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The North America architectural coatings market is estimated to witness a significant growth, at an estimated CAGR of over 5%, over the forecast period. Increasing commercial construction activities in the United States are expected to drive the market during the forecast period.
- Rising environmental concerns and regulations and rise in prices of raw materials are likely to hinder the market’s growth.
- United States is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.
Key Market Trends
Rising Demand from Residential Construction
- Paints and coatings are extensively used in the architectural sector, for both exterior and interior applications. Modern advances in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
- Paints and coatings are applied on the exterior of the house to not only increase its aesthetic appeal, but also to protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation, without fading, peeling away, and cracking.
- However, moisture causes problems for paint. Dew, rain, snow, and ice on the outside, or vapor and moisture buildup from the inside, can cause problems with exterior paint. When moisture penetrates the paint, blisters can form, and the paint may peel. Moisture blisters, unlike temperature blisters, go through all coats of paints down to the wood.
- Additionally, paints and coatings are also used in interiors of houses to add colors, or for decorative purposes, along with a wide range of other functions. Their functions vary, depending upon the type of environment and the room that they are used on.
- For example, due to the moisture, bathroom walls need to have wipe-ability, in order to keep them clean. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate. Thus, these types of paints are used in bathrooms.
- The aforementioned factors have been boosting the demand for architectural coatings in the region, in the recent times.
United States to Dominate the Market
- The United States is the second-largest producer of paints and coatings globally, after China. 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.
- The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
- Some of the upcoming projects that are in the pipeline for the construction sector to boom in the country are:
- City officials in San Francisco recently unveiled designs for the South San Francisco Civic Center campus. It will include a new library, a parks and recreation center, and new City Council chambers. The budget for the project is estimated to be at USD 210 million.
- The University of Illinois at Chicago (UIC) has recently announced plans for a USD 95 million Center for the Arts to be built on its campus. The 88,000-square-foot building will be used primarily by the UIC’s School of Theatre & Music.
- Owing to all these factors, the demand for architectural coatings in the region is expected to increase during the forecast period.
The North America architectural coatings market is consolidated in nature. Key players in the market include Masco Corporation, PPG Industries, Inc., RPM International Inc., The Sherwin-Williams Company, and Benjamin Moore & Co., among others.
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