According to the latest market research reports released by foreign countries, the demand for paint in the United States is expected to increase at a rate of 3.8% per year, and it will reach 5.3 million tons in 2019, worth $31.5 billion. The construction industry will remain the largest end-user market for coatings, and a strong rebound in construction activity will stimulate demand in the construction market. Due to the strong demand for environmental protection and low vocal coatings, manufacturers need to develop new products to meet more stringent government regulations and cater to consumer demands. In addition, the development of new technologies, such as nano-coatings, will drive future growth.
By 2019, the construction market is still the main downstream market for coatings. According to analysis, the growth rate will reach double digits per year. This is mainly due to the construction of new houses and the completion of houses. In terms of improvement and repair, the demand for coatings will also increase. The demand for interior coatings exceeds the demand for outdoor coatings and accounts for about two-thirds of the architectural coatings market.
The demand for coatings for the future manufacturing industry will increase by 2.4% per year and reach nearly 1.51 million tons in 2019. Due to industrial and commercial expansion, the metal construction component market will be the fastest growing market in manufacturing. Furniture and equipment coatings continue to account for the largest share of coatings used in manufacturing and will continue to grow at above-average speeds. Due to the weak growth of light vehicle production, the growth rate of the automotive market is relatively low. Repair and specialty coatings also show a lower growth rate. In addition, due to commercial shipping activities and new anti-fouling technologies, the demand for marine coatings will increase at the fastest rate.
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