South America Paints & Coatings Market Research Report, 2028

The South American paints and coatings market is a dynamic and growing. The history of the paints and coatings market in South America can be traced back to the period of European colonization and the subsequent development of industries in the region. During the colonial period, South America served as a source of valuable natural resources for European powers. Paints and coatings were initially imported from Europe to meet the limited demand in the colonies. These coatings were mainly used for decorative purposes in churches, palaces, and other colonial buildings. With the onset of industrialization in the 19th century, South American countries began to develop their own manufacturing capabilities. The demand for paints and coatings increased as infrastructure projects, such as railways and buildings, were undertaken. Local production of paints and coatings started to emerge, initially focusing on basic formulations. In the early 20th century, South American countries experienced rapid urbanization and industrial growth. This led to a significant expansion of the paints and coatings market. Local manufacturers started producing a wider range of coatings for various applications, including architectural, industrial, and automotive. During this period, international paint manufacturers also established a presence in South America. These multinational companies brought advanced technologies and product formulations to the region, contributing to the growth and development of the market. The construction sector also played a significant role in the expansion of the market. As urbanization continued and infrastructure projects multiplied, the demand for architectural coatings surged. The introduction of new technologies and formulations, such as waterborne and powder coatings has gained traction during this period. In recent decades, South America, like many other regions, witnessed an increased focus on environmental regulations and sustainability. Governments implemented stricter regulations to control the use of hazardous substances in paints and coatings, leading to the adoption of eco-friendly formulations with reduced VOC content. According to the research report, “South America Paints & Coatings Market Research Report, 2028” published by Actual Market Research, the market is anticipated to add USD 3.59 Billion from 2023 to 2028. The South American paints and coatings market has experienced steady growth in recent years. The market size is influenced by factors such as population growth, urbanization, and increasing construction activities. Countries like Brazil, Argentina, and Colombia are significant contributors to the overall market size in the region. The construction sector plays a crucial role in driving the demand for paints and coatings in South America. The region has been witnessing substantial infrastructure development, including residential, commercial, and industrial projects. This has led to increased demand for architectural coatings used for interior and exterior applications, as well as specialized coatings for infrastructure projects such as bridges and roads. The automotive sector in South America is another major consumer of paints and coatings. Countries like Brazil and Argentina have a significant automotive manufacturing presence, leading to a high demand for automotive coatings. This includes coatings for vehicles' exterior surfaces, as well as specialized coatings for components such as engines, chassis, and interiors. Industrial coatings also have a significant market share in South America. These coatings are used in various industries such as oil and gas, petrochemicals, power generation, and manufacturing. Industrial coatings provide corrosion protection, chemical resistance, and durability for equipment, pipelines, storage tanks, and machinery. Regulatory frameworks and environmental standards play a role in shaping the paints and coatings market in South America. Countries in the region are increasingly adopting stricter environmental regulations, which have led to a shift toward eco-friendly coatings with low VOC (volatile organic compound) content. This has driven the demand for waterborne coatings and other environmentally friendly solutions.

