PUBLISHED DATE : Aug 2020 | Pages : 203
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The U.S. Architectural Paint Market Size, Share, & Trends Analysis Report by End-user (DIY, Residential Repaint, Commercial, Industrial, and Institutional Repaint, New Residential, and New Commercial, Industrial, and Institutional), Channel (Offline and Online), Application (Interior and Exterior Paints), and Formulation (Water-based and Oil-based Paints), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020-2025
203 Pages
38 Tables
72 Charts
1 Regions
1 Countries
25 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| MARKET SIZE (REVENUE) | USD 15 BILLION (2025) |
| MARKET SIZE (Volume) | 1 BILLION GALLONS (2025) |
| CAGR | 4% (2020-2025) |
| Base Year | 2019 |
| Forecast Year | 2020 - 2025 |
| Market Segments | End-user (DIY, Residential Repaint, Commercial, Industrial, and Institutional Repaint, New Residential, New Residential), Application(Interior, Exterior), Channel(Offline, Online), Formulation(Water-based, Oil-based) |
| Geographic Analysis | United States |
| Regions Covered | South, West, North-East, and Mid-West Regions |
The U.S. architectural paint market size to cross USD 15 billion by 2025, growing at a CAGR of 4% during the forecast period. The U.S. architectural paint market is witnessing a sort of revival. Home improvement projects are on the rise owing to the COVID-19 pandemic as a major chunk of the population is sheltering in place. A lot of consumers are looking to tackle the long ignored and overdue renovation of their spaces or are taking up paint projects to keep themselves occupied during the lockdown, which is expected to contribute to the growth of the U.S. architectural coatings market size. As spaces are becoming more creative, experiential, design-friendly, and environmentally--conscious, colors are witnessing heightened attention. Since paints allow for complete transformations of environments, they are constantly being used to adapt to the changing pace of business.
Shortages in raw materials such as alcohol, pigments, and dyes, as well as delays in the transportation of materials owing to restrictions in travel, will have an impact on the market. Social distancing measures and lockdowns are likely expected to reduce economic activities further. Countries such as China are offering 12–15% of rebates on exports in a bid to regain value owing to tariff restrictions in 2019. An expected increase of about 7% in the construction rate of the residential sector is likely to drive construction spending by around 4%.
The U.S. architectural paint market research report includes a detailed segmentation by
The DIY segment is expected to reach revenues of over $5 billion by 2025 and will hold the largest U.S. architectural paint market share. Retailers such as Lowe’s and Home Depot are observing a spike in demand for home improvement materials. This surge in demand is expected to see an upward trajectory even after the lift in lockdowns, driving the sale of architectural paints as people continue to shelter in place until the pandemic is wholly wiped out. DIYers have been driving sales for characteristically soft, ultra-matte finish paints.
Over the past two-three years, consumer confidence steadied disposable incomes, and savings increased, which are driving improvements in residential projects, particularly in the Midwest. Rural architecture is making a comeback as consumers invest in their hometowns, remolding farmhouses and mending downtown brick buildings, driving demand for vernacular architecture, local coating materials with color palettes that have traditionally been associated with this form in the past.
The COVID pandemic has stirred up a strong need to maintain microbe-free environments, spurred a flurry of innovations and R&D in this space. Maintenance of essential properties is ongoing in some states basis laws but are expected to continue in full after the current situation calms down, driving demand for architectural coatings that can be used on a variety of substrates. While the commercial and institutional markets are expected to strengthen, the industrial market, not so much.
In the midst of the renovation rush that has come on a decade after the recession, the need for interior paints has gone up across the United States. Gloss and semi-gloss finishes are expected to grow at the cost of flat finishes. However, the latter is still being preferred for low-traffic areas such as ceilings and hallways. Matte finishes are also being preferred over flat finishes. In San Francisco, California, muddy shades are covering walls, in New York City, nature-inspired colors are being incorporated, whereas, in Seattle, Washington, traditional colors are reigning. Moreover, exhibition spaces like museums and galleries occupy a more profound place in modern culture. This has driven operators to focus on how the paint can affect viewing experience, and renovate, driving demand for paints.
