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Mexico Paints and Coatings Market

Mexico Paints and Coatings Market Size, Share, Trends, Forecast: By Raw Material: Pigments and Fillers, Solvents, Resins, Additives; By Technology: Powder Based, Water-Borne, Solvent-Borne, Others; By Application: Architectural, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

Mexico Paints and Coatings Market Outlook

The Mexico paints and coatings market size reached approximately USD 3.50 billion in 2023. The market is further projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of USD 5.51 billion by 2032.

 

Key Trends in the Market

Paint is a mixture of pigments, that after application forms a thin film on the applied surface. It is used to enhance the aesthetic appeal of automobiles, appliances, buildings, and equipment, among others. Coating refers to a liquid that is applied on a surface to improve its characteristics and provide protection against water damage and corrosion, among others.

 

  • Increasing deployment of paints and coatings by the automotive and transportation sector for both decorative and protective purposes is a key trend aiding the Mexico paints and coatings market growth. They provide automobiles enhanced protection against various environmental and non-environmental factors.
  • Rising disposable incomes and improved standards of living are encouraging the Mexican population to splurge on fancy indoor paints and coatings to enhance the appearance of their homes. Additionally, they are also investing in highly durable outdoor paints and coatings to ensure that their houses are provided with an extra layer of protection against harsh weather, wind, and sun, among others.
  • Growing environmental concerns have increased the adoption of eco-friendly paints and coatings, boosting the market expansion. Eco-friendly paints are devoid of unhealthy amounts of volatile organic compounds (VOCs) that are known to cause adverse health issues such as headaches and respiratory illnesses.

 

Mexico Paints and Coatings Market Analysis

On the basis of raw material, the market is divided into Pigments and fillers, solvents, resins, and additives. Based on technology, the market is classified into Powder based, water-borne, and solvent-borne, among others.

 

On the basis of application, the market is bifurcated into architectural and industrial, with industrial sub-divided by type into general industrial, automotive and transportation, wood, aerospace and marine, and protective, among others. Based on region, the market is categorised into, Baja California, Northern Mexico, the Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Mexico paints and coatings market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • PPG Industries, Inc
  • Akzo Nobel N.V.
  • Benjamin Moore & Co.
  • Jotun
  • Axalta Coating Systems
  • Nippon Paint Holdings Co., Ltd.
  • BASF SE
  • WEG SA
  • PINTURAS OSEL, S.A. DE C.V
  • Barel S.A.
  • Others

 

Market Share by Technology

The increasing applications of water-borne technology are anticipated to drive the Mexico paints and coatings market demand. Water-borne technology uses water-soluble resins that are produced via polymerisation or polycondensation reactions in an organic medium. The individual molecules of the resins dissolve completely in the water and provides high level of corrosion protection, high gloss, and good pigmentation. The low volatile organic compound (VOC) content offers low flammability and toxicity. Due to their excellent adhesive properties and good resistance to abrasion and heat, these paints and coatings are used for automotive and architectural applications.

 

Market Share by Application

Industrial applications are expected to account for a significant Mexico paints and coatings market share over the forecast period, due to the increasing industrialisation and urbanisation and the growth of the automotive sector. The increasing manufacturing activities in the automotive sector is being supported by the increasing preference for personal transportation among the regional population and rising availability of affordable cars. The adoption of electric vehicles is increasing as they have significantly lower maintenance and running costs, emit zero tailpipe emissions, and enhance the driving experience by reducing driving stress and fatigue. This increased adoption is presenting lucrative opportunities for the growth of the segment.

 

Competitive Landscape

PPG Industries, Inc, established in 1883 is a paints, adhesives, and coatings manufacturing company that is headquartered in Pennsylvania, United States. The company specialises in providing industrial coatings, protective and marine coatings, and architectural paints, among others.

 

Akzo Nobel N.V., based in Amsterdam, Netherlands, is a chemical manufacturing company that was founded in 1792. The company is known for delivering innovative and sustainable paint solutions through their diverse portfolio of brands including Dulux and Sikkens, among others.

 

BASF SE, established in 1865, is a chemical manufacturing company that is headquartered in Ludwigshafen, Germany. The company’s portfolio comprises of industrial solutions, catalysts, nutrition and care, chemicals, coatings, and surface technologies, among others.

 

Other Mexico paints and coatings market key players include Benjamin Moore & Co., Jotun, Axalta Coating Systems, Nippon Paint Holdings Co., Ltd., WEG SA, PINTURAS OSEL, S.A. DE C.V, and Barel S.A., among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Raw Material
  • Technology
  • Application
  • Region
Breakup by Raw Material
  • Pigments and Fillers
  • Solvents
  • Resins
  • Additives
Breakup by Technology
  • Powder Based
  • Water-Borne
  • Solvent-Borne
  • Others
Breakup by Application
  • Architectural
  • Industrial
Breakup by Region
  • Baja California
  • Northern Mexico 
  • The Bajío
  • Central Mexico 
  • Pacific Coast
  • Yucatan Peninsula
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • PPG Industries, Inc
  • Akzo Nobel N.V.
  • Benjamin Moore & Co.
  • Jotun
  • Axalta Coating Systems
  • Nippon Paint Holdings Co., Ltd.
  • BASF SE
  • WEG SA
  • PINTURAS OSEL, S.A. DE C.V
  • Barel S.A.
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Mexico Paints and Coatings Market Overview

