North America Paints & Coatings Market Forecast 2021-2028
The North America paints & coatings market is anticipated to record a CAGR of 5.30%, over the forecast period of 2021 to 2028. The region’s market growth is accredited to factors, such as, the growing number of brewing facilities, the rising commercial construction endeavors, and the increasing production of specialty beverage cans.
The North America paints & coatings market growth is evaluated by assessing Canada and the United States. Canada’s commercial construction industry observes significant growth, predominantly fueled by government initiatives. The country’s consumer expenditure grew by more than 4% in 2016, when compared to 2015, thereby increasing the demand for house remodeling. As a result, this factor has been crucial in bolstering Canada’s architectural coatings market.
On the other hand, Canada’s renewable energy is among the most extensive, worldwide, with hydropower representing 60% of the sector. In 2016, the country’s alcoholic beverage-can production increased by over 2%. This further entails the rise in alcoholic beverages’ consumption, particularly in glass bottles, and subsequently augmenting the need for metal cap coatings. Conversely, the increased processing capacities of crude oil in refineries are anticipated to raise the demand for additional catalysts as well as other materials in massive quantities that are handled in steel drums. This aspect, in turn, is expected to augment the demand for packaging coatings. Moreover, the growing construction of malls, hotels, and offices, among others, propels the demand for cabinet coatings and wooden decks. Hence, these factors are predicted to fuel the paints & coatings market in Canada, during the forecast period.
Some of the prominent companies operating in the market include, Axalta Coatings Systems, RPM International Inc, PPG Industries, The Sherwin-Williams Co, etc.
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