North America Architectural Coatings Market Size

Architectural coatings include paints applied on office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings, wood products, which are used in furniture and fixtures, doors and windows, decks and cabinets, and other products.

The North American architectural coatings market is segmented by end-user industry, technology, resin, and geography. By end-user industry, the market is segmented into commercial and residential. By technology, the market is segmented into solvent-borne and water-borne). By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types). The report also covers the market size and forecasts for the architectural coatings market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD) and volume (kilotons).

• Architectural paints and coatings include interior and exterior house paints, primers, varnishes, sealers, and stains.
• These paints and coatings are critical in providing air barriers essential for energy-efficient building enclosures. In residential buildings, air barriers provided by architectural coatings stop the flow of air through the building, protect the structure, and increase the efficiency of heating and cooling systems.
• These air barriers also contribute to the energy efficiency performance requirements found in all green building standards.
• In the North American region, the increased government spending in the real estate market for residential construction and the growing demand for high-class residential homes are likely to benefit the market's growth. In addition, rising real estate costs, particularly the development of single-family homes and multistory apartments in the region, are anticipated to boost the architectural paints and coatings market further.
• Moreover, the rising household income levels, combined with the population migrating from rural to urban areas, are expected to continue to drive the demand for the residential construction sector in North America. The increased focus on affordable housing by both the public and private sectors is driving the growth in the residential construction sector in the region.
• According to the Canadian Construction Association, the construction sector is one of Canada's largest employers and a major contributor to the country's economic success. The industry generates about USD 141 billion annually and contributes 7.5% of the country's gross domestic product (GDP).
• Further, according to StatCan, there was an increasing trend in new housing constructions in Q2 2023, where around 64,042 units of new housing were started.
• As Canada's economic recovery from COVID-19 continues, supply chain disruptions and labor shortages contribute to the challenges felt across most industries, and the construction sector is no exception. However, residential and non-residential investments are increasingly recovering from the early pandemic slowdown.
• Due to increased investments in 2022, the consumption of paints is expected to be high in 2023. This growth scenario is further expected to continue till 2024 due to the government's upgradation of immigration targets in 2024.
• From the above points, it can be inferred that the residential segment is set to play the dominant role in the North American architectural coatings market during the forecast period.