The global architectural coating market was valued at $63.3 billion in 2020, and is projected to reach $107.9 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030, according to a recent report from Allied Market Research.

Architectural coatings manufacturers reported that the DIY segment has decreased slightly, but the professional segment is experiencing growth.

“In our most recently reported quarterly results (Q4 2023), overall organic sales in the Americas and Asia Pacific architectural coatings business decreased a low single-digit percentage compared to the prior-year fourth quarter, driven by lower demand for DIY products,” said Todd Gatesy, general manager, U.S. Stores, Dealer and The Home Depot, PPG Architectural Coatings. “U.S. and Canada architectural coatings sales were lower as growth in the professional contractor channel was more than offset by continuing softness in do-it-yourself demand.

“Growth initiatives through our partnership with The Home Depot drove higher professional contractor net sales, which were more than offset by moderating declines in DIY,” he continued. “The business also continued to benefit from higher year-over-year sales to Walmart, reflecting that customer win at the beginning of 2023.

“Architectural coatings in Mexico delivered another strong quarter, as we continue to benefit from a growing Mexican economy and our excellent Comex brand. Organic sales for architectural coatings iån the EMEA region were down by a low single-digit percentage, as the benefit of higher prices was more than offset by lower but moderating volumes.”

“In 2023, there were, and continue to be, several economic factors impacting the home improvement and architectural coatings categories,” said Rob Sheehan, director of sales professional segments at Benjamin Moore. “These factors include, but are not limited to, historically low home sales and DIYers shifting spend from home improvement to travel and leisure. The circumstances have led to a modest contraction of the architectural coatings market.”

According to Gatesy, in the first quarter of 2024, organic sales are expected to decrease by a low single-digit percentage driven by the timing of the Easter holiday and lower year-over-year sales volumes compared to an elevated first-quarter 2023, which included a $40 million Walmart load-in. “Excluding the customer load-in impact, organic sales are anticipated to increase by a low single-digit percentage compared to the first quarter 2023.

“We are determined to help pro painter customers face industry demands in 2024 with product and service options that can help offset the challenges they may face with labor shortages,” said Gatesy. “PPG is focused on convenient, pro-focused services through our work with full-service retailers, like The Home Depot and HD Supply. We look forward to capitalizing on our momentum with The Home Depot in 2024, namely as a supplier recognized for our diversity efforts and through the continued focus on bringing great products to market through this retailer.”

“Additionally, we provide added value to the pro painter through our PPG PAINTS store network the PPG Paints App, which helps them get the right product, in the right place, at the right time,” said Gatesy. “We also continue to expand our independent dealer footprint and product offerings. We continue to build out our dealer-exclusive line up and are planning additional product launches for this channel in 2024.”

According to Gatesy, in the residential space, the National Association of Realtors forecasts 1.48 million housing starts (single- and multi-family) in 2024. “In commercial painting, the return to office movement and repurposing of commercial spaces add to the demand for pro painters. As a result, we expect that the demand for pro painters will continue.”

According to Sheehan, in comparison to other segments, the commercial segment was the strongest in 2023 followed by the residential repaint market. “We are anticipating a modest increase in the second half of 2024,” Sheehan added.

Color Trends

Color plays a crucial role in determining architectural paint sales. Every major paint company announces a Color of the Year and updated color palette, determined by color experts who study trends in fashion, electronics and other industries.

Gatesy said PPG is seeing a move away from cool grays in 2024. “Warm neutrals that serve as a backdrop for creativity, in both the professional and DIY design spaces, will be central to architectural coatings. In conjunction with our 2024 Color of the Year, Limitless, we introduced three thematic volumes that demonstrate ways we see the color coming to life in the design world: Volume I – Grounded, Ethereal and Tender; Volume II – Abundant, Nourishing and Vibrant; and Volume III – Playful, Expressive and Retro.

“In 2024, we continue to see a willingness to explore color and express personality in the home,” said Hannah Yeo, senior manager, color marketing at Benjamin Moore. “Travel is a major source of color inspiration, whether it’s a road trip to a nearby destination or as far as outer space. The Benjamin Moore Color of the Year 2024 and Color Trends 2024 palette both spark adventure and invite consumers to explore the extraordinary.”

“The idea of duality – juxtaposing light against dark, warm and cool, showcasing complementary and contrasting color pairings – will also be incorporated further in homes,” added Yeo. “Our Color Trends 2024 palette explores relationships on the color wheel and interprets fresh takes on more familiar complements and contrasts that can help you feel more comfortable selecting and incorporating more color in your spaces.