    8.1    Key Industry Highlights
    8.2    Mexico Paints and Coatings Historical Market (2018-2023) 
    8.3    Mexico Paints and Coatings Forecast (2024-2032)
9    Mexico Paints and Coatings Market by Raw Material
    9.1    Pigments and Fillers
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Solvents
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
    9.3    Resins
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
        9.3.3    Breakup by Type
            9.3.3.1    Acrylic
            9.3.3.2    Alkyd
            9.3.3.3    Epoxy
            9.3.3.4    Polyurethane
            9.3.3.5    Others
    9.4    Additives
        9.4.1    Historical Trend (2018-2023)
        9.4.2    Forecast Trend (2024-2032)
10    Mexico Paints and Coatings Market by Technology
    10.1    Powder-Based
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Water-Borne
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Solvent-Borne
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Others
11    Mexico Paints and Coatings Market by Application
    11.1    Architectural
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
        11.1.3    Market by Type
            11.2.3.1    Indoor
            11.2.3.2    Outdoor 
    11.2    Industrial
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
        11.2.3    Market by Type
            11.2.3.1    General Industrial
            11.2.3.2    Automotive and Transportation 
            11.2.3.3    Wood
            11.2.3.4    Aerospace and Marine
            11.2.3.5    Protective
            11.2.3.6    Others
12    Mexico Paints and Coatings Market by Region
    12.1    Baja California
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Northern Mexico 
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    The Bajío
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Central Mexico 
        12.4.1    Historical Trend (2018-2023)
        12.4.2    Forecast Trend (2024-2032)
    12.5    Pacific Coast
        12.5.1    Historical Trend (2018-2023)
        12.5.2    Forecast Trend (2024-2032)
    12.6    Yucatan Peninsula
        12.6.1    Historical Trend (2018-2023)
        12.6.2    Forecast Trend (2024-2032)
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyer’s Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
14    Competitive Landscape
    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    PPG Industries, Inc
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    Akzo Nobel N.V.
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    Benjamin Moore & Co.
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Jotun
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    Axalta Coating Systems
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Nippon Paint Holdings Co., Ltd.
            14.2.6.1    Company Overview
            14.2.6.2    Product Portfolio
            14.2.6.3    Demographic Reach and Achievements
            14.2.6.4    Certifications
        14.2.7    BASF SE
            14.2.7.1    Company Overview
            14.2.7.2    Product Portfolio
            14.2.7.3    Demographic Reach and Achievements
            14.2.7.4    Certifications
        14.2.8    WEG SA
            14.2.8.1    Company Overview
            14.2.8.2    Product Portfolio
            14.2.8.3    Demographic Reach and Achievements
            14.2.8.4    Certifications
        14.2.9    PINTURAS OSEL, S.A. DE C.V
            14.2.9.1    Company Overview
            14.2.9.2    Product Portfolio
            14.2.9.3    Demographic Reach and Achievements
            14.2.9.4    Certifications
        14.2.10    Barel S.A.
            14.2.10.1    Company Overview
            14.2.10.2    Product Portfolio
            14.2.10.3    Demographic Reach and Achievements
            14.2.10.4    Certifications
        14.2.11    Others
15    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Mexico Paints and Coatings Market: Key Industry Highlights, 2018 and 2032 
2.    Mexico Paints and Coatings Historical Market: Breakup by Raw Material (USD Billion), 2018-2023 
3.    Mexico Paints and Coatings Market Forecast: Breakup by Raw Material (USD Billion), 2024-2032
4.    Mexico Paints and Coatings Historical Market: Breakup by Technology (USD Billion), 2018-2023 
5.    Mexico Paints and Coatings Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6.    Mexico Paints and Coatings Historical Market: Breakup by Application (USD Billion), 2018-2023 
7.    Mexico Paints and Coatings Market Forecast: Breakup by Application (USD Billion), 2024-2032
8.    Mexico Paints and Coatings Historical Market: Breakup by Region (USD Billion), 2018-2023 
9.    Mexico Paints and Coatings Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    Mexico Paints and Coatings Market Structure

Key Questions Answered in the Report

The market reached a value of approximately USD 3.50 billion in 2023.

The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 5.51 billion by 2032.

The major market drivers include rising utilisation for residential applications and growing demand for durable and corrosion resistant paints and coatings.

The key trends fuelling the growth of the market include rapid development of eco-friendly paints and coatings and rising requirement from the automotive sector.

The major countries in the market are Baja California, Northern Mexico, the Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.

The various raw materials in the paints market of Mexico are pigments and fillers, solvents, resins, and additives, with resins further sub-divided into acrylic, alkyd, epoxy, and polyurethane, among others.

The key players in the market are PPG Industries, Inc, Akzo Nobel N.V., Benjamin Moore & Co., Jotun, Axalta Coating Systems, Nippon Paint Holdings Co., Ltd., BASF SE, WEG SA, PINTURAS OSEL, S.A. DE C.V, and Barel S.A., among others.

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