NORTH AMERICA PAINTS & COATINGS MARKET FORECAST 2023-2032

The North America paints & coatings market growth evaluation covers an in-depth analysis of the United States and Canada. 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. As per the American Institute of Architects, total non-residential building construction in the country increased to 3.1% in 2022, with the construction of hotels and office spaces rising by 8.8% and 0.1%, respectively. This subsequent increase is projected to fuel the demand for paints & coatings over the upcoming years.

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; the sector accounts for nearly 7% of Canada’s gross domestic product (GDP). 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. Hence, these factors are expected to propel the North America paints & coatings market growth during the forecast period. 

The North America paints & coatings market is segmented into technology, resin type, and application. The resin type segment includes acrylic, polyester, alkyd, epoxy, polyurethane, and other resin types. Polyesters are characterized as polymers acquired from reacting polyalcohol and monomeric polycarboxylic acid. These resins help develop various properties, such as color stability, external durability, good chemical and mechanical resistance, high filling capacity, good removal, and shrinkage resistance.

In addition, polyester paints & coatings offer excellent brilliance, rapid drying, corrosion resistance, high resistivity to extreme weather, as well as consistency in the shade and gloss level.

Leading players operating in the North America paints & coatings market include Axalta Coating Systems Ltd, PPG Industries Inc, The Sherwin-Williams Company, etc.

The Sherwin-Williams Company, headquartered in the United States, is engaged in the development, distribution, and sale of paints, coatings, manufacture, and related products. It also offers stains, wall coverings, floor coverings, caulks, applicators, spray equipment and related products, varnishes, original equipment manufacturer (OEM) product finishes, applicators, corrosion inhibitors, wood preservatives, and aerosols. The company caters to industrial, commercial, professional, and retail customers through its own stores and facilities.