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Based on the countries, Brazil accounts for a major share in the South America market for paints and coatings owing to their rising demand in the automotive sector. The increasing launches of innovative paints and coating solutions in Brazil are also driving the market growth. For instance, in April 2018, AkzoNobel launched its Awlgrip high-performance yacht coating brand in Brazil to offer design options, quality products, and diverse effects and colours to yacht owners. With the growing infrastructural development, supported by rising investments by the Brazilian government, the demand for paints and coatings in the country is surging. For instance, in 2021, the Brazilian government invested R$866 million in 762 infrastructure projects to improve tourist cities in the country. Argentina is expected to grow robustly over the forecast period due to the growing demand for decorative coatings amid the rising renovation and construction activities. With rapid digitalisation in the country, key companies are further introducing innovative platforms and applications for colour-matching and sustainable and better first-time colour choices, which is likely to aid the South America paints and coatings market development. The expanding paint industry is anticipated to drive the country's demand for resins. Due to historically low-interest rates in Brazil, the Sao Paulo State Housing Union (Secovi-SP) reported the sale of 4,341 new residential units in Sao Paulo in July 2020. Additionally, the nation's rising housing demand fuelled the building of homes for middleclass families. Paints and coatings are highly used for various decorative applications. They are extensively used in building and construction and furniture applications. Besides providing aesthetic appeal, 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 building surfaces to not only give them 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. Waterborne paints and coatings have gained significant traction in the South American market due to their environmental friendliness and compliance with stringent regulations. Waterborne technology offers low VOC content, reduced odor, and easy cleanup, making it suitable for architectural, decorative, and industrial applications. The market for waterborne coatings is growing steadily, driven by environmental concerns and increased adoption by end-user industries. Solvent-borne coatings still hold a significant share in the South American market. Solvent-borne coatings offer excellent durability, adhesion, and resistance properties, making them suitable for demanding applications. Certain industrial sectors and specific applications still rely on solvent-borne coatings due to their unique performance characteristics. However, environmental regulations are gradually driving a shift towards more eco-friendly alternatives. UV-cured coatings are witnessing increasing adoption in South America, primarily in industries such as automotive, electronics, and wood coatings. UV technology offers fast curing times, high productivity, and improved scratch resistance. The demand for UV-cured coatings is driven by the need for efficient and sustainable solutions that reduce energy consumption and emissions. As UV technology continues to advance, the market for UV-cured coatings is expected to grow further in the region. On the other hand, specialty coatings, such as anti-corrosion coatings, automotive coatings, and marine coatings, play a crucial role in the South American market. The region's diverse industries, including oil and gas, construction, automotive, and shipping, require specialized coatings for specific applications. The demand for these coatings is driven by factors such as maintenance, protection, and aesthetic requirements in these industries. Environmental concerns and regulations are influencing the paints and coatings market in South America. There is a rising demand for eco-friendly and sustainable coatings with low VOC content. Waterborne coatings, powder coatings, and other environmentally friendly alternatives are gaining popularity as consumers and industries prioritize products that minimize their environmental impact. South America is witnessing significant infrastructure development, including the construction of residential, commercial, and industrial buildings, as well as infrastructure projects such as roads, bridges, and airports. This has led to an increased demand for architectural coatings and protective coatings for infrastructure, driving market growth in the region. The automotive industry in South America is expanding, driving the demand for automotive coatings. The rising middle class, increasing consumer purchasing power, and infrastructure improvements contribute to the growth of the automotive sector. Automotive coatings, including basecoats, clearcoats, and specialty coatings, are in high demand to meet the requirements of the growing automotive market. The South American paints and coatings industry is witnessing technological advancements aimed at improving product performance, efficiency, and sustainability. Advanced formulations, such as high-performance waterborne coatings, UV-cured coatings, and self-healing coatings, are being developed to meet the evolving needs of customers and regulatory requirements. There is an increasing demand for specialty coatings in South America, including anti-corrosion coatings, marine coatings, and industrial coatings. These coatings provide enhanced protection, durability, and specific functional properties to various substrates and applications. The need for customized solutions to meet specific requirements in industries such as oil and gas, manufacturing, and infrastructure is driving the growth of specialty coatings. The adoption of digital technologies and Industry 4.0 concepts is gaining momentum in the South American paints and coatings market. Automation, data analytics, and robotics are being utilized to optimize manufacturing processes, improve product quality, and enhance efficiency. Digitalization is also enabling better inventory management, supply chain optimization, and customer engagement.

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Recent Developments: • In January 2023, BASF expanded its automotive paints and coatings product portfolio by adding colors such as yellow, orange, green, and violet. In South America, white, silver, and beige automotive paints dominate the market. • In April 2022, Akzo Nobel N.V. strengthened its South American presence by acquiring Grupo Orbis, a Colombian paints and coatings firm. Grupo Orbis generates USD 379.37 million in Central America and South America. The sale contains Pintuco paints and coatings, Andercol and Poliquim (resins, emulsions, adhesives, and specialty chemicals), Mundial (paints and related product delivery services), and Centro de Servicios Mundial (shared services center). Pintuco offers a wide range of products in ten nations, with 75% decorative paints and 25% coatings, making income synergies.

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• In June 2022, Akzo Nobel’s Coral brand launched Well-Being Protection Anti-Mosquito, a mosquito repellent coating, in Brazil. The coating contains permethrin and is designed to combat the Aedes aegypti mosquito to reduce the spread of dengue, zika, and chikungunya virus in the country. The coating can be applied to any painted wall and showcases the company’s approach to product development for the health and wellbeing of people. Such innovative coatings are likely to fuel the South America paints and coatings market development. • In April 2022, Akzo Nobel N.V. acquired Grupo Orbis to enhance its long-term growth in South America. Under the acquisition, the company would own the Andercol and Poliquim (resins, emulsions, speciality chemicals, and adhesives), Pintuco paints and coatings business, Centro de Servicios Mundial (shared services centre), and Mundial (paints and related product distribution services). Major Companies present in the market: Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, Cabot Corporation, Wacker Chemie AG, BASF SE, Hempel A/S, Noroo paint & coatings Co., Ltd., RPM International Inc, Henkel AG & Co. KGaA, Axalta Coating Systems Ltd., Jotun Group, Sika AG Considered in this report • Geography: South America • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South America Paints & Coatings market with its value and forecast along with its segments • Country-wise Paints & Coatings market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report: • Brazil • Argentina • Colombia By Product Type • Waterborne Coatings • Solvent-borne Coatings • Powder Coatings • UV Cured Coatings • Others Segment Includes (Speciality Coating (Primer, Topcoat, Undercoat, etc.), Electron Beam Cure coating, High Solids Coatings, etc.) By Application Type • Architectural • Industrial ? Protective Coatings ? Automotive (OEM and After) Coatings ? Other Transportation Coatings ? Wood Coatings ? Marine Coatings ? Coil Coatings ? Packaging Coatings ? Aerospace Coatings ? Rail Coatings ? General Industrial Coatings ? Others Coatings The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Paints & Coatings industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.