North America Paints and Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Paints and Coatings Market Analysis
The North American paints and coatings market is expected to register a CAGR of more than 4% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and is forecasted to grow steadily.
- The rapid growth of industries and infrastructural construction in the region is fueling the market's growth during the forecast period.
- On the other hand, increasing raw material prices are expected to hinder market growth.
- The architectural segment is expected to dominate the regional market during the forecast period.
- Using nanotechnology in paints and coatings is expected to act as an opportunity for future market growth.
North America Paints and Coatings Market Trends
This section covers the major market trends shaping the North America Paints & Coatings Market according to our research experts:
Increasing Demand from the Architectural Industry
- Paints and coatings are extensively used in the architectural sector for exterior and interior applications. Paints and coatings are applied on the house's exterior to give them a new look and protect it from blistering summers, freezing winters, soaking rain, and daily exposure to UV radiation (without fading, peeling away, and cracking the exteriors).
- Architectural coatings are meant to protect and decorate the surface features. These are used to coat buildings and homes. Most are for specific uses, such as roof coatings, wall paints, etc.
- Architectural coatings range from commercial purposes, such as office buildings, warehouses, retail convenience stores, and shopping malls, to residential buildings. Such coatings can be applied on outer and inner surfaces and include sealers or specialty products. Architectural coatings can be mainly divided into interior and exterior coatings.
- The construction industry in North America is increasing in response to rapid household formation and growing residential construction, which, in turn, is boosting the demand for architectural coatings in the region.
- Several construction projects are going on in the region, likely increasing the consumption of architectural paints and coatings during the forecast period.
- For instance, in November 2022, the company Samsung announced its plans to construct a USD 17 billion semiconductor fabrication facility in Austin, Texas. Thus, creating the demand for architectural coating in the region during the forecast period.
- Moreover, in the United States, the consumption of architectural paint is growing significantly. The DIY sector accounted for the major architectural paint consumption accounting for a 39% share of the total architectural paint consumption in the United States.
- All the factors above are expected to drive the North American paints and coatings market in the architectural industry during the forecast period.
United States to Dominate the Market
- The United States is one of the major consumers and producers of paints and coatings globally, owing to the growing infrastructure in the country.
- The United States is the largest country for construction activities in the North American region. The country had a GDP of USD 25,350 per capita, with an expected growth rate of 3.7% Y-o-Y in 2022.
- The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with increased federal and state funding for public works and institutional buildings.
- The United States holds a major share of the construction industry in North America. According to the US Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,792.9 billion in 2022, a more than 10% increase compared to USD 1,626.4 billion in 2021.
- Several construction projects are going on in the country, expected to boost the demand for paints and coatings during the forecast period. For instance, in the United States, the Metropolitan Park campus plans to house 2.1 million sq ft of office space for Amazon in two 22-story LEED-certified buildings with a nearly USD 2.5 billion budget.
- Owing to all these factors, the demand for paints and coatings in the region is expected to increase during the forecast period.
North America Paints and Coatings Industry Overview
The North America Paints & coatings market is consolidated in nature. Some of the major players in the market include Sherwin-Williams Company, PPG Industries, Inc., RPM International Inc., Benjamin Moore & Co., and Akzo Nobel N.V., among others.
North America Paints and Coatings Market Leaders
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The Sherwin-Williams Company
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PPG Industries, Inc.
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RPM International Inc.
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Akzo Nobel N.V.
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Benjamin Moore & Co.
*Disclaimer: Major Players sorted in no particular order
North America Paints and Coatings Market News
- January 2023: AkzoNobel is now using 100% renewable electricity in all its North American locations, helping the company meet its goal of decreasing carbon emissions across the whole value chain by 50% by 2030.
- October 2022: Sherwin-Williams broke ground to expand manufacturing and distribution facilities in Statesville, North Carolina, with an investment of USD 300 million.
North America Paints and Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Commercial Construction Activities
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 Increasing Raw Material Prices
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Resin Type
- 5.1.1 Acrylics
- 5.1.2 Alkyd
- 5.1.3 Epoxy
- 5.1.4 Polyester
- 5.1.5 Polyurethane
- 5.1.6 Other Resin Types
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5.2 Technology
- 5.2.1 Water-borne
- 5.2.2 Solvent-borne
- 5.2.3 Powder Coating
- 5.2.4 UV-cured Coating
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5.3 End-user
- 5.3.1 Architectural
- 5.3.2 Automotive
- 5.3.3 Wood
- 5.3.4 Protective Coatings
- 5.3.5 General Industrial
- 5.3.6 Transportation
- 5.3.7 Packaging
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5.4 Geography
- 5.4.1 United States
- 5.4.2 Canada
- 5.4.3 Mexico
- 5.4.4 Rest of North America
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) **/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Akzo Nobel N.V.
- 6.4.3 Axalta Coatings Systems
- 6.4.4 BASF SE
- 6.4.5 Beckers Group
- 6.4.6 Benjamin Moore & Co.
- 6.4.7 Cloverdale Paint Inc.
- 6.4.8 Diamond Vogel
- 6.4.9 Dunn-Edwards Corporation
- 6.4.10 Hempel A/S
- 6.4.11 Kelly-Moore Paints
- 6.4.12 Masco Corporation
- 6.4.13 Parker Hannifin Corp
- 6.4.14 PPG Industries, Inc.
- 6.4.15 RPM International Inc.
- 6.4.16 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Use of Nano Technology in Paints and Coatings
North America Paints and Coatings Industry Segmentation
Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to make a thin layer of the solid film once polymerization or evaporation occurs. The paints and coatings market is segmented by resin type, technology, end-user, and geography. The market is segmented by resin: acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, powder-coating, and UV-cured coating. The end-user industry segments the market into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging. The report also covers the market size and forecasts for the market in 3 regions. For each segment, the market sizing and forecasts have been done based on value (USD million).
| Resin Type | Acrylics |
| Alkyd | |
| Epoxy | |
| Polyester | |
| Polyurethane | |
| Other Resin Types | |
| Technology | Water-borne |
| Solvent-borne | |
| Powder Coating | |
| UV-cured Coating | |
| End-user | Architectural |
| Automotive | |
| Wood | |
| Protective Coatings | |
| General Industrial | |
| Transportation | |
| Packaging | |
| Geography | United States |
| Canada | |
| Mexico | |
| Rest of North America |
North America Paints and Coatings Market Research FAQs
What is the current North America Paints and Coatings Market size?
The North America Paints and Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in North America Paints and Coatings Market?
The Sherwin-Williams Company, PPG Industries, Inc., RPM International Inc., Akzo Nobel N.V. and Benjamin Moore & Co. are the major companies operating in the North America Paints and Coatings Market.
What years does this North America Paints and Coatings Market cover?
The report covers the North America Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Paints and Coatings Industry Report
Statistics for the 2024 North America Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Paints and Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
