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Mexico Architectural Coatings Market Size

The Mexico Architectural Coatings Market is projected to experience growth over the forecast period, with the residential sector driving the largest share due to higher investment compared to commercial sectors. Waterborne technology is gaining traction, influenced by regulatory compliance and awareness of VOC emissions' harmful effects. Acrylic resin stands out as the predominant and rapidly expanding type, largely due to its increasing use in the waterborne segment to adhere to new VOC limits.

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Market Size of mexico architectural coatings Industry

Mexico Architectural Coatings Market
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svg icon Study Period 2016 - 2028
svg icon Market Size (2024) USD 1.79 Billion
svg icon Market Size (2028) USD 2.04 Billion
svg icon Largest Share by Sub End User Residential
svg icon CAGR (2024 - 2028) 3.32 %
svg icon Fastest Growing by Sub End User Residential
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Mexico Architectural Coatings Market Analysis

The Mexico Architectural Coatings Market size is estimated at USD 1.79 billion in 2024, and is expected to reach USD 2.04 billion by 2028, growing at a CAGR of 3.32% during the forecast period (2024-2028).

  • Largest Segment by End-user - Residential : The share of residential architectural coatings in the country has been rising, owing to lower commercial investment in Mexico compared to residential investment.
  • Largest Segment by Technology - Waterborne : Waterborne technology is popular due to awareness about the harmful effects of VOC emissions in the residential sector and regulatory compliance in the commercial sector.
  • Largest Segment by Resin - Acrylic : Acrylic is the largest and fastest-growing resin type in Mexico due to the increasing share of acrylics in the growing waterborne segment to meet the new VOC limits.
Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.

This section covers the major market trends shaping the Mexico Architectural Coatings Market according to our research experts:

Residential is the largest segment by Sub End User.

  • The growth rate of architectural coatings had been declining since 2016 before bouncing back in 2020. The growth registered in 2020 was due to a huge sales increase from the DIY segment, driven by consumers nesting at home and completing DIY projects. The aging housing stock, which reached an average age of 41 years in 2019 from around 31 years in 2001, is a major driver of the market demand.
  • The country’s residential sector held the highest share, at around 78-79%. However, this trend changed drastically in 2020 due to a major increase in the residential repaint demand in parallel with a huge decline in the commercial sector, thus reducing the commercial sector’s share to less than 17.4%.
  • Though the commercial sector’s share is expected to recover during the forecast period, it may not reach the pre-pandemic levels in the short term due to sustained demand in the residential segment.
Mexico Architectural Coatings Market

Mexico Architectural Coatings Industry Segmentation

Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.
Sub End User
Commercial
Residential
Technology
Solventborne
Waterborne
Resin
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Other Resin Types
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Mexico Architectural Coatings Market Size Summary

The Mexico Architectural Coatings Market is experiencing a steady growth trajectory, driven primarily by the residential sector, which holds a significant share of the market. This growth is attributed to the increasing investment in residential properties compared to commercial ones, alongside a rising demand for residential repainting. The market is characterized by a shift towards waterborne technology, largely due to heightened awareness of the adverse effects of VOC emissions and regulatory compliance requirements. Acrylic resins are gaining prominence, particularly in the waterborne segment, as they align with new VOC limits. The market's recovery from a decline since 2016 was notably bolstered in 2020 by a surge in DIY activities, as consumers undertook home improvement projects during the pandemic.

The market landscape in Mexico is moderately consolidated, with a few key players dominating the scene. Companies such as Benjamin Moore & Co., Masco Corporation, PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company hold significant market shares. Recent developments include Jotun's launch of Green Building Solutions and PPG's introduction of new powder coatings, reflecting ongoing technological advancements. PPG's acquisition of Tikkurila further strengthens its position in the decorative coatings segment, expanding its reach in new geographies. While the commercial sector is expected to recover, it may not return to pre-pandemic levels in the near term, as the residential segment continues to drive market demand.

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Mexico Architectural Coatings Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION

    1. 1.1 Sub End User

      1. 1.1.1 Commercial

      2. 1.1.2 Residential

    2. 1.2 Technology

      1. 1.2.1 Solventborne

      2. 1.2.2 Waterborne

    3. 1.3 Resin

      1. 1.3.1 Acrylic

      2. 1.3.2 Alkyd

      3. 1.3.3 Epoxy

      4. 1.3.4 Polyester

      5. 1.3.5 Polyurethane

      6. 1.3.6 Other Resin Types

Mexico Architectural Coatings Market Size FAQs

The Mexico Architectural Coatings Market size is expected to reach USD 1.79 billion in 2024 and grow at a CAGR of 3.32% to reach USD 2.04 billion by 2028.

In 2024, the Mexico Architectural Coatings Market size is expected to reach USD 1.79 billion.

Mexico Architectural Coatings Report Snapshots

Mexico Architectural Coatings Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2028