The market for United States paints and coatingsis expected to reach over USD 28.4 billion at a CAGR of 3.92% by 2023. This significant growth is primarily driven by the increasing commercial construction activities in the major cities across the country.
Increasing Commercial Construction Activities
United States construction sector is one of the main consumer of paints and coatings market. Commercial construction has been setting up pace in the form of offices, malls, and restaurants, etc. Additionally, the construction of super-tall skyscrapers measuring over 984 feet are currently under construction in Chicago, Los Angeles, New York, and San Francisco, while in other cities, like Boston, Austin, and Philadelphia, are boosting the commercial construction activities in the United States. Cities across the United States are in the middle of a multi-year boom in commercial construction, which is augmented by local and foreign investment. Some of the major construction projects involve: USD 225 million Children’s hospital expansion in New Orleans, USD 1.5 billion Atlanta Falcons Stadium, The Washington State Convention Center in Seattle, One Thousand Museum in Miami, The Comcast Technology Center in Philadelphia, etc.
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Major Companies Mentioned:
AkzoNobel NV, Axalta Coatings System, Beckers Group, Benjamin Moore, Diamond-Vogel, Nippon Paint Holdings Co., Ltd., Hempel, Kelly-Moore Paints, Lord Corp. , Masco Corporation, PPG Group Inc., RPM International Inc., The Sherwin-Williams Company, Sika AG, Wacker Chemie AG
Architectural Segment to Contribute Significant Demand to the Market
Paints and coatings are used in both interior and exterior applications in architectural industry. These paints & coatings are added not only as colors or for decorative purposes, but also to perform a wide range of functions. Their functions vary depending upon the type of environment and room they are used on. They are applied on the exterior of the house to give them a new look and to protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away and cracking. Modern advances in paints & coating technology, specifically in the acrylic formulations have offered a wide range of weatherproof coatings. Elastomeric coatings that retain their flexibility and strand etch ability over a wide range of temperatures are becoming popular solutions for homes. Around 90% of the architectural coatings sold in the country are based on waterborne technology.
Key Developments in the Market
Jun 2018: PPG to Enhance its Distribution Capabilities for Architectural Paint, Coatings With the inauguration of New Facility in Flower Mound, Texas
Jun 2017: The Sherwin-Williams Company announced the completion of its divestiture of the assets related to Valspar’s wood coatings business to Axalta Coating Systems in North American region
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