CLEVELAND – According to a newly released market study, U.S. demand for paint and coatings is forecast to grow 3.8 percent annually to 1.4 billion gallons in 2019, valued at $31.5 billion. Gains will be driven by a strong rebound in construction activity, which will stimulate demand in the architectural market.  Environmentally friendly, low-VOC paint and coating products will continue to see particularly strong growth as manufacturers develop new products to meet stricter government regulations and changing consumer tastes. Additionally, new technological advances, such as nanostructured coatings, will drive future growth as they open new applications by providing antimicrobial, self-cleaning, sound-dampening, anticorrosive and light-emitting functions. These and other trends are presented in Paint & Coatings, a new study from The Freedonia Group Inc. a Cleveland-based industry market research firm.

Architectural markets for paint and coatings will continue to be the main outlet for the industry, growing at an above-average rate through 2019, as demand is driven by an improved outlook for both residential and nonresidential construction.  According to analyst Joseph Kocian, “The fastest growth for paint is expected in new residential construction as housing completions rise at a double-digit annual pace, but demand in improvement and repair applications will increase as well.”  Overall, demand for interior paint, which accounts for about two-thirds of the market, will outpace demand for exterior paint due to increased use of siding materials that do not require painting.