The Latin America paints and coatings market is estimated to witness a significant growth, at an estimated CAGR of around 4%, over the forecast period. The major factors driving the market studied are the growing construction industry in major economies of Latin America and increasing applications and usage in the aerospace sector.
– The rise in the prices of raw materials is expected to hinder the growth of the market studied.
– Increase in demand for bio-based and eco-friendly paints and coatings are likely to act as opportunities for the market studied, during the forecast period.
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Key Market Trends
Demand from the Architectural Industry to Drive the Market
– Paints and coatings are highly used for various decorative applications. They have major usage in the building and construction, and furniture applications. Besides providing aesthetic appeal, these paints and coatings also increase the durability of the surface and protect the surface 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, cold in winter, rains, and the daily exposure to UV radiation, without fading, peeling away, and cracking.
– Modern advances in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
– Elastomeric coatings that retain their flexibility and stretchability over a wide range of temperatures are becoming popular solutions for homes, worldwide.
– The growing construction activities in the region are anticipated to increase the consumption of paints and coatings, over the forecast period.
Peru to Lead the Market Growth
– Peru is expected to witness the highest CAGR in the region during the forecast period. The country represents the fifth-largest South American country in terms of the nominal GDP.
– The business environment is favorable to investors, and the Peruvian construction market is expected to follow a high-performance trajectory. Several new construction projects have been announced by the Peruvian government, and this is expected to increase the construction rate in the country. This includes an amount of USD 2.8 billion proposed by the government to develop hospitals, public works, etc. This scenario is expected to propel the demand for paints and coatings in the country in the next few years.
– The country is currently in dire need of various infrastructure projects to meet the rapidly growing demand for both public and private infrastructure, such as roads, ports, telecommunications, airports, health, water and sewage, education, and energy. In order to cover Peru’s general infrastructure needs by 2025, the government is expected to invest a total of USD 160 billion, involving annual investment of 8.3% of its total GDP, for the coming nine consecutive years.
– In terms of the total housing demand, the Ministry of Housing, Construction, and Sanitation (MVCS) estimated the total housing deficit in Peru to be over two million homes. In addition to this deficit, the country needs to renovate over 1.5 million houses to reduce the housing infrastructure gap.
– Hence, from the above-mentioned factors, the construction and infrastructure sectors in Peru are expected to witness massive growth over the coming years, and this is expected to rapidly increase the demand for paints and coatings.
The Latin American paints and coatings market is partially consolidated in nature. The major companies include PPG Industries, Inc., Akzo Nobel N.V., Jotun, and Axalta Coating Systems, among others.
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