Leading Companies Dominating the Latin America Paints and Coatings Market

The Latin America paints and coatings market was valued at USD 10,440.57 million in 2023. The market is further assessed to grow at a CAGR of 2.7% during 2024-2032 to record a value of USD 13,295.30 million by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the expansion of the construction sector in the region.

Paints and coatings are key components of buildings as they protect building structures. Proper painting of buildings slows down deterioration of building systems and components, increasing their lifespan.

The expansion of the construction sector in Latin American countries such as Brazil, Mexico and Argentina are contributing to an increased demand for paints and coatings. The increasing industrialisation in Brazil is catering to an increased demand for architectural cladding, further supporting the Latin America paints and coatings market growth.

In 2024, the construction output in Central America and Mexico is projected to rise by 2.7%, while the countries of South America are expected to witness a growth forecast of 1.6%. Brazilian civil construction GDP is poised to reach up to 2.3%, supporting the market growth.  The rising incomes and favourable government initiatives are supporting the expansion of the construction sector across the Latin American countries. This further facilitates a higher demand for paints and coatings to enhance the appearance of the buildings and to prolong their lifespan.

Brazil, South America’s largest economy produced 1.65 billion litres of paint in 2022. The paint production in Brazil witnessed an increase of 4.9% as compared to 2019.  The country produces paints for all kinds of applications and is technically advanced. The Latin America paints and coatings market development is accelerated by the increasing sales of furnitures and appliances, rising consumer confidence and government initiatives and programs to reduce personal debt, such as the Bolsa Família programme.

In 2022, the local paint production in Argentina was recorded at 250,384t, representing an increase of 8% in comparison to 2020.

Figure: Gross domestic product (GDP) for the construction sector in Latin America and the Caribbean in 2022, by country (USD Billion)

In September 2023, PPG announced the completion of the expansion of its powder coatings plant in Sumaré, Brazil. The project worth USD 2.7 million raised the production capacity by 40%. The expansion aims to meet the rising demand for powder coatings from local manufacturers of appliances, agricultural machinery, transportation, storage structures, steel furniture, gym equipment, transformers and electrical panels.

In December 2023, PPG launched PPG MOONWALK® automated paint mixing system in Mexico. The mixing system provides benefits for car refinishing, improving quality and efficiency, saving time and labor costs and reducing material waste.

Top 11 Paints and Coatings Companies in Latin America:

Akzo Nobel N.V

Akzo Nobel N.V is a renowned company engaged in supplying the innovative paints and coatings. The company is known for its world-class portfolio of brands including Dulux, International, Sikkens and Interpon. The company provides various solutions including automotive and speciality coatings, industrial coatings, marine, protective and yacht coatings, and powder coatings. The company’s industrial coatings include coil and extrusion coatings, packaging coatings, and wood finishes and adhesives.

Sinteplast SA

Sinteplast is engaged in the manufacturing and marketing of paints, coatings and construction materials. The company has three production plants in Argentia in Buenos Aires, San Luis and Córdoba, and 5 customer service centres (Neuquén, San Luis, Córdoba, Tucumán and Chaco), plants in Bolivia, Uruguay, Paraguay and two in Brazil. The company provides paints and coatings for architectural, industrial and automotive sectors.

Grupo Iquine

Grupo Iquine, located in Brazil operates in the residential and industrial paint segments, and also varnishes and resins. The company has the presence of a workforce of around 1000 employees. The products are made available in more than 40 thousand points of sale throughout Brazil. Iquine has a production capacity of 220 million liters per year, with 3 manufacturing facilities, with one headquartered in Pernambuco (Jaboatão dos Guararapes) and two located in the state of Ceará.

Qroma S.A.

Qroma is a prominent paints, chemicals and adhesives company in Peru. The company also has its operations in Ecuador and Chile.  The company provides paints for decorative, industrial, automotive, and marine purposes.  Qroma provides a complete range of paint for finishes including latex, enamels and bases. Some of the brands of the company include American Colors, Victor, CPP, Techno, Fast, Jet, Tricolor, Iris, Revor, Paracas, Swan, Technochemistry, and Abralit.

Axalta Coating Systems, LLC

Axalta is engaged in developing and manufacturing wide variety of performance and mobility coatings. The company provides performance coatings for several industrial applications, refinish systems for independent body shops, multi-shop operators and auto-dealership groups, and mobility coatings for light vehicle and commercial vehicle OEMs. The company provides its products in more than 140 countries and has the presence of about 770 patents under its name.

PPG Industries, Inc.

PPG is a renowned paints, coatings and specialty materials company based in the United States. PPG Industries provides its solutions for aerospace, architectural coatings, automotive OEM, automotive refinish, industrial coatings, packaging coatings, protective and marine coatings, specialty coatings and materials, and traffic solutions. The company has the presence of more than 500,000 employees operating in over 70 countries on a global scale.

The Sherwin-Williams Company

Sherwin Williams is engaged in the manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers. The Sherwin-Williams Company’s branded products are marketed and sold through a chain of over 5,000 company-operated stores and facilities in the United States, Canada, the Caribbean and Latin America. The performance coatings are offered for industries such as aerospace, automotive, coil and extrusion, general industrial, industrial wood, packaging, etc.

Pintuco SA

Pintuco® SA is a prominent company in the paint sector. Pintuco has the presence of 2,500 employees, 6 production plants and 3 business units. The company offers paints for the decorative, construction and high-performance coatings markets. The company provides home paints for applications such as accessories, walls, walls, ceilings outdoors, waterproofing paints, wood surfaces, metal surfaces, etc. Pintuco is delivering innovative and sustainable solutions across 11 countries in Latin America.

Jotun A/S.

Jotun is a global player operating in four business units including decorative paints, marine coatings, protective coatings, and powder coatings. The company operates across all continents in 100 countries and has 10,349 employees worldwide. The company provides its solutions for applications such as homes, architecture and design, infrastructure, light industry, shipping, and energy. The company has 41 production facilities in 24 countries, with 68 companies in 47 countries.

Organizacion Corona S A

Corona is a Colombian multinational company engaged in the manufacturing and marketing of products for the home, construction, industry, agriculture and the energy sector. The company operates in four business sectors, Bathrooms and Kitchens; Surfaces, Materials and Paints; Industrial Supplies and Energy; and Mesa Servida – and two Commercial Units, Almacenes Corona and Comercial Corona Colombia. Corona has 23 manufacturing plants in Colombia, 1 in the United States, 3 in Central America and 3 in Mexico.

Pinturas Berel, SA de CV

Berel provides paints and coatings for architectural, professional, waterproofing and other purposes. The company provides its solutions under the international quality standard ISO 9001:2008, guaranteeing the products with superior quality. The architectural solutions include reducers, vinyl/acrylic, aerosols, varnishes, decorative, enamels, and primary. The products offered for waterproofing include specialties, primary, reinforced and fibrated. The company provides more than 900 colours for their paints and coatings.