1. Home improvement projects are adversely impacted due to COVID-19. As a major chunk of the global population is sheltering in place during the lockdown, a lot of consumers are looking to either tackle the long ignored and overdue renovation of their spaces or working on paint projects to keep themselves occupied.
2. A new ecosystem of direct-to-customer brands is offering a smorgasbord of paints, support services, and supplies and restructuring the customer experience end-to-end, driving strong growth in the market.
3. Instant solutions have become an important ask, leading to the development of apps and programs that can help consumers and designers sail through the color selection process.
4. With growing urbanization, urban spaces are becoming more concentrated leading to complex property ownership models with mutually shared limited land resources. Given these factors, flexible and multi-purpose spaces have become the new normal. This is having a massive impact on the role of colors and as an extension of that – paint.
5. The slew of innovations over the recent years have been limited. Innovations have become standards. While it would appear that companies are constantly offering advanced products, they mostly offer better performance, easier application, better hide, and other inherent characteristics that paint jobs render important.
6. While VOC paints have swooped in and become mainstream, vendors have taken hold of a new attribute to establish their supremacy in the paint space - natural paints or as some vendors like to call it 'living paints'.
Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by end-user, channel, application, and formulation
Competitive Landscape – 4 key vendors and 21 other vendors
The COVID pandemic has stirred up a strong need to maintain microbe-free environments, spurred a flurry of innovations and R&D in this space. Maintenance of essential properties is ongoing in some states basis laws but are expected to continue in full after the current situation calms down, driving demand for paints that can be used on a variety of substrates.
With more than 60% of the existing housing stock having been built before 1990, there is a high demand for paint updates. The housing market is responding to the new demands for bars, outdoor kitchens, and fireplaces, and it is expected to drive the volume of paint demand.
The online architectural coating industry has been growing over the last couple of years due to the rapid evolution as players set in motion a refined, less hassled delivery system. The rise of the internet has ushered in an era of comparative shopping, educated decisions, innovative business models, and widening creativity.
U.S. Architectural Paint Market by End-user
Commercial, Industrial, and Institutional Repaint
New Commercial, Industrial, and Institutional
U.S. Architectural Paint Market by Application
U.S. Architectural Paint Market by Channel
U.S. Architectural Paint Market by Formulation
U.S. Architectural Paint Market – Dynamics
Home improvement projects are on the rise thanks to COVID-19 owing to which home improvement and DIY stores around the country are witnessing an uptick as customers look for supplies from various brands. This growth is not expected to simply be restricted to front-loading till the lockdown measures are lifted. It is likely that the demand will continue to grow well over the next year, and consumers continue to spend a lot of time indoors till the virus is thwarted with vaccines due to come out sometime next year.
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