The North America Architectural Coatings Market would witness market growth of 4.8% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 4,188.9 kilo tonnes, showcasing a growth of 24.8% (2020-2023).
Water-borne coatings have gained popularity in the market due to their environmental benefits and ease of use. These coatings use water as the primary solvent, which reduces the emission of volatile organic compounds (VOCs) and minimizes environmental impact. Water-borne coatings are valued for their low odor, quick drying times, and ease of clean-up, making them suitable for both residential and commercial applications. Consequently, the US market utilized 4,624.6 kilo tonnes of water-borne coatings in 2023.
The US market dominated the North America Architectural Coatings Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $21,880.7 million by 2031. The Canada market is experiencing a CAGR of 6% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.8% during (2024 - 2031).
Architectural coatings include paints, primers, sealers, varnishes, inks, and ceramics. Decorative or these coatings are formulas applied to buildings and homes. Exterior paints protect against weathering elements such as sunlight, rain, snow, and wind. They help prevent damage to the building's surfaces, including deterioration, discoloration, and erosion, extending the structure's lifespan.
Exterior paints offer a wide range of colors, finishes, and textures, allowing architects, designers, and homeowners to enhance the visual appeal of buildings. The aesthetic appeal of a building is crucial for its market value, curb appeal, and overall perception. With the increasing focus on sustainability and environmental responsibility, there is a growing demand for eco-friendly exterior paints. Low-VOC (volatile organic compound) and zero-VOC paints and paints made from sustainable materials are gaining popularity in the market.
Mexico's growing population and urbanization trends are driving demand for residential construction. Urbanization leads to the development of new residential properties and the renovation of existing homes, increasing the demand for these coatings in Mexico. Home renovation and remodeling activities are rising in Mexico, driven by aging housing stock, and changing consumer preferences. Renovation projects involve painting and redecorating interior and exterior surfaces, contributing to the demand for these coatings in Mexico. Mexico's growing tourism and hospitality industry drives demand for new hotel and resort construction projects. Architectural coatings enhance the aesthetic appeal and durability of Mexico's hotels, resorts, restaurants, and entertainment venues. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Architectural Coatings Market is Predict to reach USD 107.7 Billion by 2031, at a CAGR of 5.5%
Based on Technology, the market is segmented into Water Borne and Solvent Borne. Based on End-Use, the market is segmented into Residential and Non-Residential. Based on Resin Type, the market is segmented into Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, and Other Resin Types. Based on Function, the market is segmented into Ceramics, Inks, Lacquers, Paints, Powder Coatings, Primers, Sealers, Stains, and Varnishes. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Resin Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Function (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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