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Paint & Coatings to 2019

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Date: 31-Aug-2015
No. of pages: 382
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US demand to grow 3.9% per annum through 2019

The US paint and coatings industry is forecast to grow 3.9 percent annually to $1.4 billion gallons in 2019, valued at $31 billion. Gains will be driven by a strong rebound in construction activity which will stimulate demand in architectural paint, the largest market group. Environmentally-friendly low VOC paint and coating products will continue to register particularly strong growth as producers develop new products to meet stricter government regulations and consumer tastes. In addition, new technological advances, such as nano structured coatings, will expand future growth as they open new applications by providing antimicrobial, self-cleaning, sound dampening, anticorrosive, and light emitting functions.

Architectural markets to remain key outlet

US architectural markets for paint and coatings will continue to be the main outlet for the industry, growing at an above average rate in 2019 as demand is driven by an improved outlook for both residential and nonresidential construction. The fastest growth is expected in the new construction segment as housing completions rise at a double-digit pace, but demand for paint in improvement and repair applications will improve as well. Overall, demand for interior paint, which accounts for about two-thirds of the market, will outpace demand for exterior paint demand due to increased use of siding materials which do not require painting. Additionally, water-based paint formulations will continue to grow faster than solvent-based formulations due to environmental concerns, although most architectural paint has already made the switch to waterborne.

Metal building components to pace manufacturing coatings segment

Demand for manufacturing coatings is forecast to advance at a below average rate through 2019 although favorable by historical standards. The metal building components market will exhibit the fastest growth in this group of markets benefiting from to industrial and commercial expansion. The furniture and fixtures market will continue to have the largest share of manufacturing coatings and will also grow at an above average pace. Overall, transportation markets such as motor vehicle and aerospace will see the slowest gains due to weak growth in the production of transportation equipment. Powder coating usage will increase more quickly than other coatings formulations in the manufacturing market, while solvent-based coatings will continue to lose share.

Marine coatings to be fastest growing maintenance & specialty type

Maintenance and specialty coatings demand will remain the smallest proportion of total paint and coatings and also will exhibit the slowest growth. Marine coatings will grow at the quickest rate, bolstered by increased commercial shipping activity and new antifouling technology. As the largest market in this category, industrial maintenance coatings will advance at a healthy pace based on increased economic growth stimulating nonresidential building improvements. Below average gains are forecast for automotive refinish coatings, hampered by declining accident rates and improved durability of OEM automotive paint.

Company Profiles

Profiles 31 US industry competitors such as Akzo Nobel, Axalta Coating Systems, BASF, Berkshire Hathaway, Hempel, Kelly-Moore Paint, PPG, Sherwin-Williams & Valspar

Additional Information

This study analyzes the US paint and coatings industry. Shipments and demand are provided by market (e.g., architectural markets, manufacturing markets, and maintenance and specialty coatings) and by formulation (e.g., water-based, solvent-based, powders, and radiation curables). Historical data are presented for 2004, 2009, and 2014, with forecasts for 2019 and 2024.The term “demand” refers to US demand, sales, or apparent consumption, and is defined as production plus imports minus exports. All dollar values cited for the industry are at the basic manufacturers’ level. Tabular details may not add to totals due to independent rounding. Ratios may be rounded for the sake of clarity.

Paint & Coatings to 2019

Table of Contents

Introduction X

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Outlook 6
Demographic Outlook 10
Personal Consumption Expenditures 14
Manufacturing Outlook 17
Building Construction Expenditures 21
Residential Building Construction 23
Housing Completions 25
Housing Stock 29
Residential Improvements & Repairs 33
Nonresidential Building Construction 34
Siding Trends 36
Raw Materials 39
Environmental & Regulatory Considerations 42
Paint Industry Regulations 44
Volatile Organic Compounds 46
Pigments 48
Solid Waste Recycling 49
World Paint & Coatings Demand 51

III. Overview 54
Supply & Demand 54
Historical Market Trends 56
Formulations 59
Water-Based 61
Solvent-Based 62
Powder Coatings 64
Other 65
Substrates 66
Pricing Trends 69
Foreign Trade 72
Imports 75
Exports 77

IV. Architectural Markets 80
Supply & Demand 80
Historical Market Trends 81
Markets 84
Residential Building Construction 86
New Construction 88
Improvement & Repair 91
Nonresidential Building Construction 94
Applications & End Users 96
Interior 99
Exterior 102
Formulations 106
Water-Based 107
Solvent-Based 108

