North America Architectural Coatings Market - Segmented by Construction, Application, Technology, Resin, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The North-America architectural coatings market stood at 7,365.50 kilo metric ton in 2017. The market is expected to register a CAGR of 3.52% in terms of volume during the forecast period, 2018 to 2023. Increasing Commercial Construction Activities in the United States is expected to drive the market in the forecast period.
Increasing Commercial Construction Activities in the United States
United States construction sector is one of the main consumers of paints and coatings market. Commercial construction has been setting-up pace in the form of offices, malls, and restaurants etc. Additionally, the construction of super tall skyscrapers measuring over 984 feet is currently underway in Chicago, Los Angeles, New York, and San Francisco, while other cities, like Boston, Austin, and Philadelphia, are boosting the commercial construction activities in the United States. Cities across the United States are in the middle of a multi-year boom in commercial construction, which is augmented by local and foreign investment. Some of the major construction projects involve: USD 225 million Children's hospital expansion in New Orleans, The USD 1.5 billion Atlanta Falcons Stadium, The Washington State Convention Center in Seattle, One Thousand Museum in Miami, The Comcast Technology Center in Philadelphia. Hence, with such boom in commercial construction activities in the United States, the demand for paints & coatings in the region is projected to increase substantially during the forecast period.
Water-Borne Technology – The Dominant Technology Type
The VOCs released from solvent-borne coatings is the core reason for the switch of manufacturers to water-borne coatings. Also, other properties, like low odor, more durability, and more block resistance make waterborne coatings more preferable. There are many regulations from several governments, which supports water-based coatings. In recent times there has been a propensity to seek coatings with high usability, and water clean-up characteristics among the users, water-borne coatings meet the requirements, and also facilitate low viscosity, without the addition of low-molecular weight monomers.
United States to Dominate the Market Growth
United States is the second largest producer of paints & coatings globally, after China. Growing infrastructure in the United States, which is one of the major consumers of architectural coatings, is driving the market. The infrastructure industry in the United States grew at 5.94% in 2016. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. The office space market in the country is estimated to grow by almost 10% in the next few years. Additionally, rise in home sales, coupled with the renovation of the existing houses, is boosting the demand for residential construction in the United States. The growth in construction is expected to boost the architectural coatings market in the country, during the forecast period.
Key Developments in the Market
June 2017: The Sherwin-Williams Company completed the acquisition of The Valspar Corporation and creates a global leader in paints & coatings industry
Major Players: Sherwin Williams, PPG Industries, and Masco amongst others.
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