Market Size of north america architectural coatings Industry
Study Period | 2018 - 2028 | |
Base Year For Estimation | 2021 | |
Forecast Data Period | 2024 - 2028 | |
Market Size (2024) | USD 20.68 Billion | |
Market Size (2028) | USD 23.63 Billion | |
CAGR (2024 - 2028) | 3.39 % | |
Major Players |
||
*Disclaimer: Major Players sorted in no particular order |
North America Architectural Coatings Market Analysis
The North America Architectural Coatings Market size is estimated at USD 20.68 billion in 2024, and is expected to reach USD 23.63 billion by 2028, growing at a CAGR of 3.39% during the forecast period (2024-2028).
- Over the medium term, the rising construction activities in the region are the major factors driving the North American architectural coatings market growth during the forecast period.
- On the other hand, the growing environmental concerns in the region, coupled with raw material prices and supply chain disruptions, are key factors anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the growing sustainability in architectural paints and coatings is likely to create lucrative growth opportunities for the global market soon.
- The United States is the leading country in architectural coatings consumption due to its higher housing stocks and remodeling index compared to other countries in the region.
Architectural coatings include paints applied on office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings, wood products, which are used in furniture and fixtures, doors and windows, decks and cabinets, and other products.
The North American architectural coatings market is segmented by end-user industry, technology, resin, and geography. By end-user industry, the market is segmented into commercial and residential. By technology, the market is segmented into solvent-borne and water-borne). By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types). The report also covers the market size and forecasts for the architectural coatings market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD) and volume (kilotons).
Residential Segment is Expected Dominate the Market
- Architectural paints and coatings include interior and exterior house paints, primers, varnishes, sealers, and stains.
- These paints and coatings are critical in providing air barriers essential for energy-efficient building enclosures. In residential buildings, air barriers provided by architectural coatings stop the flow of air through the building, protect the structure, and increase the efficiency of heating and cooling systems.
- These air barriers also contribute to the energy efficiency performance requirements found in all green building standards.
- In the North American region, the increased government spending in the real estate market for residential construction and the growing demand for high-class residential homes are likely to benefit the market's growth. In addition, rising real estate costs, particularly the development of single-family homes and multistory apartments in the region, are anticipated to boost the architectural paints and coatings market further.
- Moreover, the rising household income levels, combined with the population migrating from rural to urban areas, are expected to continue to drive the demand for the residential construction sector in North America. The increased focus on affordable housing by both the public and private sectors is driving the growth in the residential construction sector in the region.
- According to the Canadian Construction Association, the construction sector is one of Canada's largest employers and a major contributor to the country's economic success. The industry generates about USD 141 billion annually and contributes 7.5% of the country's gross domestic product (GDP).
- Further, according to StatCan, there was an increasing trend in new housing constructions in Q2 2023, where around 64,042 units of new housing were started.
- As Canada's economic recovery from COVID-19 continues, supply chain disruptions and labor shortages contribute to the challenges felt across most industries, and the construction sector is no exception. However, residential and non-residential investments are increasingly recovering from the early pandemic slowdown.
- Due to increased investments in 2022, the consumption of paints is expected to be high in 2023. This growth scenario is further expected to continue till 2024 due to the government's upgradation of immigration targets in 2024.
- From the above points, it can be inferred that the residential segment is set to play the dominant role in the North American architectural coatings market during the forecast period.
North America Architectural Coatings Industry Segmentation
Architectural coatings include paints applied on office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings, wood products, which are used in furniture and fixtures, doors and windows, decks and cabinets, and other products.
The North American architectural coatings market is segmented by end-user industry, technology, resin, and geography. By end-user industry, the market is segmented into commercial and residential. By technology, the market is segmented into solvent-borne and water-borne). By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types). The report also covers the market size and forecasts for the architectural coatings market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD) and volume (kilotons).
End-user Industry | |
Commercial | |
Residential |
Technology | |
Water Borne | |
Solvent Borne |
Resin | |
Acrylic | |
Alkyd | |
Polyurethane | |
Epoxy | |
Polyester | |
Other Resin Types |
Geography | |
United States | |
Canada | |
Mexico | |
Rest of North America |
North America Architectural Coatings Market Size Summary
The North American architectural coatings market is poised for steady growth over the forecast period, driven primarily by increased construction activities across the region. The market is characterized by a robust demand for architectural paints and coatings, which are essential for enhancing energy efficiency in building enclosures. The United States leads in consumption due to its substantial housing stock and remodeling activities. The market's expansion is supported by rising government investments in residential construction and a growing demand for high-end residential homes. However, challenges such as environmental concerns, fluctuating raw material prices, and supply chain disruptions may hinder growth. Despite these challenges, the trend towards sustainability in architectural coatings presents promising opportunities for market players.
The market landscape in North America is dominated by key players such as Benjamin Moore & Co., Diamond Vogel, PPG Industries Inc., RPM International Inc., and The Sherwin-Williams Company. These companies are actively enhancing their product offerings to meet evolving consumer demands. The United States, with its significant construction sector, is expected to see increased consumption of architectural coatings, particularly in the residential segment, driven by trends like DIY home remodeling. Meanwhile, Canada continues to recover from pandemic-induced slowdowns, with rising investments in both residential and non-residential construction. The focus on affordable housing and urban migration further fuels demand, positioning the residential segment as a dominant force in the market's growth trajectory.
North America Architectural Coatings Market Size - Table of Contents
-
1. MARKET Dynamics
-
1.1 Drivers
-
1.1.1 Growing Construction Activities In North America
-
-
1.2 Restraints
-
1.2.1 Growing Environmental Concerns In the Region
-
1.2.2 Raw Material Prices and Supply Chain Disruptions
-
-
1.3 Industry Value Chain Analysis
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Buyers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products And Services
-
1.4.5 Degree of Competition
-
-
-
2. MARKET SEGMENTATION
-
2.1 End-user Industry
-
2.1.1 Commercial
-
2.1.2 Residential
-
-
2.2 Technology
-
2.2.1 Water Borne
-
2.2.2 Solvent Borne
-
-
2.3 Resin
-
2.3.1 Acrylic
-
2.3.2 Alkyd
-
2.3.3 Polyurethane
-
2.3.4 Epoxy
-
2.3.5 Polyester
-
2.3.6 Other Resin Types
-
-
2.4 Geography
-
2.4.1 United States
-
2.4.2 Canada
-
2.4.3 Mexico
-
2.4.4 Rest of North America
-
-
North America Architectural Coatings Market Size FAQs
How big is the North America Architectural Coatings Market?
The North America Architectural Coatings Market size is expected to reach USD 20.68 billion in 2024 and grow at a CAGR of 3.39% to reach USD 23.63 billion by 2028.
What is the current North America Architectural Coatings Market size?
In 2024, the North America Architectural Coatings Market size is expected to reach USD 20.68 billion.