V. Manufacturing Markets 111
Supply & Demand 111
Historical Market Trends 112
Markets 115
Furniture & Fixtures 118
Furniture Industry Outlook 119
Coatings Demand 120
Suppliers 124
Motor Vehicles 124
Motor Vehicle Production Outlook 125
Coatings Demand 128
Suppliers 132
Packaging 135
Packaging Industry Outlook 135
Coatings Demand 138
Rigid Containers & Closures 139
Flexible & Paper Packaging 142
Suppliers 145
Metal Building Components 147
Nonresidential Fixed Investment 147
Coatings Demand 149
Suppliers 151
Machinery 152
Machinery Outlook 152
Coatings Demand 154
Suppliers 156
Appliances 157
Appliance Industry Outlook 157
Coatings Demand 159
Suppliers 162
Aerospace & Other Transportation Equipment 163
Aerospace & Other Transportation Equipment Outlook 163
Coatings Demand 165
Aircraft & Aerospace Equipment 166
Other Transportation Equipment 169
Suppliers 171
Lawn & Garden Equipment 172
Power Lawn & Garden Equipment Industry Outlook 173
Coatings Demand 175
Suppliers 176
Other Manufacturing Markets 176
Formulations 179

VI. Maintenance & Specialty Coatings 182
Supply & Demand 182
Historical Market Trends 183
Markets 185
Industrial Maintenance 188
Nonresidential Building Improvements & Repairs 189
Coatings Demand 190
Suppliers 194
Automotive Refinishing 196
Motor Vehicle Park 196
Coatings Demand 197
Suppliers 201
Roads & Bridges 204
Highway & Street Expenditures 204
Coatings Demand 207
Suppliers 211
Marine Equipment 212
Marine Equipment Outlook 213
Coatings Demand 214
Suppliers 217
Other 218
Formulations 220

VII. Industry Structure 223
General 223
Market Share 224
Architectural & Decorative Paint 228
Industrial Coatings 231
Acquisitions & Divestitures 234
Cooperative Agreements 239
Distribution 240
Competitive Strategies 243
Research & Development 246
Company Profiles 250
Akzo Nobel NV 251
ALTANA AG 258
Axalta Coating Systems Limited 261
BASF SE 266
Behr Process, see Masco Berkshire Hathaway Incorporated 269
BYK-Chemie, see ALTANA California Products Corporation 274
Carboline, see RPM International Cloverdale Paint Incorporated 280
Consorcio Comex, see PPG Industries Cuming Microwave, see PPG Industries DayGlo Color, see RPM International Diamond Vogel Paints 284
Dryvit Systems, see RPM InternationalDunn-Edwards Corporation 288
ELANTAS, see ALTANA Ennis-Flint 293
Fiberlock Technologies, see California Products Fujikura Kasei Company Limited 296
Hempel A/S 299
Hentzen Coatings Incorporated 305
IVC Industrial Coatings, see PPG Industries Kelly-Moore Paint Company Incorporated 307
LORD Corporation 309
Majic Paints, see Yenkin-Majestic Paint Masco Corporation 311
Masterchem Industries, see Masco Mohawk Finishing Products, see RPM International Nippon Paint Holdings Company Limited 316
NOF Corporation 319
PPG Industries Incorporated 321
Quest Specialty Chemicals Incorporated 332
Red Spot Paint & Varnish, see Fujikura Kasei Republic Powdered Metals, see RPM International
Rodda Paint, see Cloverdale Paint RPM International Incorporated 335
Rust-Oleum, see RPM International Sherwin-Williams Company 343
3M Company 353
TIGER Coatings GmbH & Company KG 355
Tnemec Company Incorporated 357
Tremco, see RPM International True Value Company 359
Valspar Corporation 361
Vista Paint Corporation 371
Whitford Corporation 375
Yenkin-Majestic Paint Corporation 378

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 10
2 Population & Households 14
3 Personal Consumption Expenditures 17
4 Manufacturers’ Shipments 21
5 Building Construction Expenditures 23
6 Residential Building Construction Expenditures 25
7 New Housing Indicators 29
8 Housing Stock by Type 32
9 Residential Improvement & Repair Expenditures 34
10 Nonresidential Building Construction Expenditures 36
11 Siding Demand by Material 39
12 Raw Material Demand in Paint & Coatings 41

