North America Paints & Coatings Market Research Report, 2028

The North American paints and coatings industry is a vibrant and dynamic sector that plays a crucial role in various sectors of the economy. From enhancing aesthetics to protecting surfaces, paints and coatings are used in construction, automotive, aerospace, marine, and numerous other industries. The industry is dominated by several major players, including multinational corporations and regional manufacturers. Companies like PPG Industries, Sherwin-Williams, Axalta Coating Systems, and RPM International Inc. are leading the market with their extensive product portfolios and innovative solutions. These companies invest heavily in research and development to stay ahead of the curve and cater to evolving consumer demands. The latest advancements in the paints and coating industry preparation and application are pushing the boundaries further and offer significant opportunities over the forecast period. From technological advancements such as innovating paints to control temperature to using nanotechnology over recent years, the paints and coatings market has witnessed a surge of technological innovations. Many manufacturers are continually focusing on developing intelligent paints. Hence these are some factors that can lead to potential opportunities in the paints and coatings market over the forecast period. Rising research and development expenditure leading to product diversification and innovation are the key reasons for the growth of the market in recent years. For instance, Cathodic Electro Deposition (CED) is one of the latest developed technologies in automotive paints, enabling better resistance against corrosion. North America paint and coating market also witnessing shift towards Nano paints to provide protection from minute scratches, also rising demand for custom made paints and coatings may also enlarge the scope of paints and coating market. For instance, Mercedes-Benz is the first automobile manufacturer to provide this advance technology paint in its cars. Mercedes-Benz also developed new chemical and scratch resistance clearcoat with ceramic particles that provide scratch-healing properties to the paint. According to research report, “North America Paints & Coatings Market Research Report, 2028” published by Actual Market Research, the market was valued at USD 36.22 Billion in 2022. In recent years, there has been a growing emphasis on environmentally friendly coatings. The industry is witnessing a shift towards water-based coatings, low VOC (volatile organic compounds) formulations, and eco-friendly manufacturing processes. This trend is driven by increasing environmental regulations and consumer awareness of sustainable practices. With the rise in infrastructure development, there is a surging demand for advanced protective coatings that provide corrosion resistance, fire protection, and durability. These coatings are extensively used in the construction sector, bridges, oil and gas pipelines, and offshore structures. In addition to that, the paints and coatings industry is embracing digitalization and leveraging Industry 4.0 technologies to improve efficiency and productivity. Automated manufacturing processes, robotics, artificial intelligence, and data analytics are being employed to optimize production, reduce waste, and enhance quality control. Continuous acceptance of innovative technologies, growing disposable income, and increasing consolidation of used vehicles are prime factors that will contribute to the market growth in this region.

