The increasing residential, commercial and infrastructural construction in North America including US, Canada, and Mexico. According to the study, North America holds a one-fifth share, in terms of value and volume in the paints and coatings market on the North American platform. The strong economic position makes North America ideal for market growth. The region is also driven by the rising specialty beverage can production, and the surging number of brewing facilities. The United States is the second-largest producer of paints and coatings, globally. The consistency in the growth of the commercial sector, including office space construction, is projected a positive influence on the market.
The NA Paints and Coatings market has been driven by the increasing residential, commercial, and infrastructural construction in recent times which led to sales of paints and coatings giving an extra push to the North America Paints and coatings market. The United States is the largest consumer of Industrial coatings in the world and this factor also drives the growth of the paints and coatings market in North America. The healthy economic conditions will also create more investment opportunities in the North American paints and coatings market in near future. The construction industry has been increasing in response to rapid household formation in Mexico and growing residential construction across the United States. These all are the aforementioned factors that are expected to drive the North American paints and coating market during the forecast period.
The latest advancements in the paints and coating industry preparation and application are pushing the boundaries further and offer significant opportunities over the forecast period. From technological advancements such as innovating paints to control temperature to using nanotechnology over recent years, the paints and coatings market has witnessed a surge of technological innovations. Many manufacturers are continually focusing on developing intelligent paints. Hence these are some factors that can lead to potential opportunities in the paints and coatings market over the forecast period.
The production of paints and coatings requires organic solvents. They also are used in smaller quantities in the production of water-based paint and coatings, as well as in other aspects of the manufacturing process. As this solvent is evaporated, they release emissions of volatile organic compounds (VOCs) and air toxics. The emission of VOCs and air toxins during the manufacturing process are emitted into the environment and cause harm to the environment and impact health. Hence the ecological impact of paints and coatings is proving to be the restraining factor in the North American Paints and coating market.
The volatile and increasing cost of raw materials due to unexpected demand from North America. The closure of some production plants in the USA has also resulted in the prices of raw materials increasing. In turn, these factors have resulted in the raw material supply markets gradually tightening which resulted in impacting the raw material pricing. The regulated issue and restrictions imposed by the government are also key challenges in North America Paints and coatings market.
The report provides an in-depth analysis of the NA Paints and Coatings market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Paints and Coatings in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2022-2028.
The North America Paints and Coatings market comprises different market segments like type, services type, end user industry and country.
By type, North America Paints and Coatings includes key segments of
The alkyd paints segment holds the significant share in the market in 2021 and is expected to grow during the forecast period owing to its properties such as drying rate, adhesion, flexibility, and relative resistance making it suitable for usage in paints and coatings. The increasing use of alkyd paints for architectural coatings of interior walls, windows, and panels is a major factor driving the growth of the segment over the forecast period. Epoxy coatings are also leading with an exponential growth rate over the forecast period owing to its major use in floor coatings driving the segment growth in the coming period.
The North America Paints and Coatings market is segmented into technology such as
Based on technology, for the Paints and Coatings market, water-based technology holds major market share over the forecast period due to increased usage in automobiles, furniture, plastics, wood, and printings ink industries. Water-based technology is preferred because of the benefits associated with it, such as no VOC emissions, quick drying, and easier application are some of the factors that drive the segment’s growth over the forecast span.
The North America Paints and Coatings market has major end user industry like
The architectural segment covers important share in the market in 2021 and is expected to maintain its growth at a considerable growth rate. The increased use of paints and coatings in the architectural sector for building and construction of other warehouses such as office and the residential building. In architectural applications, paints and coatings are mainly used for the decorative purpose for residential and non-residential to protect them from UV rays and other environmental concerns. The increased use of these materials in the construction industry will drive the growth of the architectural segment in the coming time. The automotive segment is also growing at an exponential rate due to growing demand for coatings and paints in the automotive sector to prevent automobile cars and bikes from corrosion and other factors such as scratch resistance, flexibility, abrasion, and durability will boost the automotive industry to grow over mentioned time.
The NA Paints and Coatings market is studied for the following region
The United States is considered to be the dominating market owing to rapid industrialization in this region. The United States is the biggest consumer of paints and coating market. The well-established economy and increasing demand in the architectural sector dominate the United States in the paints and coating market. Further, The presence of major players and continuous innovation in products. Many small-scale companies must make significant investments in R&D to introduce new products and enhance their presence across the globe. Thus these are the key factors that drive the growth of the United States over the mentioned period.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the Paints and Coatings market. In addition, complete analysis of changes in Paints and Coatings market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on North American economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. As compared to Canada and Mexico, US has the highest number of confirmed cases of COVID-19. This factor is likely to impact the chemicals & materials industry in the region. The overall manufacturing processes, research, and development activities, and also the supply chain has disrupted due to unexpected COVID-19. The pandemic travel restrictions, as well as maintenance of social distancing imposed by the government, resulted in the less production of paints and chemicals hitting hard the industries during the COVID outbreak.
The competitive landscape analysis of the Paints and Coatings market is majorly focused on expanding the NA growth of Paints and Coatings with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Paints and Coatings has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
June 2021: RPM International has announced its acquisition of Dudick Inc. which is a provider of high-performance coatings, flooring systems, and tank linings headquartered in Ohio and has annual net sales of approximately USD 10 million.
August 2021: The Sherwin-Williams Co., the top leading player in paint and coating markets as its strategic move to expand the industrial coatings business in Europe has announced that it has signed an agreement to acquire the European industrial coatings business of Sika AG. This transaction will open a manufacturing facility in Vaihingen, Germany. The product range includes anti-corrosive and fire protection coatings which are mainly sold in Germany, Switzerland, Poland, and Austria.
June 2022: The Sherwin-Williams Company acquired Gross & Perthun GmbH, which is a German company developing, manufacturing, and distributing coatings primarily for the heavy equipment and transportation industries. This strategic move is expected to bring the company innovative waterborne and solvent liquid coatings technology and strong relationships with local and multi-national customers. The collision of these businesses provides multiple opportunities for growth throughout Europe and beyond.
Paints and Coating Market is segmented into resin type, technology, end-user industry and country. The Resin type market is divided into alkyd paints, vinyl coatings, chlorinated rubber coatings, epoxy coatings, polyurethanes, epoxy mastic coatings, and others. Alkyd paints accounted major market share and continue their dominance in the coming time. On basis of technology, the market is divided into water-based technology, solvent-based technology, high solids, powder coating, and others. Water-based coatings have dominance in technology segments. The solvent-based segment is growing at the highest CAGR over the forecast span. By end-user industry, the market splits into pharmaceutical, chemical, electronics, automotive, architectural, food & beverages, packaging, and others. The architectural end-user industry is likely to hold to major share and will continue to do so over mentioned time. The increasing demand in the residential and non-residential sectors is the main key point behind the architectural end-user industry.
Sizing for Year:
Players and its Competitors:
Pont de Nemours and Company
Coating Systems Ltd
Paint Co. Ltd
& Co. KGaAS