Report : North America Decorative Paints Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)
Water Based segment to dominate the North America Decorative Paints Market during 2020–2028
According to a new market research study on “North America Decorative Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Deployment and Application,” the market is expected to reach US$ 26,372.42million by 2028 from US$ 16,494.79million in 2020. The market is estimated to grow at a CAGR of 6.0% from 2020 to 2028. The report provides trends prevailing in the North America decorative paints market along with the drivers and restraints pertaining to the market growth. Expansion in the construction industry, excessive demand of water based paints, and growing focus over sustainability are the major factor driving the growth of the decorative paints market. However, harmful effects of lead in paints along with high cost of raw material hinder the growth of decorative paints market.
The US has the highest number of confirmed cases of COVID-19, as, compared to Mexico and Canada. This is likely to impact the chemicals & materials industry in the region as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth. In US the buildings, automobile, and architectural industries, as well as the chemical and materials companies which work along with them, have been hit hard by the corona virus due to the travel restrictions as well as maintenance of social distancing. With the outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the decorative paints market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments in the region.
North America decorative paints market is segmented based on type and application. The North America decorative paints market based on type is segmented into water based and solvent based. Water based segment accounted for the highest share in the market in 2019 and is expected to be fastest growing during forecast period. Based on application, is segmented into residential and non-residential. Residential segment accounted for the highest share in 2019 and non-residential segment is expected to be the fastest growing during forecast period.
Akzo Nobel N.V.; BASF SE; Dow Inc.; Axalta Coating Systems; PPG Industries Inc.; RPM International Inc.; Kansai; and The Sherwin-Williams are among some of the leading companies in the North America decorative paints market. The market players focus on new product innovations and developments in order to achieve sustainable growth and to distinguish themselves among competitors present in the highly competitive decorative paints market.
The report segments the North America Decorative Paints Market as follows:
North America Decorative Paints Market – By Type
- Water based
- Solvent based
North America Decorative Paints Market – By Application
North America Decorative Paints Market – By Country
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