By Joel Scanlon
Subsequent to the slump of 2008, the U.S. market for coatings and paints will see a significant improvement by the end of 2012. It will continue to grow over the coming decade.
SBI Energy report “Paints and Coatings, U.S. Market – 2nd Edition” predicts that water-based paints and coatings will go through considerable growth and will lead the market. The market for paints and coatings that are mainly used in the construction sector has had 50 primary participants over the years.Sherwin Williams has been one of the leading participants. As per the report, development of the construction and reconstruction sectors will lead the way to increased demands for painting and coating products.
Environmentally friendly paints are the latest trend in the market and have led to a heightened demand for the healthier water-based paints that are also cost-effective. This has been further driven by the use of paint in the automotive and construction industries that are on the lookout for better paints that use lesser solvents and coatings and those that need lesser energy for application.
Shelley Carr, publisher of SBI, stated that increase in the U.S. population will lead to more residential constructions. The shifting to water-based paints gives an advantage for organizations that are looking for greener alternatives. Carr added that certain new techniques assist in providing reflective surface paints that enable to keep interiors cooler besides using lesser solvents and being asthma/environmentally friendly.
The report has historical and forecast data of the paints and coatings market inclusing the sub-segments classified by type and application. It also identifies the shift away from solvent-based paints to more environmentally friendly water-based options.