Latin America Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Latin American paints and coatings market is segmented by resin type (acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types), technology (water-borne, solvent-borne, powder coating, and other technologies), end-user (architecture, automotive, wood, protective coatings, general industrial, transportation, and packaging), and geography (Brazil, Argentina, Colombia, Chile, Peru, Mexico, and Rest of Latin America). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

Latin America Paints & Coatings Market Size

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Latin America Paints And Coatings Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 4.00 %
Market Concentration High

Major Players

Latin America Paints And Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Latin America Paints & Coatings Market Analysis

During the forecast period, the market for paints and coatings in Latin America is expected to register a CAGR of more than 4%.

In 2020, COVID-19 had a detrimental effect on the market.However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

  • During the forecast period, the growth of the market will be driven by the rapid growth of industries and construction of infrastructure in the region.
  • The stringent regulations imposed by the government related to VOC emissions are expected to hinder the growth of the market.
  • During the forecast period, the market studied is likely to have a chance to take advantage of the growing demand for bio-based and environmentally friendly paints and coatings.

Latin America Paints & Coatings Market Trends

Demand from the Architectural Industry to Drive the Market

  • Paints and coatings are widely used for various decorative applications. They have major usage in building and construction and furniture applications. Besides providing aesthetic appeal, these paints and coatings also increase the durability of the surface and protect it from heat, water, humidity, and moisture.
  • Paints and coatings are applied on the exterior of the house to not only give it a new look but also protect it from the heat in summer, the cold in winter, rain, and the daily exposure to UV radiation without fading, peeling away, or cracking.
  • Over the forecast period, paints and coatings are expected to be used more because there are more building projects in the region.
  • Infrastructure projects are getting built faster in Colombia because both the public and private sectors are putting in more money.For example, the data center company Ascenty planned to build five data centers in Colombia in November 2022. This would help the company grow its market in Latin America.
  • Chile is focusing on improving the infrastructure of the country. For instance, in March 2022, Chile's Public Works Ministry allocated USD 500 million for the construction of highways, which is expected to begin by 2025 and be complete by 2028.
  • Moreover, according to the Economic Commission for Latin America and the Caribbean, Mexico's construction industry will be the largest in Latin America in 2021, accounting for approximately 90 billion US dollars.

All the factors listed above are expected to drive the Latin American paints and coatings market during the forecast period.

Latin America Paints And Coatings Market: Gross domestic product (GDP), Construction Sector, Latin America, By Country, (in USD million), 2021

Brazil is Expected to Dominate the Market

  • Brazil is expected to witness significant demand for paints and coatings owing to increasing construction, automotive, and other sectors.
  • In the building industry, it is thought that Brazil needs more than 5 million homes.The government is planning to introduce a housing finance program, thus reducing the housing shortage in the country.
  • In the second quarter of 2022, the Brazilian economy grew by 1.2%, with a significant contribution from the construction sector. The construction sector in Brazil witnessed a growth of 9.9% in the second quarter of 2022 as compared to the same period in the previous year, 2021.
  • Moreover, with the rising number of building permits in Brazil, the construction industry witnessed an increase in its growth rate. For instance, in May 2022, the number of building permits given was around 55,000, whereas in April 2022, it was 43,000.
  • Furthermore, in March 2022, it was 47,000; in February 2022, it was 43,000; and in January 2022, it was 44,000. This depicts the increasing activities in building construction, thus increasing the demand for paints and coatings in the country.
  • In the automotive industry, the country witnessed an increase in the production of automotive vehicles. For instance, as per Anfavea, the Brazilian auto industry produced 2.37 million units of vehicles in 2022, which is up by 5.4% in comparison to 2021. This is likely to have increased the demand for automotive OEM coatings in the country.

Hence, owing to all the factors above, the demand for paints and coatings in the region is expected to rise significantly during the forecast period.

Latin America Paints And Coatings Market: Building Permits, Brazil, January-May 2022

Latin America Paints & Coatings Industry Overview

The Latin American paints and coatings market is partially consolidated in nature. Some of the major companies in the market include PPG Industries, Inc., Akzo Nobel N.V., Jotun, and Axalta Coating Systems, The Sherwin-Williams Company, among others (in no particular order).

Latin America Paints & Coatings Market Leaders

  1. PPG Industries, Inc.

  2. Akzo Nobel N.V.

  3. Jotun

  4. Axalta Coating Systems

  5. The Sherwin-Williams Company

*Disclaimer: Major Players sorted in no particular order

Latin America Paints And Coatings Market Concentration
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Latin America Paints & Coatings Market News

  • August 2022: PPG announced an investment of USD 11 million to double the production capacity of its powder coatings plant in San Juan del Rio, Mexico.
  • April 2022: Akzo Nobel N.V. completed the acquisition of Grupo Orbis, a paints and coatings firm with operations in Colombia, enhancing its long-term position in the region.

Latin America Paints & Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 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 Stringent Regulations Related to VOC Emissions

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces 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 (Market Size in Value)

    1. 5.1 Resin Type

      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 Resin Types

    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

    3. 5.3 End-user

      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 Latin America

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel N.V.

      2. 6.4.2 Axalta Coating Systems

      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 S.A.

      9. 6.4.9 The Sherwin William Company

      10. 6.4.10 WEG Coatings

    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

**Subject to Availability
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Latin America Paints & Coatings Industry Segmentation

Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to form a thin layer of the solid film once polymerization or evaporation occurs. Paints and coatings are used in various applications ranging from commercial ones, such as office buildings, warehouses, retail convenience stores, and shopping malls, to residential ones. Latin America's paints and coatings market is segmented by resin type, technology, end-user, and geography. By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into waterborne, solventborne, powder coating, and other technologies. By end-user, the market is segmented into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging. The report also covers the market size and forecasts for the market in six countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD million).

Resin Type
Acrylics
Epoxy
Alkyd
Polyester
Polyurethane
Other Resin Types
Technology
Water-borne
Solvent-borne
Powder Coating
Other Technologies
End-user
Architectural
Automotive
Wood
Protective Coating
General Industrial
Transportation
Packaging
Geography
Brazil
Argentina
Colombia
Chile
Peru
Mexico
Rest of Latin America
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Latin America Paints & Coatings Market Research FAQs

The Latin America Paints and Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

PPG Industries, Inc., Akzo Nobel N.V., Jotun, Axalta Coating Systems and The Sherwin-Williams Company are the major companies operating in the Latin America Paints and Coatings Market.

The report covers the Latin America Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Latin America Paints and Coatings Industry Report

Statistics for the 2024 Latin America Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Latin America Paints and Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Latin America Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)