South-America Architectural Coatings Market - Segmented by Construction, Application, Technology, Resin and Geography - Growth, Trends, and Forecast (2018 - 2023)
The South-America architectural coatings market stood at 1,431.56 kilo metric ton in 2017. The market is expected to register a CAGR of 3.31% in terms of volume during the forecast period, 2018 to 2023. Recovering Construction Industry in the South-America is expected to drive the market during the forecast period.
Recovering Construction Industry in the South-America
Brazil and Argentina accounts for around 75% in South America for construction. Requirements for adequate housing for the growing populations in South-America’s developing countries is expected to fuel the demand for residential construction, which, in turn, is expected to be instrumental in propelling other areas of development, such as development of infrastructure, industries and commercial spaces. Hence, with the reconstruction industry in South-America, the demand for paints & coatings in the region is projected to increase substantially during the forecast period.
Water-borne Technology – The Dominant Technology Type
The VOCs released from solvent-borne coatings is the core reason for the switch of manufacturers to water-borne coatings. Also, other properties, like low odor, more durability, and more block resistance make water-borne coatings more preferable. In recent times there has been a propensity to seek coatings with high usability, and water clean-up characteristics among the users, water-borne coatings meet the requirements, and also facilitate low viscosity, without the addition of low-molecular weight monomers.
Brazil to Dominate the Market Growth
Brazil is one of the largest markets in South America for infrastructure construction. The construction industry fell in 2014-15. Of late, the government in the country has been focusing on economic development with social inclusion. However, it is expected to grow considerably during the next five years, owing to the investment in public infrastructure, renewable and nuclear energy, commercial and industrial projects, and improvements in consumer and investor confidence. The growth in construction is expected to boost the architectural coatings market in the country, during the forecast period.
Key Developments in the Market
January 2018: During the first quarter of fiscal 2018, RPM acquired Key Resin, a leading manufacturer of polymer flooring and coating systems, with an annual net sales of USD 25 million
June 2017: The Sherwin-Williams Company completed the acquisition of The Valspar Corporation and creates a global leader in paints & coatings industry
Major Players: Akzonobel, PPG Industries, and Jotun amongst others.
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