North America Paints & Coatings Market - Segmented by End-user Industry, Technology, Resin Type and Geography - Growth, Trends and Forecast (2018 - 2023)
The North America paints & coatings market is estimated to register a growth rate of 4.09% during the forecast period (2018 - 2023). The United States is estimated to lead the market, due to the ongoing growth in the automotive and architectural sectors in the country. Water-based coatings are expected to be the fastest- growing type, by technology.
Increasing Beverage Can Production in the Region
Coatings are used in beverage cans to provide design, aesthetic appeal, quality, reliability, sustainability and most importantly, protection to the products. Therefore, increasing can production drives the paints & coatings market. In recent times, there has been an increase in the demand for beverage cans in North America, especially aluminum cans, as they have high recycling rate and more recyclable content. The US government is planning to remove tariffs or trade restrictions on aluminum products, which would increase the production of beverage cans in the country. In the United States, there has been an increasing demand for specialty beverage cans. Specialty cans of sizes other than the standard diameter of 12 oz. have become a popular format for a variety of products, which include soft drinks, beer, ready-to-drink teas, coffee, sparkling waters, wine and spirits, juices, and other functional beverages. Crown Holdings, which is the leading supplier of metal packaging products, worldwide, has opened its new beverage can manufacturing plant in Nichols, New York. In Canada, the number of brewing facilities have increased which, in turn, is increasing the production, thereby driving the demand for paints and coatings for alcoholic beverages cans. The number of brewing facilities had increased by 20.3%, from 644 in 2015 to a high value 775 in 2016. These factors are expected to increase the production of beverage cans, which, in turn, is likely to increase the usage of paints and coatings.
Water-borne Technology - The Fastest Growing Type by Technology
The VOCs released from solvent-borne coatings is the core reason for the manufacturers switching 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 support water-based coatings. These are usually used in several applications, which include transportation, building & construction, and industrial applications. 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 facilitate low viscosity as well, without the addition of low-molecular weight monomers. The U.S. Environmental Protection Agency (EPA) & Architectural and Industrial Maintenance (AIM), a government initiative in North America, was adopted to improve human health and the environment from the risks that can be constituted by chemicals, while enhancing the competition in North American chemical industry. This is increasing the demand for water-borne coatings with low-VOC content.
United States to Lead the Market in the North America Region
The United States is the second largest producer of paints and coatings, globally, after China. Growing infrastructure in the United States, which is one of the major consumers of architectural coatings, is driving the market. Overall, the US construction market grew by 1.9% in Q3 of 2017, over Q3 2016, owing to the rise in new single-family house constructions. Construction of new residential houses in the United States climbed by over 13% in the month of October, 2017 recording the biggest jump in a year. The new residential construction in terms of annual rate for housing units started in the United States, recorded a growth of 6.34% in 2016, over 2015. In the first 10 months of 2017, the new residential construction recorded a growth of 2.43% when compared to the same time period in 2016. The United States is competing toward complete transformation of its diesel buses into zero-emission buses. As of 2016, the United States had over 300 individual zero-emission buses operating in transit fleets throughout the nation. Electrical buses are fast gaining importance and their production is set to grow rapidly in the coming years. Shifting trend toward electrical vehicles, due to rise in environmental regulations, is the major factor influencing the coatings market. Increase in solar capacity by more than 90% in the past two years is set to drive the growth of the renewable energy sector in the United States. The wooden flooring industry grew by more than 4% in 2017. All these factors are expected to rapidly drive the market for paints & coatings in United States during the forecast period.
Notable Developments in the Market
June 2017: The Sherwin-Williams Company completed the acquisition of The Valspar Corporation and created a global leader in paints & coatings industry.
April 2017: PPG opened a new USD 3 million expansion unit for packaging coatings manufacturing at its Oak Creek, Wisconsin, plant.
Major Players: AkzoNobel, RPM International, MASCO, PPG, and The Sherwin Williams Company, amongst others.
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