Chile and Peru Paints & Coatings Market Overview
The Chile and Peru Paints & Coatings Market is expected to grow at a significant CAGR during the forecast period (2024-2031).
The paints & coatings are the materials in liquid form sprayed or applied to a thin layer substrate. These materials are obtained from synthetic or natural sources that provide color or protection to the surface.
The paints and coatings are applied to a surface creating a solid film over the surface, which protects the surface from wear, tear, and corrosion and provides a better look.
The market is driven by growing demand from end-use industries such as decorative, automotive, building and construction, etc., to provide a better visual appeal, texture, and increased shelf-life and protection from external damages.
The market is dominated by the availability of innovative formulation technologies, including anticorrosive protection, low-VOC content coats, and nano-coatings. Several companies are developing nano paints and coatings. The introduction of nanotechnology has led to the development of products that can conduct electricity or exhibit UV protective or self-healing properties.
Market Scope
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Resin Type, By Technology, By End-Users and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Chile and Peru Paints & Coatings Market Dynamics
The growing construction industry and the increase in the automotive sector are propelling the Chile and Perun paints and coatings market. However, COVID-19 has exposed many challenges for the paints and coatings market by impacting the architectural sector in 2020.
Before the COVID-19 pandemic, the construction industry's growth in Chile and Peru was positive due to increasing construction activity, especially in Chile.
According to industry experts, Chile's construction industry is expected to grow at 2.3% in 2018 and 2.7% in 2019, but due to the pandemic, the industry growth was restricted to -1.4% in 2019.
This is majorly due to the falling investment by the private companies. According to the Chilean Chamber of Construction (CChC), there are currently 778 housing projects paralyzed across the country (747 in the Santiago Metropolitan region and 31 in other regions) due to the new lockdown measures announced by the government in mid-May 2020.
However, the construction activities are recovering in Chile and Peru, which will boost the paints and coatings market during the forecast period.
Besides, the automotive industry's growth is also driving the Chile and Peru paints and coatings market. The automotive industry is one of the major consumers of paints and coatings in Peru. For the past five years, the country has been showing strong economic growth and is set to be one of Chile and Peru’s top participants in the automotive industry.
