Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "North America Architectural Coatings Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2028" report has been added to ResearchAndMarkets.com's offering.
The architectural coatings market in North America is exhibiting robust growth with projections indicating a significant increase from USD 20,058.31 million in 2023 to USD 23,634.51 million by 2028. This performance symbolizes a Compound Annual Growth Rate (CAGR) of 3.34% during the period stretching from 2023 through 2028. Within this market, key developments are shaping the industry's trajectory as stakeholders prepare to meet emerging needs and regulatory requirements.
Market Dynamics: Driving Forces and Potentials
One of the principal driving forces behind the upward trend in the North American architectural coatings market is the expansion of construction activities across the region. Residential construction, in particular, is foreseen as occupying the lion's share of the coatings demand, spurred on by government spending, the rise in single-family homes, and the uptick in urbanization.
Environmental sustainability emerges as a recurring theme within industry trends. Companies are increasingly pushing the envelope in green innovation, thereby presenting new and lucrative opportunities within the architectural paint and coatings domain. This pivot towards environmentally friendly and energy-efficient coatings echoes the global shift towards sustainability within industry practices.
Contrarily, factors such as raw material price fluctuations and supply chain challenges serve as potential hurdles that may restrain growth to some extent. However, the overall outlook remains positive as both these issues are addressed by industry participants.
Country-Level Insights: The United States Leads the Way
In an in-depth country analysis, the United States stands at the forefront in the consumption of architectural coatings. This is largely attributed to a strong housing market that continues to burgean and stride forth, even in the face of economic recovery from recent global events. The U.S. construction sector, contributing significantly to the country's GDP, is witnessing a renaissance with substantial developments across residential, commercial, and infrastructural projects.
Notable happenings such as the resurgence in residential renovations have propelled the market forward. A considerable section of this growth is ascribed to an increased tendency towards DIY paint projects as remote working scenarios push homeowners to remodel and refurbish existing spaces.
These industry dynamics reflect only a fragment of the comprehensive insights encompassed in the new research publication now available. This extensive dossier provides a deep dive into the North American architectural coatings market, revealing trends, forecasts, and pivotal shifts that are defining the industry.
Competitive Landscape
The market’s competitive landscape showcases a blend of well-positioned companies that have established a consolidated presence. These distinguished companies are advancing the industry through innovation, strategic expansion, and sustainability initiatives that align with the evolving demands of both consumers and regulatory standards.
Overall, these multifaceted dynamics highlighted in the architectural coatings market speak to the resilience and adaptability of an industry that is central to building and maintaining the physical framework of society in North America, with a resolute gaze upon the horizon of growth and sustainability.
A selection of companies mentioned in this report includes
- Beckers Group
- Benjamin Moore & Co.
- Champion Coat Pinturas y Recubrimientos
- Cloverdale Paint Inc.
- Corev de México
- Diamond Vogel
- Dunn-Edwards Corporation
- Jotun
- KelCoatings Limited
- Kelly-Moore Paints
- Micca Paint Inc.
- Pinturas Acuario
- Pinturas Berel, SA de CV
- PPG Industries, Inc.
- Prisa Pinturas
- RPM International Inc.
- SayerLack
- Selectone Paints Inc.
- Société Laurentide
- The Sherwin-Williams Company
- Wacker Chemie AG
For more information about this report visit https://www.researchandmarkets.com/r/t048ht
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