Whether for interior home painting or heavy-duty finishing of manufactured goods such as cars, paints and coatings are essential for both decorating and protecting surfaces. The paints and coatings market remains in high demand as it provides durability to finished goods and acts as a barrier against environmental conditions. This market is crucial not only for individual consumers but also for major industries like construction, which reflects the economic health of a country. According to market projections, the paints and coatings market, valued at US $506.86 million in 2024, is expected to reach US $741 million by 2031, with a steady CAGR of 5.6%. This growth underscores the increasing importance and reliance on paints and coatings across various sectors.
Furthermore, Huntsman's polyurethanes segment launched a new range of resins, VITROX ABR, which can make abrasive products more cost-effective, time-efficient, and flexible. Additionally, Huntsman Corporation, in collaboration with BASF, SINOPEC Group Assets Management Corporation, and Shanghai Chlor-Alkali Chemicals, established a crude MDI production plant in Shanghai Lianheng, China. This venture aims to utilize energy and raw materials fully.
The North America paints and coatings market is on the brink of substantial growth, driven by the increasing demand for efficient thermal insulation materials, rising automotive production, and the expansion of various end-use industries. The market's Competitve Analysis is characterized by strategic expansions, acquisitions, and collaborations among key players. As the market continues to evolve, technological innovations and sustainable practices will play crucial roles in shaping its future. With significant growth anticipated in regions like North America, the paints and coatings market is set to achieve new heights in the coming years.
By focusing on sustainability and innovation, key players are well-positioned to capitalize on emerging opportunities and drive the market forward. The industry's future looks promising as it adapts to changing consumer preferences and regulatory requirements, ensuring continued growth and development.
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Construction Industry's Impact on Paints and Coatings Market
The construction industry is both a direct customer of paints and coatings and a key indicator of a country's economic health. In recent times, North America, including the US and Canada, has seen an increase in residential, commercial, and infrastructural construction, leading to elevated sales of paints and coatings. This surge has given an extra boost to the North America paints and coatings market.Market Share and Growth Forecast
In-depth analysis indicates that the North America paints and coatings market is expected to hold approximately one-fifth of the global market in terms of value and volume. The market is projected to expand at a CAGR of 5% during the forecast period. Healthy economic conditions are expected to create more investment opportunities in the North America paints and coatings market in the near future.Dominance of Water-Based Paints and Coatings
The shift towards the ‘go-green’ movement has led to increased adoption of water-based paints and coatings across North America. This segment is expected to hold more than half of the market share and continue its dominance through the forecast period. The increased adoption of water-based paints is driven by key players' efforts to reduce the emission of volatile organic compounds (VOCs) to meet government regulations and consumer preferences.Consumer Preferences and Environmental Compliance
According to the Paint Quality Institute, a paint advising and testing organization, more than 80% of household paints sold are water-based. Consumers and key players are increasingly attracted to water-based products due to their fewer odors. Additionally, stringent environmental compliance in North America is another reason for the preference for water-based over solvent-based paints. Workers in poorly ventilated spaces are exposed to dangerous evaporation from solvent-based paints and coatings, leading many projects to opt for water-based coatings. This shift also reduces the concentration of flammable materials. Strict regulations by state and local governments often set thresholds on how much VOC a business can emit.Differences in Market Segments
While efforts are directed towards the development of water-borne coatings, it is notable that the share of water-borne versus solvent-borne coatings differs significantly between decorative and industrial coatings. A large share of decorative coatings is water-based, but the use of solvents is still prevalent in industrial coatings to a substantial extent.Key Players and Market Strategies
Key players in the North America paints and coatings market are adopting alternative distribution channels, such as online platforms, to strengthen their market presence both regionally and globally. The market is moving towards consolidation, leading to pricing pressure and tightening profit margins for manufacturers. As a result, many key players focus on acquiring smaller companies. Small-scale companies must invest significantly in R&D to introduce new products and enhance their global presence.Recent Developments and Innovations
Several key players have made significant strides in expanding their market presence and product offerings. For instance, Huntsman Corporation announced plans to open a multipurpose facility at Amata Vietnam Industrial Park near Ho Chi Minh City, Vietnam. This facility will house the company's polyurethanes and advanced materials business, including a manufacturing facility, R&D center, and technical centers.Furthermore, Huntsman's polyurethanes segment launched a new range of resins, VITROX ABR, which can make abrasive products more cost-effective, time-efficient, and flexible. Additionally, Huntsman Corporation, in collaboration with BASF, SINOPEC Group Assets Management Corporation, and Shanghai Chlor-Alkali Chemicals, established a crude MDI production plant in Shanghai Lianheng, China. This venture aims to utilize energy and raw materials fully.
The North America paints and coatings market is on the brink of substantial growth, driven by the increasing demand for efficient thermal insulation materials, rising automotive production, and the expansion of various end-use industries. The market's Competitve Analysis is characterized by strategic expansions, acquisitions, and collaborations among key players. As the market continues to evolve, technological innovations and sustainable practices will play crucial roles in shaping its future. With significant growth anticipated in regions like North America, the paints and coatings market is set to achieve new heights in the coming years.
By focusing on sustainability and innovation, key players are well-positioned to capitalize on emerging opportunities and drive the market forward. The industry's future looks promising as it adapts to changing consumer preferences and regulatory requirements, ensuring continued growth and development.
Key Industry Players:
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- PPG Industries Inc.
- BASF SE
- Becker Group
- E.I. du Pont de Nemours and Company
- Axalta Coating Systems Ltd
- RPM International Inc.
- Kansai Paint Co. Ltd
- KCC Corporation
- Koninklijke DSM N.V.
- Datacor, Inc.
- Jotun Group
- Henkel AG & Co. KGaAS
- Others.
Market Segmentation:
Paint Based
- Water Based
- Solvent Based
- Powder & Others
Application
- Decorative
- Interior
- Exterior
- Industrial
- OEM
- Refinish/ Aftermarket
End users
- Decorative
- Residential
- Non-Residential
- Industrial
- Automotive
- OEM
- Refinish/ Aftermarket
- Protective Marine
- Marine
- Oil & Gas
- Other Protective
- Wood
- Packaging
- Coil
- General Manufacturing & Other Industrial
Resin
- Epoxy
- Acrylic
- Alkyd
- Urethane & Polyurethane
- Vinyls
- Others
Region
- South
- Texas
- Others
- Midwest
- Northeast
- West
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Table of Contents
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics, 2018-2024
4. North America Paints and Coatings Market Outlook, 2018 - 2031
5. U.S. Paints and Coatings Market Outlook, 2018 - 2031
6. Canada Paints and Coatings Market Outlook, 2018 - 2031
7. Competitive Landscape
8. Appendix
Companies Mentioned
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- PPG Industries Inc.
- BASF SE
- Becker Group
- E.I. du Pont de Nemours and Company
- Axalta Coating Systems Ltd
- RPM International Inc.
- Kansai Paint Co. Ltd
- KCC Corporation
- Koninklijke DSM N.V.
- Datacor, Inc.
- Jotun Group
- Henkel AG & Co. KGaAS
Methodology
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