Region, Competition, Forecast and Opportunities, 2018-2028”, the US Paints & Coatings Market has valued at USD 21.95 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 3.55% through 2028. The increase in construction activities and growing demand for paints and coatings across various sectors such as consumer goods, automobiles, and industrial maintenance applications are significant drivers of the market’s growth. The rise in construction investments, coupled with government regulations aimed at stimulating the housing sector’s recovery, are expected to positively impact future construction developments.
The demand for high-performance coatings in specialized industries such as aerospace, automotive, and energy is increasing. The development of innovative coatings that provide superior protection against corrosion, extreme temperatures, and chemical exposure presents lucrative opportunities. Advancements in nanotechnology and materials science have facilitated the creation of coatings with exceptional properties, making them highly desirable for industries that prioritize performance and durability.
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Based on resin type, the acrylic segment is expected to dominate the market during the forecast period. Acrylic resins occupy a significant share of the U.S. Paints & Coatings Market, owing to their exceptional versatility in both architectural and industrial coatings.
Their dominance in the market stems from their wide-ranging applications in architectural coatings, particularly for interior and exterior paints. These resins boast remarkable attributes such as outstanding adhesion, color retention, and weather resistance, making them the preferred choice for residential and commercial applications. In the realm of industrial and protective coatings, acrylic resins are highly valued for their corrosion-resistant properties, finding utility in metal coatings, pipelines, and industrial equipment that demand robust defense against harsh environments.
The increasing popularity of water-based acrylic coatings, particularly in architectural applications, can be attributed to their low odor, low toxicity, and ease of cleanup, while also aligning with environmental regulations and consumer preferences for eco-friendly options.
Ongoing research and development endeavors in the acrylic resin sector have yielded high-performance coatings with advanced features like self-cleaning properties, heat resistance, and anti-graffiti capabilities, thereby expanding their potential across various industries. With applications spanning the construction, automotive, aerospace, marine, and industrial equipment sectors, acrylic resins present diverse opportunities for manufacturers to broaden their customer base.
Based on end-user industry, the Architectural segment is projected to dominate the market throughout the forecast period. The United States continues to undergo population growth, particularly in urban areas, thereby driving the demand for residential and commercial spaces. This demographic trend contributes to a consistent need for architectural coatings. Stricter environmental regulations, such as limitations on volatile organic compounds (VOCs) and hazardous air pollutants, have influenced the formulation of architectural coatings. Manufacturers are responding by developing low-VOC and environmentally friendly options to ensure compliance with these regulations. Water-based architectural coatings, including latex paints, have gained significant popularity due to their low odor, ease of cleanup, and reduced toxicity compared to solvent-based alternatives.
The shift towards water-based coatings is driven by both regulatory requirements and consumer preferences for eco-friendly choices. Consumers and designers are increasingly seeking customization options in coatings. Manufacturers are meeting this demand by offering a wide range of colors, textures, and finishes to cater to aesthetic preferences. Customization is particularly prominent in the residential market. Moreover, many existing buildings and structures necessitate maintenance and renovation, wherein coatings play a vital role in preserving and extending their lifespan.
Manufacturers can target this market segment by providing coatings specifically designed for restoration and protection. Digitalization has also made a significant impact on the architectural coatings industry through the introduction of color-matching tools and mobile applications that allow consumers and professionals to select and visualize paint colors. These tools streamline the color selection process and enhance the overall user experience.
Key market players in the US Paints & Coatings Market are:-
- Akzo Nobel N.V.
- Axalta Coatings Systems
- Beckers Group
- Benjamin Moore & Co.
- Diamond Vogel
- Hempel A/S
- Kelly-Moore Paints
- Masco Corporation
- Parker Hannifin Corp
- PPG Industries, Inc.
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“The US Paints & Coatings Market in North-East US is poised to be the dominant force in the industry. The Northeast region boasts a multitude of esteemed research institutions, universities, and innovation hubs. This vibrant ecosystem cultivates collaboration and fosters innovation in the field of coatings technology. Manufacturers can harness these invaluable resources to engineer state-of-the-art coatings that exhibit advanced properties, ranging from self-healing capabilities to intelligent coatings for structural integrity monitoring.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“US Paints & Coatings Market Segmented By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester and Others), By Technology (Water-borne, Solvent-borne, Powder Coating, and Others), By End-user Industry (Architectural, Automotive, Wood, Protective Coatings, General Industrial, Transportation and Packaging), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of US Paints & Coatings Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in US Paints & Coatings Market.
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Table of Content-US Paints & Coatings Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1.Markets Covered
1.2.2.Years Considered for Study
1.2.3.Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1.Secondary Research
2.5.2.Primary Research
2.6. Approach for the Market Study
2.6.1.The Bottom-Up Approach
2.6.2.The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1.Data Triangulation & Validation
- Executive Summary
- Impact of COVID-19 on US Paints & Coatings Market
- Voice of Customer
- US Paints & Coatings Market Overview
- US Paints & Coatings Market Outlook
7.1. Market Size & Forecast
7.1.1.By Value
7.2. Market Share & Forecast
7.2.1.By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester and Others)
7.2.2.By Technology (Water-borne, Solvent-borne, Powder Coating and Others)
7.2.3.By End-user Industry (Architectural, Automotive, Wood, Protective Coatings, General Industrial, Transportation and Packaging)
7.2.4.By Region (South, Midwest, North-East, West)
7.3. By Company (2022)
7.4. Market Map