Latin America Paints & Coatings Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Resin (Acrylics, Epoxy, Alkyd, Polyester, Polyurethane, and Other Resins), Technology (Water-borne, Solvent-borne, Powder Coating, and Other Technologies), End-user Industry (Architectural, Automotive, Wood, Protective Coating, General Industrial, Transportation, and Packaging), and Geography

Market Snapshot

Latin America Paints And Coatings Market - Summary
Study Period:

2016-2024

Base Year:

2018

Key Players:

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Market Overview

Latin America paints & coatings market is expected to record a CAGR of over 4.7% during the forecast period of 2019–2024. The major factor driving the market studied is the growing construction industry in major economies of Latin America and increasing applications and usage in the aerospace sector.

  • The rise in the prices of raw materials is expected to hinder the growth of the market studied.
  • Increase in the demand for bio-based and eco-friendly paints and coatings and recovering automotive production in Brazil is likely to act as opportunities to the market studied during the forecast period.

 

Scope of the Report

Latin America paints & coatings market report includes:

Resin
Acrylics
Epoxy
Alkyd
Polyester
Polyurethane
Other Resins
Technology
Water-borne
Solvent-borne
Powder Coating
Other Technologies (UV-cured, etc.)
End-user Industry
Architectural
Automotive
Wood
Protective Coating
General Industrial
Transportation
Packaging
Geography
Brazil
Argentina
Colombia
Chile
Peru
Mexico
Rest of South America

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Key Market Trends

Demand from Architectural Industry to Drive the Market

  • Paints & coatings are highly used for various decorative applications. Paints & coatings have major usage in the building & construction and furniture applications. Besides providing aesthetic appeal, these paints & coatings also increase the durability of the surface and protect the surface from heat, water, humidity, and moisture.
  • Paints & coatings are applied on the exterior of the house, to not only to give it a new look, but also protect it from the heat in summer, cold in winter, rains, and the daily exposure to UV radiation, without fading, peeling away, and cracking.
  • Modern advances in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
  • Elastomeric coatings that retain their flexibility and stretchability over a wide range of temperatures are becoming popular solutions for homes, worldwide.
  • The growing construction activites in the region is anticipated to increase the consumption  of paints & coatings over the forecast period.
Latin America Paints And Coatings Market - End-user

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Growing Automotive Sector in Mexico to Lead the Market

  • Mexico is one of the largest automobile producers in Latin America. Despite new regulations after the Trump election, Mexico is still a major manufacturing hub for many automobile manufacturers.
  • One of the major driving factors supporting the growth of the Mexican automotive industry is relatively-cheap labor, lower cost base, and better trade policies than other countries, such as the United States.
  • In 2016, Mexico motor vehicles production was 3,597,462 units, that is 0.9% increase compared to the previous year. In 2017, the production raised to  4,068,415 units, i.e., it increased by 13%. In 2018, the production raised to 4,100,525 units, an increase of 0.1% compared to 2017. 
  • The automotive sector contributes to almost 3% of the national GDP, and 18% of the manufacturing GDP in Mexico. Additionally, increasing foreign investments in the Mexican automotive sector is driving the automotive market in the country.
  • This is primarily, owing to geographic advantages, cost-effective workforce, and access to major global markets. Paints & coatings also play a key role in the automotive aftermarket.
  • The increasing demand for automotive refinishes is likely to boost the demand for paints & coatings in the Mexican automotive sector during the forecast period. These factors are expected to increase the usage of paints & coatings.
Latin America Paints And Coatings Market - Automotive

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Competitive Landscape

Latin America paints & coatings market is partially consolidated in nature. The major companies include PPG Industries, Inc, Akzo Nobel N.V., Jotun, and Axalta Coating Systems LLC. 

Major Players

  1. PPG Industries, Inc.
  2. Akzo Nobel N.V.
  3. Jotun
  4. Axalta Coating Systems LLC

* Complete list of players covered available in the table of contents below

Latin America Paints And Coatings Market -concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Construction Industry in Major Economies of Latin America

      2. 4.1.2 Increasing Applications and Usage in the Aerospace Sector

    2. 4.2 Restraints

      1. 4.2.1 Rise in the Prices of Raw Materials

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin

      1. 5.1.1 Acrylics

      2. 5.1.2 Epoxy

      3. 5.1.3 Alkyd

      4. 5.1.4 Polyester

      5. 5.1.5 Polyurethane

      6. 5.1.6 Other Resins

    2. 5.2 Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solvent-borne

      3. 5.2.3 Powder Coating

      4. 5.2.4 Other Technologies (UV-cured, etc.)

    3. 5.3 End-user Industry

      1. 5.3.1 Architectural

      2. 5.3.2 Automotive

      3. 5.3.3 Wood

      4. 5.3.4 Protective Coating

      5. 5.3.5 General Industrial

      6. 5.3.6 Transportation

      7. 5.3.7 Packaging

    4. 5.4 Geography

      1. 5.4.1 Brazil

      2. 5.4.2 Argentina

      3. 5.4.3 Colombia

      4. 5.4.4 Chile

      5. 5.4.5 Peru

      6. 5.4.6 Mexico

      7. 5.4.7 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 Axalta Coating Systems Ltd

      3. 6.4.3 BASF SE

      4. 6.4.4 Jotun

      5. 6.4.5 Lanco Paints

      6. 6.4.6 Pintuco SA

      7. 6.4.7 PPG Industries Inc.

      8. 6.4.8 Renner Herrmann SA

      9. 6.4.9 The Sherwin William Company

      10. 6.4.10 WEG Tintas

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increase in the Demand for Bio-based and Eco-friendly Paints and Coatings

    2. 7.2 Recovering Automotive Production in Brazil

**Subject to Availability

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