Water-Based Paints and Coating Expected to Hold More Than Half Market Share and Continue its Dominance through 2018-2026

Whether it is for interior painting a house or heavy-duty finishing manufactured goods such as cars, paints and coatings play a cardinal role in decorating and protecting. Additionally, the paints and coatings market continues to be in demand as it gives longevity to the finished goods and also act as a barrier against environmental conditions.

The construction industry is not only a direct customer for paints and coatings, but also a key reflector of the economic health of a country, thus making its impact on the overall market to be crucial. North America including US and Canada, has witnessed an increase in residential, commercial, and infrastructural construction in recent times which led elevated sales of paints and coatings- giving an extra boost to the North America paints and coatings market. According to in-depth analysis, North America paints and coatings market is expected to hold approximately one fifth share, in terms of value and volume, in the global market- expanding a CAGR of 5% during the forecast period 2018-2026. Healthy economic conditions will create more investment opportunities in North America paints and coatings market in near future.

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Water-Based Paints and Coating Expected to Hold More Than Half Market Share and Continue its Dominance through 2018-2026

Since industries are undergoing a shift given to the ‘go-green’ movement- to reduce carbon footprint, water-based paints and coatings have witnessed increased adoption across North America. The water-based paint segment is expected to witness increased adoption in the coming years as compared to the solvent borne paint segment in the North America paints and coatings market as key players continue to reduce the emission of volatile organic compounds (VOCs) in paints and coatings to meet the government regulations and consumer preferences. Market accessibility for water-based paints segment over the next five years is pegged to be more lucrative as compared to that for solvent-based paints segment

According to Paint Quality Institute, a paint advising and testing organization, more than 80% household paints sold are water-based paints. Consumers and key players are increasingly attracted towards water-based products as it has fewer odors.

Stringent environment compliances in the North America paints and coatings market is another reason for settling with water-based over solvent-based paints. Workers poorly ventilated spaces are exposed to dangerous evaporation from solvent-based paints and coatings. For this reason, many projects like working in fuel storage and railroad tanks make use of water-based coatings. It also reduces the concentration of flammable materials. Strict regulations and restrictions by state and local governments often set a threshold on how much VOC can a business emit.

Though efforts are aligned towards the development of water-borne coatings, however, it is interesting to note that the share of water borne vs. solvent borne coatings differs significantly between the decorative and industrial coatings in the North America paints and coatings market. While the large share of decorative coatings are water based, the use of solvents is still prevalent in industrial coatings in a substantial amount.

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Key players taking their businesses online to strengthen market presence

Key players in the North America paints and coatings market are focusing on adopting alternative distribution channels, such as the online channel, to further solidify their market presence in regional as well as in global markets. According to analysis, the North America paints and coating market is moving towards consolidation which has led to the pricing pressure among, tightening the profit margin scope for manufacturers. Majority of the key players are focusing on acquisition of small players and small-scale companies must make significant investments in R&D to introduce new products and enhance their presence across the globe.

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