Latin America Plastic Color Concentrates Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Latin American plastic color concentrates market is expected to witness a CAGR of approximately 6% during the forecast period, 2018 to 2023, majorly driven by the increasing demand for plastic from the automotive industry. The rising demand from the construction sector in Mexico is also likely to stimulate market growth.
Demand from Automotive Industry Driving the Market
The automotive production in the Brazil has been picking up pace after a major breakdown in 2016. It has witnessed a growth rate of more than 25% in 2017, accounting for the production of around 2.7 million vehicles. A growth of more than 10% is also likely to be witnessed in 2018, following the announcement of investments by Mercedes-Benz in the truck and bus plants. Due to the use of plastic color concentrates to make automobiles resistant to harsh environmental conditions and more attractive and durable, the growth in the automotive industry is likely to drive the demand for plastic color concentrates in the region.
Liquid Color Concentrates Expected to Witness Highest Growth
The solid color concentrates segment is leading the color concentrates market, owing to its low price, less cost of installation, ease of transportation and storage, reduced waste, etc. The liquid color concentrates segment is expected to grow at a high rate during the forecast period. The high growth can be attributed to the rapid color development, reduced energy consumption in their manufacturing, increased color consistency, and low material costs.
Mexico Construction Sector Witnessing Huge Demand in Latin America
In terms of consumption in 2017, Brazil accounted for the largest market share in the Latin American region due to huge demand from the food & beverages industry. Mexico is expected to witness the highest growth rate due to increasing demand from the construction industry. Most of the construction market share in the country is held by the private sector (around 77%), out of which the residential spaces are leading. Mexico’s housing sector is showing signs of more sustainable momentum, underpinned by moderate economic growth. The commercial sector also continued to receive strong capital investment from both foreign and domestic sectors, thus driving new construction, which in turn, increases the consumption of plastic color concentrates.
Major Players: Ampacet Corporation, A. Schulman, PolyOne Corporation, Cabot Corporation, and Cromex, among others.
Reason to Purchase the Report
To understand the impact of various product type on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 month analyst support, along with the Market Estimate sheet (in Excel)
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