Paints and coatings are used for both decorative and protective applications. It’s commonly employed in both industrial and residential building. It protects goods and buildings against water, UV rays, and other factors, increasing their life. Paints and coatings are used to enhance and protect surfaces. Paints and varnishes, when used for decorating, extend the life of the surface and add attractiveness. They also protect the surface from dangerous elements including corrosion, ageing, and chemical exposure. In some cases, paints and coatings can provide antifouling, flame retardancy, and antimicrobial qualities.
According to SPER Market Research, ‘Mexico Paints and Coatings Market Size – By Resin Type, By Technology, By End-User Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Mexico Paints and Coatings Market is estimated to reach USD 5516.04 million by 2033 with a CAGR of 5.03%.
Drivers:
Mexico’s paints and coatings market is primarily driven by its booming construction industry. As cities expand and housing demand increases, so does the need for paints and coatings to support new construction projects. Furthermore, initiatives to restore and rehabilitate historical and residential areas augment this demand.
Furthermore, rising awareness of environmentally friendly products has prompted the industry to develop sustainable paints and coatings, which is driving demand in the Mexican paints and coatings market. As customers become more environmentally conscious, there is a growing preference for water-based, low-VOC (volatile organic compounds) and other green solutions with little environmental impact.
Restraints:
Paint and coating companies must constantly develop their processes in order to meet with the increasing number of regulatory requirements imposed by various governments. North America and Western Europe are two examples of countries with stringent environmental standards that forbid the sale of non-compliant goods.
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Unfortunately, some lawmakers continue to base their pollution laws primarily on the concentration of volatile organic compounds in exhaust emissions. This could result in the licensing of processes that produce high mass emissions but require extremely low airflows, as opposed to systems that produce low mass emissions but demand high airflow. The concentration technique ignores the reduction in air emissions generated by the use of low-VOC coatings.
The COVID-19 outbreak has had an impact on the paint and coatings industry. The outbreak has disrupted the supply chain and manufacturing activity, leading in a shortage of raw materials and reduced production capacity. The outbreak has caused major harm to the building, automotive, and maritime industries, leading in decreased demand for paints and coatings. However, the industry is expected to revive in the coming years due to increased demand for environmentally friendly and sustainable paints and coatings.
The Mexico Paints and Coatings Market is dominated by the country’s central area. The concentration of infrastructural development, automobile manufacture, industrial production, and building activities in these areas is what propels the region’s dominance. Major market participants include PPG Industries, Inc, Akzo Nobel N.V, Benjamin Moore & Co, Jotun, Axalta Coating Systems, and others.
Mexico Paints and Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, Mexico Paints and Coatings Market is segmented as; Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others.
By Technology: Based on the Technology, Mexico Paints and Coatings Market is segmented as; Water-borne, Solvent-borne, Powder Coatings, Others.
By End-User Industry: Based on the End-User Industry, Mexico Paints and Coatings Market is segmented as; Architectural, Automotive, Wood, Protective Coating, General Industrial, Transportation, Packaging.
By Region: This research also includes data for North, South, East, West, central.
For More Information, refer to below link: –
Mexico Paints and Coatings Market Forecast
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