PAINT INDUSTRY UPDATE: FEBRUARY 2025
The U.S. paint and coatings industry is a robust and dynamic sector, demonstrating consistent growth and significant market presence. Here are some key numerical statistics that underscore its vitality:
Market Size and Growth Projections
Current Valuation: In 2024, the U.S. paints and coatings market was valued at approximately $31.78 billion.
Projected Growth: The industry is expected to experience a Compound Annual Growth Rate (CAGR) of 4.5% from 2025 to 2030, driven by increasing construction activities and urbanization.
Industry Composition and Major Players
Market Concentration: The U.S. paints and coatings market is highly consolidated, with the top five players contributing to more than 70% of the market share.
Leading Companies:
Sherwin-Williams: In 2024, Sherwin-Williams reported revenues of $18.4 billion, maintaining its position as the top player with the highest market share in North America at 28.5%.
PPG Industries: With revenues of approximately $18.2 billion in 2024, PPG Industries holds a significant market share, particularly in Europe with 13%.
Product Segmentation
Coating Types:
Waterborne Coatings: Represent the largest segment in the market, favored for their environmental benefits.
Powder Coatings: Identified as the fastest-growing segment, reflecting a shift towards more sustainable and durable coating solutions.
Retail and Consumer Insights
Top Retailers:
Home Depot: Commands the highest draw rate in the paint market at 46%, indicating a strong consumer preference.
Lowe’s: Follows with a draw rate of 34%, while Sherwin-Williams' own stores have a draw rate of 15%.
Brand Performance:
Behr: Leads in unit share with 30% of the market, showing an increase of 0.8 percentage points from the previous year.
Sherwin-Williams: Holds a 19% unit share but leads in dollar share at 31%, reflecting a higher price point and premium positioning.
Economic Impact
Number of Businesses: As of 2024, there are 2,774 businesses operating within the U.S. paint manufacturing industry, reflecting a growth rate of 1.0% CAGR from 2019 to 2024.
Employment: The industry employs over 64,000 individuals, contributing significantly to the manufacturing sector.
These statistics highlight the U.S. paint and coatings industry's substantial market size, steady growth trajectory, and the dominance of key players like Sherwin-Williams and PPG Industries. The sector's expansion is propelled by ongoing construction activities, technological advancements, and a growing consumer preference for sustainable and high-performance coating solutions.