Market Size of Mexico Paints And Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.78 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Paints And Coatings Market Analysis
The Mexican paints and coatings market size has been estimated at USD 3,416.43 million in 2023, and it is expected to reach USD 4,315.79 million by 2028, witnessing a CAGR of 4.78% during the forecast period.
Over the medium term, factors such as increasing construction activities due to the rising population, increased urbanization, industrialization, and the growth in the furniture market are expected to drive the growth of the market studied in the forecast period. On the other hand, the rising environmental and climate change issues are restraints for the market's growth.
Nevertheless, advancements in coating technology, the deployment of radiation cure coatings and paints, and environment-friendly paint and coating resins are projected to generate opportunities in the Mexico paints and coating industry in the coming years.
Mexico Paints And Coatings Industry Segmentation
General industrial paints and coatings are applied on electrical equipment and appliances, sports/recreation equipment, consumer durables, and other automotive parts (brake lines, wheels, etc.) and are also applied on office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings. They are also applied to wood products, which are used in furniture and fixtures, doors and windows, decks and cabinets, and other products. Similarly, some paints and coatings are used precisely according to end-user industries.
The Mexican paints and coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, powder coatings, and other technologies. By end-user industry, the market is segmented into architectural, automotive, wood, protective coating, general industrial, transportation, and packaging. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| Powder Coatings | |
| Other Technologies |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Protective Coating | |
| General Industrial | |
| Transportation | |
| Packaging |
Mexico Paints And Coatings Market Size Summary
The Mexican paints and coatings market is poised for significant growth, driven by factors such as increasing construction activities, urbanization, and industrialization. The demand for architectural paints and coatings, which are essential for protecting and decorating buildings, is particularly strong due to the robust construction sector, a key component of the Mexican economy. The market is also benefiting from advancements in coating technology and the adoption of environmentally friendly products. However, environmental concerns pose challenges to market expansion. The construction industry's recovery to pre-pandemic levels and the rise in hospitality projects further bolster the demand for paints and coatings, indicating a positive outlook for the industry.
In addition to construction, the furniture manufacturing sector significantly contributes to the paints and coatings market in Mexico. The rising urban population and increased furniture exports drive the demand for protective and aesthetic coatings in furniture production. Mexico's position as a leading exporter of furniture components underscores the importance of this sector. Investments in expanding production capacities by furniture manufacturers are expected to further increase the consumption of paints and coatings. The market is moderately fragmented, with key players like PPG Industries and Nippon Paint Holdings actively investing in expanding their product offerings to meet the growing demand for sustainable solutions.
Mexico Paints And Coatings Market Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing construction activities due to rising population, increased urbanization, and industrialization
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1.2.2 Growth in Furniture market
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1.3 Market Restraints
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1.3.1 Regulations Related to VOC Emissions
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1.4 Industry Value Chain Analysis
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1.5 Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Resin Type
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2.1.1 Acrylic
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2.1.2 Alkyd
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2.1.3 Polyurethane
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2.1.4 Epoxy
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2.1.5 Polyester
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2.1.6 Other Resin Types
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2.2 Technology
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2.2.1 Water-borne
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2.2.2 Solvent-borne
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2.2.3 Powder Coatings
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2.2.4 Other Technologies
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2.3 End-user Industry
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2.3.1 Architectural
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2.3.2 Automotive
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2.3.3 Wood
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2.3.4 Protective Coating
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2.3.5 General Industrial
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2.3.6 Transportation
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2.3.7 Packaging
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Mexico Paints And Coatings Market Market Size FAQs
What is the current Mexico Paints And Coatings Market size?
The Mexico Paints And Coatings Market is projected to register a CAGR of 4.78% during the forecast period (2024-2029)
Who are the key players in Mexico Paints And Coatings Market ?
PPG Industries, Inc, Benjamin Moore & Co, Nippon Paint Holdings Co., Ltd., Axalta Coating Systems and PINTURAS OSEL, S.A. DE C.V are the major companies operating in the Mexico Paints And Coatings Market .
