A new study from The Freedonia Group predicts that demand for paint and coatings in the U.S. will reach 1.5 billion gallons in 2017.
This would mark a 4.2% annual increase to a total valuation of $30.6 billion, a reversal of fortunes since the market decline of the recession years.
According to the company, gains would be largely attributed to a strengthening economy, increased consumer confidence and ramped up construction activity. Specifically, the architectural market, which is the leading end-user of paint and coatings, is predicted to grow at an above average rate through 2017.
Within the market itself, Freedonia predicts that demand for interior paint will outpace that of exterior paint, with more demand for low-VOC products. On the low end of the demand spectrum are maintenance and specialty coatings.