With more than 60% of the existing housing stock having been built before 1990, there is a high demand for paint updates. The housing market is responding to the new demands for bars, outdoor kitchens, and fireplaces, and it is expected to drive the volume of paint demand. This is likely to drive the growth of those brands that have added functionalities to their products. This decade has been witnessing cataclysmic hurricanes, tornadoes, catastrophic floods, and soaring temperatures, bringing with it a lot of damage. This has caused a rise in sales. Therefore, such disasters are expected to increase the frequency of renovations and new builds, thereby increasing the demand for exterior paints.
Offline stores, especially improvement ones, have historically dominated the market. However, with the advent of technology and digital media, a lot of the demand has shifted online. Apart from the push that has come from e-commerce, the online medium has been feeding a frenzy for interior design, leading the medium to be a place of brand discovery and research. Motivations that drive purchases along the platforms differ and converge in certain aspects. However, younger consumers have a channel-agnostic view of shopping offline and online — the differences tend to be irrelevant. The expectations offline are passed on online as well. Amid the pandemic, most offline channels that deliver home improvement products have remained open as they have been deemed essential. The offline channel has performed strongly, with some stores even posting double the sale.
The online architectural coating industry has been growing over the last couple of years due to the rapid evolution as players set in motion a refined, less hassled delivery system. The rise of the internet has ushered in an era of comparative shopping, educated decisions, innovative business models, and widening creativity. While websites by network services have been mainly used in the market, new ones that focus on distinctive models of working are gathering momentum. The online space has, therefore, been ripe with innovations.
Water-based paints have dominated the market and are likely to continue their dominance due to low odor, fast drying time, high color retention and film life, and easy cleanups. However, the coating manufacturers have created waterborne coatings and enamels, which have a similar look and feel to oil-based paints. They offer the ease and convenience of water-based and durability of traditional oil paint, thereby further driving market share. Water-based come with their own set of challenges. As temperatures are soaring across the United States, characterized by heatwaves and unusually frigid weather, the application and highperformance of water-based owing to slower curing is compromised. This is proving to be a challenge in a market where labor shortage is critical, and so is the time is taken to complete a paint job.
Over the last three decades, the sale of oil-based paints has been declining steadily and has disappeared from the shelves in much of the eastern seaboard and states such as California as they tend to gas off and pollute. The introduction of increased regulations and air-quality restrictions in the late 1990s has led to manufacturers largely neglecting further the development of oil-based coating. However, oil-based have still retained their place due to their leveling off properties, impermeability, toughness, and coverage. They can withstand the degenerative effects of air and water longer than water-based ones, features that water-based have still found it hard to meet satisfactorily.
The U.S. architectural paint market is highly concentrated. PPG Industries, Sherwin-Williams Company, Benjamin Moore, and Behr Process Corporation account for 90% of the market. New players are, however, disrupting the market, largely in terms of addressing subtle pain points. For instance, while paint and coating companies are heavily regulated, disclosing ingredients is not a requirement, so traditional players do not reveal the contents of their paint. Leading players in the US and North America regions have established geographically diverse brands and cater to the entire spectrum of consumers from value-oriented to premium.
Segmentation by End-user
By Application
By Channel
By Formulation
Frequently Asked Questions
What are the U.S. architectural paint market size and growth forecast?
US architectural paint market size to cross $15 billion by 2025, growing at a CAGR of 4% during 2020 - 2025
What are the factors, drivers, and trends impacting the growth of the US architectural paint market?
The U.S. architectural paint market is witnessing a sort of revival. Home improvement projects are on the rise owing to the COVID-19 pandemic as a major chunk of the population is sheltering in place. A lot of consumers are looking to tackle the long ignored and overdue renovation of their spaces or are taking up paint projects to keep themselves occupied during the lockdown, which is expected to contribute to the growth of the U.S. architectural paint market
Who are the leading vendors in the market, and what factors are disrupting the market?
The U.S. architectural paint market is highly concentrated. PPG Industries, Sherwin-Williams Company, Benjamin Moore, and Behr Process Corporation account for 90% of the market. New players are, however, disrupting the market, largely in terms of addressing subtle pain points
The COVID pandemic has stirred up a strong need to maintain microbe-free environments, spurred a flurry of innovations and R&D in this space. Maintenance of essential properties is ongoing in some states basis laws but are expected to continue in full after the current situation calms down, driving demand for paints that can be used on a variety of substrates
The U.S. architectural paint market size is expected to grow at a CAGR of over 4% during the period 2019–2025.
