Americas Paints and Coatings Market Size, Share, Competitive Landscape and Trend Analysis Report by Resin Type, By Product Type, By Application : Americas Opportunity Analysis And Industry Forecast, 2023-2032

The Americas paints and coatings market was valued at $51.3 billion in 2022, and is projected to reach $75.4 billion by 2032, growing at a CAGR of 4.0% from 2023 to 2032.

Paints & coatings are substances applied on a substrate to decorate and protect the surface. Paints & coatings improve the durability and esthetics of the surface when used for decorative purposes. They also protect the surface from adverse environmental conditions, weathering, rust, and exposure to chemicals. They find application in various end use sectors including architecture, automotive, industrial, aerospace, marine, and others.

The construction industry, including residential, commercial, and infrastructure projects, plays a significant role in the paints and coatings market. Population growth and urbanization drive demand for new buildings and renovations, boosting the need for architectural coatings.

Moreover, the manufacturing and industrial sectors in the Americas drive demand for industrial coatings used in equipment, machinery, and infrastructure. As these industries expand, the coatings market grows accordingly. Additionally, the automotive industry is a major consumer of coatings, both for original equipment manufacturing (OEM) and refinished applications. As the demand for vehicles continues to rise, so does the need for automotive coatings. Furthermore, the Americas have significant oil and gas reserves. Coatings are essential for protecting equipment and infrastructure in this sector. Growth in energy production drives coatings demand.

However, health hazards associated with the use of volatile organic compounds (VOCs) containing paints may hamper the growth of the paints and coatings market during the forecast period. On the contrary, increasing awareness for eco-friendly products has surged the popularity of high solid paints and coatings owing to its minimal or no volatile organic compounds (VOCs) levels. Furthermore, high solid paints and coatings require less drying and are easy to apply. These factors make high solid paints and coatings highly preferred for coating applications in various end use sectors. This is anticipated to increase sales of paints and coatings in several end-use sectors; thus, creating lucrative opportunities for the market.

The Americas paints and coatings market is segmented on the basis of resin type, product type, and application. On the basis of resin type, the market is divided into acrylic, alkyd, epoxy, polyester, polyurethane, vinyl, and others. By product type, the market is classified into waterborne coatings, solvent-borne coatings, powder coatings, and others. Depending on application, it is fragmented into coil and can coating, automotive car refinishing, automotive parts (OEM coatings), wood coatings, industrial coatings, architectural coatings, marine protective coatings, and others.

Americas Paints and Coatings market, by Resin Type

In 2022, the acrylic segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.2% during the forecast period. The growing population coupled with rapid urbanization have led the building and construction sector to witness a significant growth where acrylic resin-based paints are widely used on surfaces of wood, decorative walls, and others. This may act as one of the key drivers responsible for the growth of the Americas paints and coatings market for acrylic resin types.

Americas Paints and Coatings market, by Product Type

By product type, the waterborne coatings segment dominated the market in 2022, and is anticipated to grow at a CAGR of 4.0% during the forecast period. The increasing demand for a wide range of furniture items has surged the popularity of waterborne coatings owing to their high gloss and good pigmentation characteristics. This factor may act as one of the key drivers responsible for the growth of the Americas paints and coatings market for waterborne coating types.

Americas Paints and Coatings market, by Application

By application, the architectural coatings segment dominated the market in 2022, and is anticipated to grow at a CAGR of 4.3% during forecast period. The ongoing trend of urbanization has led to the construction of new residential and commercial buildings, as well as the renovation of existing structures in urban areas. Architectural coatings are essential for both new construction and renovation projects. Furthermore, older buildings and structures require maintenance and renovation to extend their lifespan and improve energy efficiency. Coatings are used to refresh and protect these structures, making them look new and functional.

The Americas paints and coatings market profiles leading players that include Akzo Nobel N.V., Axalta Coating Systems, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, RPM International Inc., The Sherwin-Williams Company, BASF SE, Sinteplast, and Jotun. The Americas paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players.

  Report Key Highlighters

• The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
• The Americas paints and coatings market is consolidated in nature among prominent companies such as Akzo Nobel N.V., Axalta Coating Systems, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, RPM International Inc., The Sherwin-Williams Company, BASF SE, Sinteplast, and Jotun.
• The study contains qualitative information such as the market dynamics (drivers, restraints, challenges, and opportunities), public policy analysis, pricing analysis, and Porter’s Five Force Analysis across the North Americas and South America region.
• Latest trends in the Americas paints and coatings market such as manufacturer’s capacity, ongoing R&D, emergence of sustainable paints and coatings, and government initiatives are analyzed.
• More than 2,300 paints and coatings-related product literatures, industry releases, annual reports, and other such documents of key industry participants along with authentic industry journals and government websites have been reviewed for generating high-value industry insights for the Americas paints and coatings market.

Key benefits for stakeholders

• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current organic chemicals market trends and future estimations from 2022 to 2032 to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Americas Paints And Coatings Market

• The COVID-19 pandemic had a significant impact on the paints and coatings market in the Americas, as it did on many industries worldwide. The pandemic disrupted supply chains globally, affecting the availability of raw materials, chemicals, and packaging materials used in the production of paints and coatings. This led to supply shortages and price volatility.
• Moreover, lockdowns and social distancing measures resulted in delayed or halted construction projects across the Americas. The construction industry is a major consumer of architectural coatings, and the slowdown in construction had a direct impact on demand. Furthermore, the architectural sector, a key consumer of coatings, experienced a significant slowdown in construction of buildings which in turn had a negative impact on sales of paints and coatings in America region during the pandemic.
• However, there was a growing interest in sustainable and eco-friendly coatings as consumers and businesses became more environmentally conscious during the pandemic. Low volatile organic compounds (VOCs) and environmentally friendly coatings gained popularity. In addition to this, the construction industry is expected to rebound as economic conditions stabilize and construction projects resume. Increased infrastructure spending by governments can further boost demand.