US 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 |
US Paints and Coatings Market Analysis
The United States paints and coatings market is estimated to witness significant growth, at an estimated CAGR of over 4%, over the forecast period.
The COVID-19 epidemic has significantly impacted the paint and coatings business in the United States. Following the initial shock, the industry has seen diminished demand due to the closure of numerous non-essential establishments, such as manufacturing factories and building sites. As a result, the output of paints and coatings has decreased, and the supply chain has been disrupted. However, the market bounced back in 2021 due to rising investment in construction and end-user industries.
- Increasing commercial construction activities in the country are driving the demand for the market studied.
- Strict regulations on the usage of VOC-Free contents and substitution of alternative chemicals are estimated to hamper the market's growth.
- The use of nanotechnology in the paints and coatings industry is expected to offer various opportunities for market growth during the forecast period.
- In the end-user segment, the architectural sector dominated the market in the country. However, the packaging sector will likely have the highest CAGR during the forecast period.
US Paints and Coatings Market Trends
This section covers the major market trends shaping the US Paints & Coatings Market according to our research experts:
Acrylic Resin Dominating the Market
- Acrylic resins are the most widely used polymers in the paint and coatings industry. Most acrylic paints are water-based or solvent-based and are available as emulsions (latices), lacquers (lower volume solids), enamels (higher volume solids), and powders (100% solids).
- Common acrylic polymers come in various types and combinations, such as methyl and butyl methacrylate. In the case of inexpensive paints, polyvinyl acetate is used primarily.
- The two principal forms of acrylic used are thermoplastic and thermoset. Thermoplastics acrylic resins are synthetic resins achieved by polymerizing different acrylic monomers. Thermosets are cured at elevated temperatures by reacting them with other polymers. Thermoplastic acrylic resins are of two types: solution acrylics and acrylic latex coatings.
- Furthermore, acrylic resins develop properties such as transparency, high colorability, and UV resistance in coating solutions. They are often used in waterborne systems, which results in low VOC emissions. The application of acrylic coatings leads to high surface hardness. In specific applications, such as walls, decks, and roofing, the acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface if employed with some fluids.
- The application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are in high demand owing to environmental concerns, such as the negative impact of VOCs affecting the air quality in the environment. According to US census data, construction spending in the United States climbed significantly in recent years and was at USD 1,639 billion, or 10% more than the previous year.
- The primary binder type in the United States paints and coatings market is acrylic, with a total share of more than 70% of all waterborne coatings. Acrylic is widely used in architectural coatings.
- Such positive factors are likely to increase demand over the forecast period.
Increasing Demand from Architectural Industry
- Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes, but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used on.
- For example, because of moisture, the bathroom walls need to have wipe-ability for keeping them clean. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate. So, these types of paints are used in bathroom.
- Paints and coatings are applied on the exterior of the house to not only to give them a new look, but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
- The modern advancements in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
- Growing infrastructure in the United States, which is one of the major consumers of architectural coatings, is driving the market.
- 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 an increase in federal and state funding for public works and institutional buildings.
- Due to a number of factors, residential construction has rapidly increased in the United States in recent years. Low-interest rates, a booming economy, and rising housing demand are a few of these. More people may now qualify for mortgages because of low-interest rates, which has increased the number of purchasers. In 2021, there were 1.74 million building permits for residential construction in the United States, an increase of 18% from the year before.
- Owing to all these factors, the demand for paints and coatings in the country is expected to increase during the forecast period.
US Paints and Coatings Industry Overview
The market studied is highly consolidated, with the top five players contributing to more than 70% of the market share. Key players in the market include The Sherwin-Williams Company, PPG Industries, Inc., RPM International Inc., Benjamin Moore & Co., and Masco Corporation, among others.
US 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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Masco Corporation
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Benjamin Moore & Co.
*Disclaimer: Major Players sorted in no particular order
US Paints and Coatings Market News
- January 2023: BYK, a global manufacturer of specialty chemicals, expanded its production facility in Shanghai. The total investment of the phase II project (SCIP II) covers an area of 1.16 hectares, and the site is designed for an annual capacity of 4,750 tons. BYK is significantly expanding its production capacity in China and expanding its coatings business.
- November 2022: Sherwin-Williams announced the expansion of the Sheffield paint production facility with a Euro 10 million investment and the relocation of paint production from Europe to the UK. By integrating processes and lowering freight, the investment would increase Sherwin-Williams' capacity to supply the UK and Europe. It will also assist the company in lowering its carbon footprint.
US 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 in the United States
- 4.1.2 Other Drivers
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4.2 Restraint
- 4.2.1 Strict Regulations on the Usage of VOC-Free Contents
- 4.2.2 Substitution of Alternative Chemicals
- 4.2.3 Unfavorable Conditions Arising Due to the Impact of COVID-19
- 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
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5.1 Resin Type
- 5.1.1 Acrylic
- 5.1.2 Alkyd
- 5.1.3 Polyurethane
- 5.1.4 Epoxy
- 5.1.5 Polyester
- 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 Other Technologies
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5.3 End-user Industry
- 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
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 Akzo Nobel N.V.
- 6.4.2 Axalta Coatings Systems
- 6.4.3 Beckers Group
- 6.4.4 Benjamin Moore & Co.
- 6.4.5 Diamond Vogel
- 6.4.6 Hempel A/S
- 6.4.7 Kelly-Moore Paints
- 6.4.8 Masco Corporation
- 6.4.9 Parker Hannifin Corp
- 6.4.10 PPG Industries, Inc.
- 6.4.11 RPM International Inc.
- 6.4.12 The Sherwin-Williams Company
- 6.4.13 Sika AG
- 6.4.14 Wacker Chemie AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Use of Nanotechnology in the Paints and Coatings Industry
US Paints and Coatings Industry Segmentation
Paints and coatings are thin materials applied to a surface to safeguard, decorate, or enhance the underlying layer's functionality. Coatings often refer to solvent-based systems, whereas paints typically refer to aqueous systems. They are often applied with a brush, roller, sprayer, or applicator. They are made of resins, pigments, solvents, and other ingredients. The United States paints and coatings market is segmented by resin type, technology, and end-user Industry. The market is segmented by resin type: Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types. By technology, the market is segmented into Water-borne, Solvent-borne, Powder Coatings, and Other Technologies. By end-user Industry, the market is segmented into Architectural, Automotive, Wood, Industrial, Transportation, and Packaging. For each segment, the market sizing and forecasts have been done based on value (USD million).
| Resin Type | Acrylic |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types | |
| Technology | Water-borne |
| Solvent-borne | |
| Powder Coating | |
| Other Technologies | |
| End-user Industry | Architectural |
| Automotive | |
| Wood | |
| Protective Coatings | |
| General Industrial | |
| Transportation | |
| Packaging |
US Paints and Coatings Market Research FAQs
What is the current United States Paints and Coatings Market size?
The United States 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 United States Paints and Coatings Market?
The Sherwin-Williams Company, PPG Industries, Inc., RPM International Inc., Masco Corporation and Benjamin Moore & Co. are the major companies operating in the United States Paints and Coatings Market.
What years does this United States Paints and Coatings Market cover?
The report covers the United States Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Paints and Coatings Industry Report
Statistics for the 2024 US Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US 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.