The following factors are likely to contribute to the growth of the U.S. architectural paint market during the forecast period:
Base Year: 2019
Forecast Year: 2020–2025
The study considers the present scenario of the U.S. architectural paint market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Prominent Vendors
Other Prominent Vendors
Segmentation by End-user
Segmentation by Application
Segmentation by Channel
Segmentation by Formulation
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of The Study
4.4 Market Segments
4.4.1 Market Segmentation by End-Use
4.4.2 Market Segmentation by Channel
4.4.3 Market Segmentation by Application
4.4.4 Market Segmentation by Formulation
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Impact of Covid-19 On Economy
7.3 Future of Housing After Covid-19
7.4 Generational Insights
7.5 Paint Finishes
8 Market Opportunities & Trends
8.1 DTC Companies Fix Paint-Buying Process
8.2 Artisanal Paint Companies Make Their Mark
8.3 Green Chemistry and Recycling
8.4 High Demand for White
9 Market Growth Enablers
9.1 Home improvement projects
9.2 Democratization of the Interior Design Landscape
9.3 Experimentations with Color
9.4 Paint Finds New Purpose
10 Market Restraints
10.1 Alternative Wall Treatments Find Favor
10.2 Falling Home Ownership
10.3 Lack of Disruptive Innovation
10.4 Dwindling Trained Workforce
11 Market Landscape
11.1 Market Size & Forecast
11.1.1 Revenue & Volume
11.2 Five Forces Analysis
11.2.1 Threat of New Entrants
11.2.2 Bargaining Power of Suppliers
11.2.3 Bargaining Power of Buyers
11.2.4 Threat of Substitutes
11.2.5 Competitive Rivalry
12 U.S. Architectural Paint Market by End-use
12.1 Snapshot & Growth Engine (Revenue)
12.2 Snapshot & Growth Engine (Volume)
12.3 Market Overview
12.4 DIY
12.4.1 Size & Forecast (Revenue & Volume)
12.5 Residential Repaint
12.5.1 Size & Forecast (Revenue & Volume)
12.6 Commercial, Industrial, And Institutional Repaint
12.6.1 Size & Forecast
12.7 New Residential
12.7.1 Size & Forecast (Revenue & Volume)
12.8 New Commercial, Industrial, And Institutional
12.8.1 Size & Forecast (Revenue & Volume)
13 U.S. Architectural Paint Market by Application
13.1 Snapshot and Growth Engine (Revenue)
13.2 Snapshot and Growth Engine (Volume)
13.3 Market Overview
13.4 Interior paints
13.4.1 Size & Forecast (Revenue & Volume)
13.5 Exterior paints
13.5.1 Size & Forecast (Revenue & Volume)
14 U.S. Architectural Paint Market by Channel
14.1 Snapshot and Growth Engine (Revenue)
14.2 Snapshot and Growth Engine (Volume)
14.3 Market Overview
14.4 Offline
14.4.1 Size & Forecast (Revenue & Volume)
14.5 Online
14.5.1 Size & Forecast (Revenue & Volume)
15 U.S. Architectural Paint Market by Formulation
15.1 Snapshot & Growth Engine (Revenue)
15.2 Snapshot & Growth Engine (Volume)
15.3 Market Overview
15.4 Water-based
15.4.1 Size & Forecast (Revenue & Volume)
15.5 Oil-based Paints
15.5.1 Size & Forecast (Revenue & Volume)
16 Competitive Landscape
16.1 Competition Overview
17 Market Vendor Analysis
17.1 Market Ranking Analysis
18 Key Company Profiles
18.1 PPG Industries in U.S. Architectural Paint Market
18.1.1 Business Overview
18.1.2 Product Offerings
18.1.3 Key Strategies
18.1.4 Key Strengths
18.1.5 Key Opportunities
18.2 Sherwin-Williams in U.S. Architectural Paint Market
18.2.1 Business Overview
