The market research company SBI has released a report forecasting the near future of the American paint and coatings industry. A market that was valued at $22.1 billion in 2011, it is expected to be worth roughly $30 billion in 2021. Several factors account for this projected uptick, including the improved U.S. economy and an increase in construction projects. The boost in market worth is expected despite increasingly strict environmental regulations and the rising cost of paint ingredients.
New technologies have helped the U.S. paint market grow in recent years. “VOC-free” coatings and allergy-sensitive paints have appealed to niche consumers, while self-repairing car paints and exterior coatings that reflect the sun have added variety to the market as well. Because these products can help consumers save money, they also have appeal beyond specialty markets.
The main categories of paint in the American market are solvent based, water based, and powdered. In 2011, solvent-based coatings represented approximately 80 percent of the market; by 2021, water-based paints’ popularity will have increased significantly. The U.S. coatings market extends beyond residential applications to nonresidential buildings, the auto industry, marine and aerospace settings, furniture, large machinery, and infrastructure such as roads and bridges.