Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Americas Paints and Coatings Market By Resin Type (Acrylic, Alkyd, Epoxy, Polyester, Vinyl, and Others), By Product Type (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, and Others), By Application (Coil and Can Coatings, Automotive Car Refinishing, Automotive Parts (OEM Coatings), Wood Coatings, Industrial Coatings, Architectural Coatings, Marine Protective Coatings, and, Others): Americas Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the Americas paints and coatings market was valued at $51.3 billion in 2022, and is projected to reach $75.4 billion by 2032, growing at a CAGR of 4.0% from 2023 to 2032.
Paints and coatings are used in these regions for a wide range of purposes, such as protection, decoration, and functionality. The paints and coatings industry in the Americas, like in other parts of the world, produces a diverse array of products to meet the specific needs of different markets and applications. These products can include architectural paints for buildings, industrial coatings for machinery and infrastructure, automotive coatings for vehicles, marine coatings for ships, and more.
The composition and properties of paint and coatings used in the United States may differ depending on environmental, climate, and local considerations. Industry is often influenced by the economic and technological development of the region, as well as global developments in materials science, awareness of the environment, and regulatory requirements.
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Prime Determinants of Growth:
America's paints and coatings market is experiencing growth due to several factors, including escalating demand for paints and coatings from the architecture sector, robust demand from the automotive sector, and rapid growth of the industrial sector. However, the health hazards associated with the use of VOC-containing paints hampered the market growth to some extent. On the contrary, the emergence of environmentally friendly paints offers prolific opportunities for market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $51.3 Billion |
| Market Size in 2032 | $75.4 Billion |
| CAGR | 4.0% |
| No. of Pages in Report | 289 |
| Segments Covered | Resin Type, Product Type, Application, and Country |
| Drivers | Escalating demand for paints and coatings from architecture sector |
| Robust demand from automotive sector | |
| Rapid growth of industrial sector | |
| Opportunities | Emergence of environmentally friendly paints |
| Restraints | Health hazards associated with the use of VOC-containing paints |
COVID-19 Scenario:
- The COVID-19 pandemic had a significant impact on the paints and coatings market in the Americas, as it did on many industries worldwide. The pandemic disrupted supply chains globally, affecting the availability of raw materials, chemicals, and packaging materials used in the production of paints and coatings. This led to supply shortages and price volatility.
- Moreover, lockdowns and social distancing measures resulted in delayed or halted construction projects across the Americas. The construction industry is a major consumer of architectural coatings, and the slowdown in construction had a direct impact on demand. Furthermore, the architectural sector, a key consumer of coatings, experienced a significant slowdown in construction of buildings which in turn had a negative impact on sales of paints and coatings in the America region during the pandemic.
- However, the pandemic has recovered, which has led to a rise in demand for coatings used in both OEM and refinish applications. Additionally, the trend of home improvement and DIY projects is gaining traction.
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The acrylic segment to maintain its lead position during the forecast period-
Based on resin type, the acrylic segment held the largest share in 2022, contributing to nearly one-third of the Americas paints and coatings market revenue, and is expected to maintain its lead position during the forecast period. The growing population coupled with rapid urbanization have led the building and construction sector to witness a significant growth where acrylic resin-based paints are widely used on surfaces of wood, decorative walls, and others. This may act as one of the key drivers responsible for the growth of the Americas paints and coatings market for acrylic resin types. Furthermore, acrylic paints offer numerous advantages such as it dries quickly and is water soluble, less toxic, safer around children and pets along with being flexible & durable. These factors have attracted customers toward using acrylic resin-based paints for home decor and other applications; thus, fueling the market growth. On the other hand, the alkyd segment would showcase the fastest CAGR of 4.6% during the forecast period.
The waterborne coatings segment to maintain its leadership status throughout the forecast period-
Based on the product type, the waterborne coatings segment held the largest share in 2022, contributing to more than two-fifths of the Americas paints and coatings market revenue, and is expected to maintain its leadership status throughout the forecast period. The increasing demand for a wide range of furniture items has surged the popularity of waterborne coatings owing to their high gloss and good pigmentation characteristics. This factor may act as one of the key drivers responsible for the growth of the Americas paints and coatings market for waterborne coating types.
The architectural coating segment to maintain its lead position during the forecast period-
Based on application, the architectural coating segment accounted for the largest share in 2022, contributing to nearly two-fifths of the Americas paints and coatings market revenue. The ongoing trend of urbanization has led to the construction of new residential and commercial buildings, as well as the renovation of existing structures in urban areas. Architectural coatings are essential for both new construction and renovation projects. However, the automotive parts segment would display the fastest CAGR of 4.8% during the forecast timeframe.
North America country to rule the roost by 2032-
Based on country, the North America country held the major share in 2022, accounting for more than three-fourths of the Americas paints and coatings market revenue and is estimated to rule the roost by 2032. On the other hand, the South America country would portray the fastest CAGR of 4.8% during the forecast period.
Leading Market Players: -
- Akzo Nobel N.V.
- Axalta Coating Systems
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- PPG Industries
- RPM International Inc.
- The Sherwin-Williams Company
- BASF SE
- Sinteplast
- Jotun
The report provides a detailed analysis of these key players in the Americas paints and coatings market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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