18.2.2 Product Offerings
18.2.3 Key Strategies
18.2.4 Key Strengths
18.2.5 Key Opportunities
18.3 Behr Process Corporation in U.S. Architectural Paint Market
18.3.1 Business Overview
18.3.2 Product Offerings
18.3.3 Key Strategies
18.3.4 Key Strengths
18.3.5 Key Opportunities
18.4 Benjamin Moore in U.S. Architectural Paint Market
18.4.1 Business Overview
18.4.2 Product Offerings
18.4.3 Key Strategies
18.4.4 Key Strengths
18.4.5 Key Opportunities
19 Other Prominent Vendors
19.1 AFM
19.1.1 Business overview
19.1.2 Product Offerings
19.1.3 Key Strengths
19.1.4 Key Strategies
19.2 AURO
19.2.1 Business Overview
19.2.2 Product Offerings
19.2.3 Key Strengths
19.2.4 Key Strategies
19.3 Backdrop
19.3.1 Business Overview
19.3.2 Product Offerings
19.3.3 Key Strategies
19.3.4 Key Strengths
19.4 California Paints
19.4.1 Business Overview
19.4.2 Product Offerings
19.4.3 Key Strategies
19.4.4 Key Strengths
19.5 Clare
19.5.1 Business Overview
19.5.2 Product Offerings
19.5.3 Key Strengths
19.5.4 Key Strategies
19.6 Dunn-Edwards
19.6.1 Business Overview
19.6.2 Product Offerings
19.6.3 Key Strategies
19.6.4 Key Strengths
19.7 Diamond Vogel
19.7.1 Business Overview
19.7.2 Product Offerings
19.7.3 Key Strategies
19.7.4 Key Strengths
19.8 Kelly-Moore
19.8.1 Business Overview
19.8.2 Product Offerings
19.8.3 Key Strategies
19.8.4 Key Strengths
19.9 The Little Greene Paint Company
19.9.1 Business Overview
19.9.2 Product Offerings
19.9.3 Key Strategies
19.9.4 Key Strengths
19.10 Yenkin-MaJestic Paint
19.10.1 Business Overview
19.10.2 Product Offerings
19.10.3 Key Strategies
19.10.4 Key Strengths
19.11 Cloverdale Paint
19.11.1 Business Overview
19.11.2 Product Offerings
19.11.3 Key Strategies
19.11.4 Key Strengths
19.12 Color-Rare
19.12.1 Business Overview
19.12.2 Product Offerings
19.12.3 Key Strategies
19.12.4 Key Strengths
19.13 Colortech
19.13.1 Business Overview
19.13.2 Product Offerings
19.13.3 Key Strengths
19.13.4 Key Strategies
19.14 ECOS Paints
19.14.1 Business Overview
19.14.2 Product Offerings
19.14.3 Key Strengths
19.14.4 Key Strategies
19.15 Farrow & Ball PAINTS
19.15.1 Business Overview
19.15.2 Product Offerings
19.15.3 Key Strategies
19.15.4 Key Strengths
19.16 Lanco
19.16.1 Business Overview
19.16.2 Product Offerings
19.16.3 Key Strategies
19.16.4 Key Strengths
19.17 O'Leary Paint
19.17.1 Business Overview
19.17.2 Product Offerings
19.17.3 Key Strategies
19.17.4 Key Strengths
19.18 Real Milk Paint Co.
19.18.1 Business Overview
19.18.2 Product Offerings
19.18.3 Key Strategies
19.18.4 Key Strengths
19.19 Recolor Paints
19.19.1 Business Overview
19.19.2 Product Offerings
19.19.3 Key Strategies
19.19.4 Key Strengths
19.20 RomaBio
19.20.1 Business Overview
19.20.2 Product Offerings
19.20.3 Key Strategies
19.20.4 Key Strengths
19.21 True Value Company
19.21.1 Business Overview
19.21.2 Product Offerings
19.21.3 Key Strategies
19.21.4 Key Strengths
20 Report Summary
20.1 Key Takeaways
20.2 Strategic Recommendations
21 Quantitative Summary
21.1 U.S. Architectural Paint Market by End-Use
21.1.1 Revenue
21.1.2 Volume
21.2 U.S. Architectural Paint Market by Channel
21.2.1 Revenue
21.2.2 Volume
21.3 U.S. Architectural Paint Market by Application
21.3.1 Revenue
21.3.2 Volume
21.4 U.S. Architectural Paint Market by Formulation
21.4.1 Revenue
21.4.2 Volume
22 Appendix
22.1 Abbreviations
