According to a new report by Expert Market Research titled, “Mexico Coating Market Share, Size, Report and Forecast 2024-2032″, the Mexico coating market size reached a value of USD 3.12 billion in 2023. Aided by the increasing demand for protective and decorative coatings and the growing applications of coatings in various sectors, the market is projected to further grow at a CAGR of 4.1% between 2024 and 2032 to reach a value of USD 4.48 billion by 2032.
Coatings play a crucial role in enhancing the durability, aesthetics, and functionality of surfaces across a wide range of applications. They are used to protect substrates from environmental damage, corrosion, and wear, while also providing decorative finishes that enhance the visual appeal of products. The versatility and effectiveness of coatings have made them indispensable in sectors such as construction, automotive, aerospace, and consumer goods.
The increasing demand for protective and decorative coatings is a primary driver of the Mexico coating market growth. With the growing focus on infrastructure development and urbanisation, there is a significant demand for coatings that can enhance the durability and appearance of buildings and structures. Coatings are used extensively in residential, commercial, and industrial construction projects to protect surfaces from weathering, corrosion, and other environmental factors.
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Additionally, the automotive sector is a major contributor to the growth of the coating market. The demand for high-quality automotive coatings that provide excellent durability, gloss, and colour retention is on the rise. Automotive coatings are essential for protecting vehicle surfaces from scratches, UV radiation, and harsh environmental conditions, while also enhancing the aesthetic appeal of vehicles. The expanding automotive production and sales in Mexico further drive the demand for coatings in this sector and consequently drives up the Mexico coating market share.
Technological advancements play a significant role in the evolution of the market in Mexico. Innovations in coating formulations and application techniques have led to the development of high-performance coatings that offer superior protection and aesthetics. For instance, the introduction of advanced polymer coatings and nanotechnology-based coatings has significantly enhanced the performance characteristics of coatings, including durability, adhesion, and resistance to chemicals and UV radiation.
Moreover, the integration of sustainable and eco-friendly practices in coating production is revolutionising the market. The development of low-VOC (volatile organic compound) and water-based coatings aligns with the growing demand for environmentally friendly products. These coatings offer the same high performance as traditional solvent-based coatings while minimising environmental impact and health risks. The adoption of sustainable practices in the coating sector is driven by stringent environmental regulations and increasing consumer awareness, leading to Mexico coating market development.
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The expansion of the market is anticipated to be driven by the increasing infrastructural development in the country. A prime example is the Felipe Ángeles International Airport in Mexico City, which is predominantly constructed using architectural metal components that require meticulous polishing and coating. Furthermore, the Mexican government has announced its intention to invest $600 million in the construction of new airports and other buildings in 2022, which is expected to further boost the growth of the market. To capitalise on the opportunities arising from the nearshoring of American and European business operations, key players in the market are expanding their production capabilities. WEG, for instance, is investing $20 million in Atotonilco de Tula to establish a new factory for manufacturing industrial liquid paints, leading to Mexico coating market expansion.
Market Segmentation
The market can be divided based on the resin, technology, end use, and region
Market Breakup by Resin
• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others
Market Breakup by Technology
• Solvent Borne
• Water Borne
• Powder Based
• Others
Market Breakup by End Use
• Automotive
• Electronics
• Aerospace
• General Industrial
• Power Generation
• Marine
• Others
Market Breakup by Region
• Baja California
• Northern Mexico
• The Bajío
• Central Mexico
• Pacific Coast
• Yucatan Peninsula
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Mexico coating market. Some of the major players explored in the report by Expert Market Research are as follows:
• BASF SE
• Akzo Nobel N.V.
• PPG Industries Inc.
• Hempel A/S
• Nippon Paint Holdings Co., Ltd.
• Axalta Coating Systems, LLC
• Jotun A/S
• The Sherwin-Williams Company
• Kansai Paint Co., Ltd.
• Corev Inc.
• Champion Coat Paints and Coatings
• Others
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