South America Paints & Coatings Market is expected to grow at a CAGR of 4% during the forecasting period (2022-2029).
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.
There is an increase in the launch of the novel paints & coating products. For instance, in October 2019, AkzoNobel had launched a recycled paint, i.e., Evolve, a trade-grade emulsion derived from paint that would have otherwise been discarded. It is developed by the brand Dulux Trade (a subsidiary of AkzoNobel). Evolve is made from 35% recycled paint, gained from households across the United Kingdom.
In December 2019, Sirca Paints India had launched the super chrome finish coating in the Indian market. Super Chrome finish is one of the super high-quality products applied to leather, metal, plastic, glass & wood. The industry's brightest & most reflective chrome coating with a distinctive chrome appearance & unmatched reflective properties replicates real chrome better than any other available coating in the market. It produces a chrome-like finish with a 90% reflection. It gives special colors on chrome such as rose gold, gold bronze, nickel, grey, and copper brown Ø The market witnesses the manufacturing facility's launch to produce paints & coatings. For instance, in February 2018, AkzoNobel had opened the new €9 million facilities to produce powder coatings. This new facility would complement AkzoNobel's existing plant in Bangalore, adding new product lines in bonded metallic and functional powder coatings.
Several environmental challenges, especially the state and local regulations for wastewater discharge, hinder the market growth. The powder coating operations comprised the number of metals, oil & grease, and suspended solids in the wastewater streams generated during the cleaning and pretreatment phases.
By Resin Type
The acrylic segment in the South America paints & coatings market is valued at USD XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD XX Million by 2027
The acrylic segment accounts for the highest market share due to the higher usage of the acrylic paints, and coatings are used in various industries, including the automobile, medical devices, and construction industries because of their chemical characteristics and unique esthetic properties Ø The acrylic paint is the fast-drying paint made of pigment suspended in acrylic polymer emulsion. It is water-soluble but becomes water-resistant when dry.
The acrylic paints and coatings are useful for modifying the appearance, hardness, flexibility, texture, and other paint surface characteristics.
The Acrylic surface coatings are used in all three paint and coatings, including the architectural coatings, product finishes for original equipment manufacturer (OEM), and special-purpose coatings.
The acrylic coatings are used in organic solvent-borne, waterborne, powder, or radiation-curable formulations. These coatings and paints are used mainly in architectural or decorative finishes and to coat industrial goods.
The Brazil paints & coatings market is valued at US$ XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach US$ XX Million by 2027.
The epoxy segment is expected to have positive market growth owing to the increasing usage of epoxy paints & coatings are used for various consumer and industrial applications due to their characteristics such as toughness, strong adhesion, chemical resistance, and other specialized properties—the epoxy resins for protecting the ships, tanks, and marine structures from corrosion. The epoxy coating films are strongly resistant to most chemicals and make excellent anti-corrosion coatings.
The architectural segment accounts for the highest market share owing to the high usage of paints and coatings for coating the exterior and interior of residential and commercial buildings. The paints and coatings comprise good alkali resistance, water resistance, good bonding strength to cement surface layers or wood materials for decorative function and some special performances, convenient construction and repair, maintenance, and easy recoating. The paints and coatings are preferred for decorative purposes or adding colors to the interiors of residential buildings. The paints & coatings are useful for protecting the residential and commercial buildings from environmental harm, ultraviolet radiation, etc. The paints and coatings also provide waterproof, fireproof, mildew-proof, thermal insulation, and sound insulation to the buildings.
In Brazil, AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems LLC, Nippon Paint Holdings Co., Ltd, Asian Paints Limited, and RPM International Inc. are the leading market players with a significant market share.
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