Segments - Latin America Paints and Coatings Market by Resin Types (Polyester, Epoxy, Polyurethane, Acrylics, Alkyd, and Others), Technology (Powder Coating, Water-borne, Solvent-borne, and Others), and End-users (Wood, Automotive, Transportation, Protective Coating, Packaging, Architectural, and General Industrial), by Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Rest of Latin America) - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023-2031
The Latin America paints and coatings market size was valued at USD 10.10 Billion in 2022 and is projected to reach USD 12.95 Billion by 2031, expanding at a CAGR of 2.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising construction industry and growing applications in the aerospace sector.
A paint is basically a covering or coating substance applied on non-metallic or metallic surfaces for protective or decorative purposes. It is a liquid solution of solvent and pigment that are applied on various surfaces.
Paints are made by mixing with numerous components in accurate quantities. Paint offers weatherproof, uniform finish, sort of colors, and stain-free purpose. it is generally applied on gypsum, finished concrete, and non-important steel materials. Paint is basically applied with roller, brush, or spray method.
A coating is a covering which is applied on the surface of object, generally stated as substrate. The purpose of application of coating is functional, decorative, or both. Coating provides confers features such as electric conductivity or magnetic response and forms a crucial amount of finished product.
The Latin America paints and coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Latin America Paints And Coatings Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Resin Types (Polyester, Epoxy, Polyurethane, Acrylics, Alkyd, and Others), Technology (Powder Coating, Water-borne, Solvent-borne, and Others), and End-users (Wood, Automotive, Transportation, Protective Coating, Packaging, Architectural, and General Industrial) |
Geographical Scope |
Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Rest of Latin America |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Jotun; Axalta Coating Systems; PPG Industries, Inc.; and Akzo Nobel N.V. |
On the basis of resin types, the market classified as polyester, epoxy, polyurethane, acrylics, alkyd, and others. The acrylics segment is projected to expand at a considerable CAGR during the forecast period. Acrylic coating has various benefits such as physical properties, ease of use, and cost-effectiveness.
Acrylic-based coatings have brilliant physical properties and has quick drying nature. They provide longer life than average pot life, excellent moisture protection, and fungus resistant. Increasing preference for acrylic coating for roof coatings and extensive choice of acrylic coating is further driving the segment growth.
In terms of technology, the market is categorized as powder coating, water-borne, solvent-borne, and others. The solvent-borne segment is projected to account for a significant market share during the forecast period.
Solvent-borne coating are basically even stronger than water-borne coating throughout the curing process. It has liquid protection layer, which is applied on surface of material to protect corrosion.
Based on end-users, the market is segregated into wood, automotive, transportation, protective coating, packaging, architectural, and general industrial. The architectural segment is anticipated to grow at a steady rate during the forecast period.
Paints and coating are used on the external side of the buildings. It not only provides fresh look but also gives protection from warmth in summer, rains, cold in winter, and from UV radiation without peeling away, cracking, and fading.
Based on geography, the Latin America paints and coatings is categorized as Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Rest of Latin America. Peru is expected to constitute a key share of the market during the forecast period.
Peru is rank fifth in the South American countries in term of GDP. The construction market in the country is estimated to grow at a healthy rate due to intensive government support and investment in construction projects. The government of Peru announced USD 2800 million investment to improve public works and develop hospitals.
The Latin America paints and coatings market is segmented on the basis of
The key players competing in the Latin America paints and coatings are Jotun; Axalta Coating Systems; PPG Industries, Inc.; and Akzo Nobel N.V.