The U.S. paints and coatings market is massive. Paints and coatings are used in a wide range of applications and industries, including architectural, automobile, marine and aerospace, to name just a few. So what is the state of the industry?
SBI, a leading industrial market research company focusing on energy, materials and chemicals, estimates that the U.S. paints and coatings market is currently valued at $22.1 billion. SBI noted that growth from 2007 to 2011 was anemic at best, but the organization projects the market will benefit from a number of factors in the coming years to reach $30 billion in 2021 (an annual growth rate of just above 3%).
Factors for growth include a resumption of construction projects and increased consumer spending; however, growth is tempered by more stringent environmental regulations and higher prices of raw material inputs.
In 2011, SBI believed that solvent-based paints and coatings claimed nearly 80% of the market, but by 2021 SBI projects this segment will have lost share to water-based paints, as Americans seek ways to reduce air pollutants and look out for their own health.
So if the paint and coatings market is projected to grow in the US, the industries involved in the application of paints and coatings will also see growth. Given the current challenging economic environment, both in the US and around the world, this appears to be a bold prediction. Only time will tell for sure.