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The year 2024 is expected to be a mixed year for the paint and coatings industry in the United States. The year 2023 ended with production of 1.33 billion gallons valued at $32.8 billion, down from 2022 by 1.8% in volume but up 1.4% in value. The outlook for 2024e suggests a slight increase in full-year production, totaling 1.36 billion gallons, and an increase in value to $34.5 billion.

Leveraging sophisticated market intelligence tools like business cycle analysis can enhance the efficacy of your data-driven decision-making process, facilitating the attainment of your strategic objectives. By harnessing the power of visualizing market trends through BCA and forecasting crucial industry indicators, you gain a pivotal piece of the puzzle that sets you apart from your competitors.

Several variables, including a company’s objectives and the available types and quality of data, affect how precisely data may be incorporated into the decision-making process. Every contemporary company should work to optimize their data-driven decision making to ensure profitable growth.