United States Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• 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 & Coatings Market Trends

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 & Coatings Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support