“A sense of comfort is on top of mind for homeowners. Some find comfort in nature by bringing in fresh green hues into the space. Rich, moody hues will also continue to surge. Colors such as Regent Green 2136-20, Soot 2129-20 and Carter Plum CW-355 enhance a sense of elegance and luxe. Color drenching in these rich hues provide a sense of comfort and escape, especially with soft textiles added to the design.”

Behr predicts color and design trends to go bolder in 2024. “The new definition of neutrals is expanding beyond the gray, beige, and white color families as we are seeing people gravitating towards using jewel tones and deeper colors that pair well with many different design styles,” said Erika Woelfel, VP of color and creative services at Behr.

“We announced the BEHR 2024 Color of the Year, Cracked Pepper – a soft black that elevates and adds confidence to any space,” said Woelfel. “As a hue that fulfills our increased desire for energetic environments as we lean into day-to-day life, a soft versatile black is the perfect selection. Whether workplace, hospitality, or residential settings, Cracked Pepper will elevate the built environment with its quiet confidence.”

Additionally, the BEHR 2024 Color Trends palette is a curated collection of forward-thinking, livable colors that can be used to personalize a space within the built environment to meet the feeling or mood of the end user.

“Available exclusively at The Home Depot, the BEHR 2024 Color Trends palette awakens spaces with colors that create a sense of belonging and offer endless expression for every design style – from rich tones and illuminating neutrals to grounded hues and eye-catching accents,” she added.

New Products

Here is a glance at some of the latest architectural product launches.

PPG Paints App allows pros to place orders anytime, anywhere. The app allows re-orders to be placed quickly, based on previous purchases, alleviating paperwork and saving order time. “It allows a complete view of PPG’s lineup of pro products, coupled with job-specific pricing structures, all in the palm of the pro’s hand. It also gives pro paint customers the option to choose from delivery to jobsite or in-store pickup,” said Gatesy. “The PPG Paints App is an extension of our commitment to the pro: ensuring that they have the right products, at the right time, in the right place.”

In 2023, PPG expanded the GLIDDEN MAX FLEX spray paint and primer by PPG lineup with the addition of new colors across its All Surface and Exterior Fabric spray paint offerings. There are now more than thirty product and color options across the Max Flex spray paint portfolio at HomeDepot.com and select Home Depot locations. In 2024, PPG plans to continue to expand this product offering with the launch of new spray paint products available across our sales channels.

“Also, in late 2022, we introduced a GLIDDEN floor paint and concrete stain product line by PPG featuring Cool Surface Technology,” said Gatesy. “That line, available via HomeDepot.com and at select The Home Depot locations, includes Glidden Porch & Floor, Glidden Porch & Floor Anti-Skid, and Glidden Solid Concrete Stain. PPG was recognized in 2023 by The Home Depot as an Innovation Award winner for Cool Surface Technology, signifying this product’s ability to make life easier for DIY and Pro customers.”

“At Benjamin Moore, we are always innovating and ensuring that we are meeting our customers’ needs in 2024 and beyond,” said Sheehan.

Benjamin Moore’s Regal Select Interior has been reformulated to stand up to the demands of everyday life like never before. The enhanced formulation features proprietary stain-release technology, increased scuff-resistance and washes clean without compromising color or sheen integrity. Regal Select is the paint that generations of painting professionals and homeowners have relied on for years to deliver the premium-quality results that Benjamin Moore is known for. Its smooth application and unbeatable flow and leveling allow painters to achieve professional results every time. The durable, washable finish enables easier clean-up of common household stains such as pencil, crayon, coffee and more, across all Benjamin Moore colors.

Benjamin Moore’s Element Guard is the newest premium exterior paint specially formulated to tackle one of the most difficult painting environments: high moisture. Designed to withstand wind-driven rain, excessive humidity, and other harsh weather conditions, Element Guard exterior paint is ideal for use on various exterior substrates such as vinyl and cedar siding, wood, brick, and more. The paint can resist rain as soon as 60 minutes after application and be applied in temperatures as low as 35°F, extending the painting season and assuring that professionals can paint with confidence. With excellent adhesion, resistance to cracking and peeling, and a mildew-resistant coating, users can count on Element Guard to deliver durable, long-lasting results.

Benjamin Moore’s Color Match Tool is a small, take-with-you-everywhere device that lets you scan the flat surface of any color you like, to instantly find its closest paint color match with just the tap of a button. It connects to the Benjamin Moore Color Portfolio app so you can find your desired color.