Pro Sector Drives 2023 Paint And Coatings Trends

With home improvement spend slowing down after two years of remarkable sales, it’s up to sellers and manufacturers in the paint and coatings industry to determine the best approach for how to respond to changing market conditions, says the ‘Market Watch: Purchasing Trends in Paint and Coatings’ report from the Home Improvement Research Institute (HIRI). Looking ahead to the remainder of 2023, demand is expected to cool slightly for consumers, but the market will continue to grow among professionals and overall. For 2023 in the U.S. market, HIRI forecasts a 4.1 per cent growth rate for paint and preservatives for the professional market and 1.1 per cent loss for the consumer market. For paint sundries, the professional market is forecast to grow 6.9 per cent while the consumer market is looking at a one per cent loss. Looking forward through 2026, the consumer market is expected to dominate the growth rate once again. The report says that the overall downturn will only last for this year, with growth in the sector anticipated to pick back up in 2024 and beyond.