List of Exhibits
Exhibit 1 Segmentation of Architectural Paint Market in the US
Exhibit 2 Market Size Calculation Approach 2019
Exhibit 3 Pulse of the Architectural Paint Market
Exhibit 4 Growth in Consumer Spend 2019-2025
Exhibit 5 Demographics of Various Generations
Exhibit 6 Share of Generation Spend on Home Improvement Projects
Exhibit 7 Residential and Commercial, Industrial and Institutional Area 2000-2019 (sqft in thousands)
Exhibit 8 Impact of DTC Companies Fix Paint-Buying Process
Exhibit 9 Impact of Artisanal Paint Companies Make Their Mark
Exhibit 10 Impact of Green Chemistry and Recycling
Exhibit 11 Impact of High demand for White
Exhibit 12 Impact of Home Improvement Projects
Exhibit 13 Search Trends for Paint Brands January-April 2020
Exhibit 14 Home Improvement and Painting Trends 2020
Exhibit 15 Impact of Democratization of the Interior Design Landscape
Exhibit 16 Impact of Experimentations with Color
Exhibit 17 Impact of Paint Finds New Purpose
Exhibit 18 Impact of Alternative Wall Treatments Find Favor
Exhibit 19 Impact of Falling Home Ownership
Exhibit 20 Home Ownership and Related Statistics 2019
Exhibit 21 Impact of Lack of Disruptive Innovation
Exhibit 22 Impact of Dwindling Trained Workforce
Exhibit 23 Overview of Labor Shortage 2019
Exhibit 24 Spends on Home Improvement and Maintenance Projects 2019 (% share
Exhibit 25 Paint Job Done DIY Vs. Outsourced to Contractors in North America 1980-2018 (% share)
Exhibit 26 U.S. Architectural Paint Market 2019–2025 ($ million)
Exhibit 27 U.S. Architectural Paint Market 2019–2025 (million gallons)
Exhibit 28 Five Forces Analysis 2019
Exhibit 29 Incremental Growth by End-use 2019 & 2025
Exhibit 30 Incremental Growth by End-use 2019 & 2025 (gallons)
Exhibit 31 U.S. Architectural Paint Market by End-Use ($ million)
Exhibit 32 Market by End-use2019 & 2025 (% share)
Exhibit 33 DIY Market 2019–2025 ($ million)
Exhibit 34 DIY Market in US 2019–2025 (million gallons)
Exhibit 35 Residential Repaint: An Overview
Exhibit 36 Housing Occupied by Landlords based on Built Yea (% share)
Exhibit 37 Residential Repaint Market 2019–2025 ($ million)
Exhibit 38 Residential Repaint Market in US 2019-2025 (million gallons)
Exhibit 39 Commercial, Industrial, & Institutional Repaint Market in US 2019–2025 ($ million)
Exhibit 40 Commercial, Industrial, And Institutional Repaint Market 2019–2025 (million gallons)
Exhibit 41 New Privately-Owned Housing Unit by Number of Units and Region 2011-2019 (thousands)
Exhibit 42 New Residential U.S. Architectural Paint Market 2019–2025 ($ million)
Exhibit 43 New Residential Market 2019–2025 (million gallons)
Exhibit 44 New Commercial, Industrial, and Institutional U.S. Architectural Paint Market 2019-2025 ($ million)
Exhibit 45 New Commercial, Industrial, and Institutional Market in US 2019-2025 (million gallons)
Exhibit 46 Incremental Growth by Application 2019 & 2025
Exhibit 47 Incremental Growth by Application 2019 & 2025 (gallons)
Exhibit 48 U.S. Architectural Paint Market by Application ($ million)
Exhibit 49 Market by Application 2019 & 2025 (% share)
Exhibit 50 U.S. Architectural Paint Market Growth Comparison by Application 2019–2025
Exhibit 51 Interior Market 2019–2025 ($ million)
Exhibit 52 Interior Market in US 2019–2025 (million gallons)
