U.S. Demand for Coatings to Reach 1.5 Billion Gallons in 2017
CLEVELAND - U.S. demand for coatings is forecast to rise 4.2 percent annually to 1.5 billion gallons in 2017, valued at $30.6 billion. This will be a notable improvement over the volume declines recorded during the 2007-2012 period, supported by an improving economic outlook and increased consumer confidence. In particular, advances will be driven by a strong rebound in construction activity, which will propel demand for architectural paint and for metal building component coatings. These and other trends are presented in Paint & Coatings, a new study from The Freedonia Group Inc., a Cleveland-based industry market research firm.
The architectural market is the leading outlet for paint and coatings and will grow at an above-average pace through the forecast period. The residential segment will offer the best opportunities for growth, as the country recovers from the housing crisis that greatly reduced demand for residential architectural paint, particularly for new housing. Demand for interior paint will grow faster than demand for exterior paint. Increasing environmental awareness and greater consumer concern regarding indoor air quality will spur demand for low- or no-VOC products, especially those that are marketed as having low odor or being odor-free.