Section III -- Overview
1 Paint & Coatings Supply & Demand 56
2 Paint & Coatings Demand, 2004-2014 58
3 Paint & Coatings Demand by Formulation 60
4 Paint & Coatings Demand by Substrate 69
5 Selected Paint & Coatings Prices 72
6 US Foreign Trade in Paint & Coatings 75
7 Paint & Coatings Imports by Source, 2009-2014 76
8 Paint & Coatings Exports by Destination, 2009-2014 79

Section IV -- Architectural Markets
1 Architectural Paint Supply & Demand 81
2 Architectural Paint Demand, 2004-2014 83
3 Architectural Paint Demand by Market 86
4 Residential Building Construction Markets for Architectural Paint 88
5 New Residential Construction Markets for Architectural Paint 91
6 Residential Improvement & Repair Markets for Architectural Paint 94
7 Nonresidential Building Construction Markets for Architectural Paint 96
8 Architectural Paint Demand by Application & End User 98
9 Interior Architectural Paint Demand 102
10 Exterior Architectural Paint Demand 105
11 Architectural Paint Demand by Formulation 107

Section V -- Manufacturing Markets
1 Manufacturing Coatings Supply & Demand 112
2 Manufacturing Coatings Demand, 2004-2014 114
3 Manufacturing Coatings Demand by Market 117
4 Furniture Shipments 120
5 Furniture & Fixture Coatings Demand 123
6 Motor Vehicle Production 128
7 Motor Vehicle Coatings Demand 132
8 Packaging Supply & Demand 138
9 Packaging Coatings Demand 139
10 Rigid Container & Closure Coatings Demand 142
11 Flexible & Paper Packaging Coatings Demand 145
12 Nonresidential Fixed Investment on Structures 149
13 Metal Building Component Coatings Demand 151
14 Machinery Shipments 154
15 Machinery Coatings Demand 156
16 Appliance Shipments by Type 159
17 Appliance Coatings Demand 162
18 Aerospace & Other Transportation Equipment Shipments 165
19 Aerospace & Other Transportation Equipment Coatings Demand166
20 Power Lawn & Garden Equipment Shipments 174
21 Lawn & Garden Equipment Coatings Demand 176
22 Other Manufacturing Markets for Coatings 179
23 Manufacturing Coatings Demand by Formulation 181

Section VI -- Maintenance & Specialty Coatings
1 Maintenance & Specialty Coatings Supply & Demand 183
2 Maintenance & Specialty Coatings Demand, 2004-2014 184
3 Maintenance & Specialty Coatings Demand by Market 187
4 Nonresidential Building Improvement & Repair Expenditures 190
5 Industrial Maintenance Coatings Demand 194
6 Motor Vehicle Park 197
7 Automotive Refinish Coatings Demand 201
8 Highway & Street Expenditures 207
9 Road & Bridge Coatings Demand 211
10 Marine Equipment Shipments 213
11 Marine Coatings Demand 217
12 Other Maintenance & Specialty Coatings Demand 220
13 Maintenance & Specialty Coatings Demand by Formulation 222

Section VII -- Industry Structure
1 US Paint & Coatings Sales by Company, 2014 227
2 Selected Acquisitions & Divestitures 237
3 Selected Cooperative Agreements 240

List of Charts

Section II -- Market Environment
1 Year of Construction of Housing Stock, 2014 32
2 World Paint & Coatings Demand by Region, 2014 53

Section III -- Overview
1 Paint & Coatings Demand, 2004-2014 59
2 Paint & Coatings Demand by Formulation, 2014 61
3 Paint & Coatings Imports by Source, 2014 77
4 Paint & Coatings Exports by Destination, 2014 79

Section IV -- Architectural Markets
1 Architectural Paint Demand, 2004-2014 84

Section V -- Manufacturing Markets
1 Manufacturing Coatings Demand, 2004-2014 115
2 Manufacturing Coatings Demand by Market, 2014 118

Section VI -- Maintenance & Specialty Coatings
1 Maintenance & Specialty Coatings Demand, 2004-2014 185
2 Maintenance & Specialty Coatings Demand by Market, 2014 188

Section VII -- Industry Structure
1 US Paint & Coatings Market Share, 2014 228
2 US Architectural & Decorative Paint Market Share, 2014 231
3 US Industrial Coatings Market Share, 2014 234

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