The market is estimated to value at USD XX million (in terms of revenue) and XX million tons (in terms of volume) in 2016, and is likely to reach USD XX million and XX million tons by 2021, at an estimated CAGR of 4.57% and XX%, respectively, during the forecast period 2016-2021.
Paints and coatings industry is divided into two sub-sectors namely, industrial and architectural. Architectural coatings include both interior and exterior paints, varnishes, primers, stains and sealers, and their demand is primarily depended on the growth and performance of the construction sector. Industrial coatings include coil coatings, automotive paints, refinishers, furniture finishing and road marking paints, and their demand is linked to the growth and performance of the industrial equipment sectors, automotive industry and appliance industries.
The market is driven by number of factors, such as the growing application and usage in aerospace sector and emergence of infrastructure projects. On the flipside, environmental impact and regulations and volatility in raw material prices is expected to hinder the south america paints and coatings market growth
The South America paints and coatings market has been segmented on the basis of product type (acrylic, alkyd, polyurethane, epoxy, polyesters, and others), application (industrial (automotive sector, marine paints, consumer durables, and other industrial applications(includes general industrial)), and decorative applications (interior &exterior wall paints, wood finishes, and enamel, putty, & other applications), and technology (solvent-based, water-based, powder, and others). Furthermore, the market has also been segmented on the basis of geography into Brazil, Argentina, Chile, Columbia, Venezuela, Peru, Uruguay, and Rest of South America.
Water-based paints and coatings accounted for the largest share of the South America paints and coatings market in 2016, with a value of USD XX million and a market share of XX%. Meanwhile, the solvent-based paints and coatings category recorded a market size of USD XX million in 2016.
Emissions of volatile organic compounds (VOCs) and presence of hazardous chemicals, which have been known to cause genetic mutation, have led to the complete elimination or curtailing of certain South American and regional regulations. International regulations also have limited the quantity of lead in paints and coating products. Further, there has been a growing awareness among buyers, which results in shifting preference with regard to health effects as well as paint utility.
The development of bio-based products, and technological advancements in the production process is expected to offer numerous opportunities in the growth of the market. Some of the major companies dominating the market with their products and services are AkzoNobel, Asian Paints, BASF, Valspar, and Sherwin-Williams.