From 2013 to 2023, the US paint and coating manufacturing industry experienced moderate growth, albeit with fluctuations. In 2023, the industry’s gross output stood at $34.12 billion. Following a substantial decline in 2020, the industry rebounded, moving upwards until 2023, registering a 1.79% year-on-year growth with a 5-year CAGR of 1.94%. Looking forward, the forecast anticipates a steady rise to $37.15 billion by 2028, translating to a 5-year CAGR of 1.4% and overall growth of 7.19%.
Future trends to watch for include:
- Technological advancements enhancing product quality and efficiency.
- Increasing environmental regulations influencing product composition and innovation.
- Rising demand for eco-friendly and sustainable coatings.
- Potential impacts of economic fluctuations on manufacturing and demand.
