Report : South and Central America Decorative Paints Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)
Growth in the Construction Industry is going to escalate Decorative Paints Market Growth
According to our latest market study on “South and Central America Decorative Paints Market Forecast to 2027 – Covid-19 Impact and Analysis - By Type (Water Based and Solvent Based), and Application (Residential and Non-Residential),” the market was valued at US$ 4,077.68 million in 2019 and is projected to reach US$ 5,816.94 million by 2027; it is expected to grow at a CAGR of 4.6% from 2020 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Decorative paints are defined as acrylic paints which helps to impart aesthetic design and distinctive texture in interior and exterior applications. The demand for decorative paints is rising growing with the change in consumer living patterns and growing focus over appearance of home, office, complexes, and other such spaces. With the growth of paints and coatings industry, the application of decorative paints in infrastructural and architectural sector has been recognized to be of utmost significance as they help to embellish both exterior and interior spaces of a building. Such paints are embedded with matte finish along with eggshell, gloss or satin finish and much more which helps to provide unique artistic pieces. Additionally, such paints are known for their functional characteristics such as light absorption and reflection, heat insulation, low VOC and others.
Construction is considered to be one of the most dynamic industrial sectors which are significantly related to the evolution of better societies across the world. With the rise in disposable income along with shift in lifestyle and change in working demographics, need for better residential and commercial spaces, the need for architectural facilities have risen, thereby, promoting growth of construction industry. As per world cement Association, Brazil’s construction output increased by 5.5% in 2020 as compared to revenue generated in 2019. The growth of regional market is supported by increased expenditure of government towards construction sector coupled with recovering labor market, strong credit growth and positive measures undertaken by government. The growth in residential and commercial sector along with new renovation activities is expected to promote the demand for decorative paints. The use of decorative paints across commercial and residential buildings is expected to provide growth opportunities of the market. Such paints are widely used at homes, complexes, offices, and other spaces. The demand for decorative paints is rising from the construction sector as they help to enhance the interiors and exteriors of buildings with different finishes including eggshell and satin, matte finish, gloss and others. Further, such paints are widely used in several construction operations such as wall paints, roof coatings and other finishes for better appeal. Positive government measures coupled with increased investment towards building and construction sector is expected to fuel the demand for decorative paints in the regional market.
Acuario Paints, Akzo Nobel N.V., BASF SE, Dow Inc., Hempel A/S, Jotun, PPG Industries Inc., RPM International Inc, Sinteplast and The Sherwin-Williams Company are among the well-established players in the south and Central America decorative paints market.
Impact of COVID-19 Pandemic on Decorative paints Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of December 2020, US, Brazil, India, Russia, Spain and UK are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and Materials industry is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the south and Central America hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the south and Central America supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the south and Central America travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
The report includes the segmentation of the south and Central America Decorative paints market as follows:
South and Central America Decorative paints market, by Type
South and Central America Decorative paints market, by Application
South and Central America Decorative paints market – by Country