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Based on the report, the market is categorized into three major countries including United States, Canada and Mexico. Among them, the United States represents one of the largest and most technologically advanced economies across the globe. This dominant position has enabled the nation to emerge as a prominent market for paints & coatings. Moreover, the United States is also one of the major international producers of paints & coatings, with over 1,400 manufacturing companies. With one of the largest construction industries worldwide, the consumption of paints in the United States increased significantly, primarily owing to the rapidly-growing residential repaint segment. Moreover, in the United States, the consumption of architectural paint is growing significantly. The DIY sector accounted for the major architectural paint consumption in the United States. For instance, in February 2018, the U.S. government released USD 200 billion to rebuild its crumbling infrastructure and raise a projected USD 1.5 trillion in states, local governments, and private sector investments. In addition, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of coronavirus response for the development of infrastructure, including hospital buildings and roads. All these steps were taken by the U.S. government to boost the construction industry in the county, which, in turn, is expected to drive the demand for paints and coatings over the forecast period. On the other hand, Canada’s paints & coatings manufacturing industry is anticipated to be significantly influenced by positive trends in the construction sector during the forecast period. According to the Canadian Construction Association, the country’s construction sector is one of Canada’s largest employers as well as a notable contributor to the economy. In addition, several government projects, such as Affordable Housing Initiative (AHI) as well as the New Building Canada Plan (NBCP), are further supporting the sector’s development. Based on product type, water-borne paints holds major market share over the forecast period due to increased usage in automobiles, furniture, plastics, wood, and printings ink industries. Water-based technology is preferred because of the benefits associated with it, such as no VOC emissions, quick drying, and easier application are some of the factors that drive the segment’s growth over the forecast span. The market is expected to be driven by increasing commercial construction activities and rising demand for the product from the automotive sector in the country. Paints and coatings are used to perform a wide range of functions in various end-use industries. Their functions differ depending on the type of environment that they are used on. They are applied to different equipment to ensure resistance to wear and tear, anticorrosion, aesthetic, durability, and operational efficiency. However, the car painting industry has undergone several changes in recent years, in terms of solvents used, manufacturing technology, corrosion resistance and durability of colors. In North America, the industry has witnessed significant growth owing to consumer trends like demand based customized made paints and metallic coatings on vehicles. Contemporary automotive paint manufacturers are continuously striving towards providing efficient and cost effective solutions to consumers’ demands. Reducing the number of coats has also been a trend in recent times. The architectural segment covers important share in the market in 2021 and is expected to maintain its growth at a considerable growth rate. The increased use of paints and coatings in the architectural sector for building and construction of other warehouses such as office and the residential building. In architectural applications, paints and coatings are mainly used for the decorative purpose for residential and non-residential to protect them from UV rays and other environmental concerns. The increased use of these materials in the construction industry will drive the growth of the architectural segment in the coming time. The construction industry in North America is increasing in response to rapid household formation and growing residential construction, which, in turn, is boosting the demand for architectural coatings in the region. Several construction projects are going on in the region, likely increasing the consumption of architectural paints and coatings during the forecast period. For instance, in November 2022, the company Samsung announced its plans to construct a USD 17 billion semiconductor fabrication facility in Austin, Texas. On the other hand, the automotive segment is also growing at an exponential rate due to growing demand for coatings and paints in the automotive sector to prevent automobile cars and bikes from corrosion and other factors such as scratch resistance, flexibility, abrasion, and durability will boost the automotive industry to grow over mentioned time. However, the volatile and increasing cost of raw materials due to unexpected demand from North America. The closure of some production plants in the USA has also resulted in the prices of raw materials increasing. In turn, these factors have resulted in the raw material supply markets gradually tightening which resulted in impacting the raw material pricing. The regulated issue and restrictions imposed by the government are also key challenges in North America Paints and coatings market.

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Recent Developments • January 2023: AkzoNobel is now using 100% renewable electricity in all its North American locations, helping the company meet its goal of decreasing carbon emissions across the whole value chain by 50% by 2030. • October 2022: Sherwin-Williams broke ground to expand manufacturing and distribution facilities in Statesville, North Carolina, with an investment of USD 300 million.

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• September 2022- Hempel A/S launched Hempablade Edge 171, a new coating for Leading Edge Protection (LEP) on wind turbine rotor blades. It reduces costs and time during the application and offers long-term protection against rain erosion. • February 2022- Hempel A/S acquired the coatings division of the Omani conglomerate, Khimji Ramdas, to expand its Oman operations and further establish itself as a market leader. • June 2022: The Sherwin-Williams Company acquired Gross & Perthun GmbH, which is a German company developing, manufacturing, and distributing coatings primarily for the heavy equipment and transportation industries. This strategic move is expected to bring the company innovative waterborne and solvent liquid coatings technology and strong relationships with local and multi-national customers. The collision of these businesses provides multiple opportunities for growth throughout Europe and beyond. Major Companies present in the market: Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, Cabot Corporation, Wacker Chemie AG, BASF SE, Hempel A/S, Kansai Paint Co.,Ltd., Noroo paint & coatings Co., Ltd., RPM International Inc, Henkel AG & Co. KGaA, Nippon Paint Holdings Co., Ltd, Axalta Coating Systems Ltd., Jotun Group, Benjamin Moore & Co., Sika AG Considered in this report • Geography: North America • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • North America Paints & Coatings market with its value and forecast along with its segments • Country-wise Paints & Coatings market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report: • United States • Canada • Mexico By Product Type • Waterborne Coatings • Solvent-borne Coatings • Powder Coatings • UV Cured Coatings • Others Segment Includes (Speciality Coating (Primer, Topcoat, Undercoat, etc.), Electron Beam Cure coating, High Solids Coatings, etc.) By Application Type • Architectural • Industrial ? Protective Coatings ? Automotive (OEM and After) Coatings ? Other Transportation Coatings ? Wood Coatings ? Marine Coatings ? Coil Coatings ? Packaging Coatings ? Aerospace Coatings ? Rail Coatings ? General Industrial Coatings ? Others Coatings The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Paints & Coatings industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.