Latin America Paints and Coatings Market to Grow at a CAGR of 2.7% During 2024-2032, Driven by the Growing Demand for Paints and Coatings in Automotive Applications

Brazil holds a significant market share due to the robust growth of sectors such as construction and automotive in the country. The expanding industrial activities in the country have aided the overall Latin America paints and coatings market demand.

As automotive companies such as BMW and Mercedes-Benz have built factories in Brazil to manufacture automobiles, the demand for paints and coatings is further rising. Paints and coatings provide an aesthetic appeal and protect automobile components from the effects of corrosion.

The increasing renovation and construction activities of roads, bridges, and ports, as well as bridges in the region to boost commercial activities, are further anticipated to support the use of paints and coatings in Latin America.

The expansion of production capacity by key players further supports the market growth. In September 2023, PPG Industries, Inc. (NYSE: PPG) announced the completion of the expansion of its powder coatings plant in Sumaré, Brazil. The expansion was aimed at meeting the increasing demand for powder coatings from regional manufacturers of appliances, agricultural machinery, transportation, and other industries for products like steel furniture, storage structures, electrical panels, and transformers.

The facility's production capacity was raised by 40% due to the USD 2.7 million (13 million Brazilian reals) investment, which started operation in September 2023. Modern, highly automated equipment has also been installed in the production plant, enabling improved quality control and process control as well as reduced setup times for colour matching and manufacturing. The company has also planned to invest in automation within the plant by incorporating communication devices and process synchronisation technologies.

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Market Analysis by Resin Type, Technology, Application, And Region:

• The market, on the basis of resin type, can be divided into acrylic, alkyd, epoxy, polyurethane, and polyester, among others.

• Based on technology, the market can be divided into powder-based, water-borne, and solvent-borne, among others.

• On the basis of application, the market can be bifurcated into architectural and industrial.

• The major countries for paints and coatings in Latin America include Brazil, Argentina, Mexico, Colombia, Peru, Ecuador, Guatemala, El Salvador, Costa Rica, Panama, Republica Dominicana, and Peurto Rico, among others.

Key Findings of the Report:

• Paints and coatings increase the aesthetic value of commercial, industrial, and residential buildings, protect automotive and industrial components from corrosion, and help the maintenance and engineering departments increase components' service lives. Thus, the demand for paints and coatings is significantly rising in end-use sectors such as automotive and transportation.

• Advancements nanotechnology are driving innovations in paints and coatings by introducing smart paint items such as smart paint, self-cleaning paint, antimicrobial coatings, and auto interior paint. Hence, technological advancements and innovations are expanding the Latin America paints and coatings market development.

• The growing environmental safety concerns are leading to an inclination towards sustainable and environmentally friendly products such as water-based paints and coatings.

• Renovation and maintenance of community centres, schools, towers, and clinics across the region are surging the demand for paints and coatings. Additionally, the expanding e-commerce sector, as well as the retail sector, has helped consumers procure paints and coatings effortlessly.

Key Offerings of the Report:

• The EMR report gives an overview of the Latin America paints and coatings market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the resin types, technologies, applications, and major countries of paints and coatings in Latin America.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Latin America paints and coatings market are Akzo Nobel N.V., Sinteplast SA, Grupo Iquine, Qroma S.A., Axalta Coating Systems, LLC, PPG Industries, Inc., The Sherwin-Williams Company, Pintuco SA, Jotun A/S., Organizacion Corona S A, and Pinturas Berel, SA de CV, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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