MARKET OUTLOOK
The paints & coatings market in Latin America has been projected to expand with a CAGR of 5.24% in terms of revenue and a CAGR of 4.77% in terms of volume in the forecast duration of 2019 to 2027, according to a report by Triton.
Brazil, Mexico and countries in rest of Latin America together constitute the paints & coatings market in the Latin American region.
Paints and coatings are majorly used by automobile manufacturers, especially during the time of automobile production and automotive refinish; and at service centers and automobile body shops for refinishing the vehicles. Paints & coatings are largely applied on spare parts and other interior & exterior parts of vehicles. Automotive refinishing paints and coatings are used to recover the damages caused by external factors, such as temperature and damage due to accidents, stones and other debris; and to enhance the appearance.
Furthermore, with the improved overall financial status, the purchasing power of middle-class consumers has also increased; which, in turn, is increasing the demand for automobiles in emerging economies. Moreover, low interest rates, along with a growing population of first-time purchasers, are expected to drive the vehicles’ demand. Thereby, the resulting rapid growth in the automotive industry is set to propel the demand for paints & coatings, in turn, propelling the paints & coatings market.
COMPETITIVE OUTLOOK
Key players in the market are Valspar Corporation, Nippon Paint Holdings Co., Ltd., AkzoNobel N.V., Indigo Paints Pvt. Ltd., The Sherwin-Williams, Kansai Paint Co., Ltd., Jotun A/S, RPM International, Inc., Berger Paints India Limited, Beckers Group, Axalta Coating System LLC, PPG Industries, BASF Coatings, Asian Paints Limited and Kelly-Moore Paints.