Exhibit 53 Exterior Architectural Paint Market in US 2019–2025 ($ million)
Exhibit 54 Exterior Market in US 2019–2025 (million gallons)
Exhibit 55 Incremental Growth by Channel 2019 & 2025
Exhibit 56 Incremental Growth by Channel 2019 & 2025 (gallons)
Exhibit 57 U.S. Architectural Paint Market by Channel ($ million)
Exhibit 58 Market by Channel 2019 & 2025 (% share)
Exhibit 59 U.S. Architectural Paint Market Growth Comparison by Channel 2019–2025
Exhibit 60 Offline Market 2019-2025 ($ million)
Exhibit 61 Offline Market 2019-2025 (million gallons)
Exhibit 62 Online U.S. Architectural Paint Market 2019-2025 ($ million)
Exhibit 63 Online Market 2019-2025 (million gallons)
Exhibit 64 Incremental Growth by Formulation 2019 & 2025
Exhibit 65 Incremental Growth by Formulation 2019 & 2025 (gallons)
Exhibit 66 U.S. Architectural Paint Market by Formulation ($ million)
Exhibit 67 Market by Formulation 2019 & 2025 (% share)
Exhibit 68 U.S. Architectural Paint Market Growth Comparison by Formulation 2019–2025
Exhibit 69 Water-based Market 2019-2025 ($ million)
Exhibit 70 Water-based U Market 2019-2025 (millions of gallons)
Exhibit 71 Oil-based U.S. Architectural Paint Market 2019-2025 ($ million)
Exhibit 72 Oil-based Market 2019-2025 (millions of dollars)
List of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013−2019
Table 3 Overview of DTC Paint Brands
Table 4 Market Ranking Analysis 2019
Table 5 PPG Industries: Major Product Offerings
Table 1 The Sherwin-Williams Company: Major Product Offerings
Table 2 Behr Process Corporation: Major Product Offerings
Table 3 Benjamin Moore: Major Product Offerings
Table 4 AFM: Product Offerings
Table 5 AURO: Product Offerings
Table 6 Backdrop: Product Offerings
Table 7 California Paints: Product Offerings
Table 8 Dunn-Edwards Major Product Offerings
Table 9 Diamond Vogel: Product Offerings
Table 10 Kelly-Moore: Major Product Offerings
Table 11 Little Green Paint & Paper: Major Product Offerings
Table 12 Yenkin-Majestic Paint: Major Product Offerings
Table 13 Cloverdale Paint: Product Offerings
Table 14 Color-Rare: Product Offerings
Table 15 Colortech: Product Offerings
Table 16 ECOS Paints: Product Offerings
Table 17 Farrow & Ball Paints: Product Offerings
Table 18 Lanco: Product Offerings
Table 19 O’Leary Paint: Product Offerings
Table 20 Recolor: Product Offerings
Table 21 RomaBio: Product Offerings
Table 22 True Value Company: Product Offerings
Table 23 U.S. Architectural Paint Market by End-use 2019−2025 ($ million)
Table 24 Market by End-use 2019−2025 (%)
Table 25 Market by End-use 2019−2025 (million gallons)
Table 26 Market by End-use 2019−2025 (%)
Table 27 U.S. Architectural Paint Market by Channel 2019−2025 ($ million)
Table 28 Market by Channel 2019−2025 (%)
Table 29 Market by Channel 2019−2025 (million gallons)
Table 30 Market by Channel 2019−2025 (%)
Table 31 U.S. Architectural Paint Market by Application 2019−2025 ($ million)
Table 32 Market by Application 2019−2025 (%)
Table 33 Market by Application 2019−2025 (million gallons)
Table 34 Market by Application 2019−2025 (%)
Table 35 U.S. Architectural Paint Market by Formulation 2019−2025 ($ million)
Table 36 Market by Formulation 2019−2025 (%)
Table 37 Market by Formulation 2019−2025 (million gallons)
Table 38 Market by Formulation 2019−2025 (%)
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