Market Trends of mexico architectural coatings Industry
This section covers the major market trends shaping the Mexico Architectural Coatings Market according to our research experts:
Residential is the largest segment by Sub End User.
- The growth rate of architectural coatings had been declining since 2016 before bouncing back in 2020. The growth registered in 2020 was due to a huge sales increase from the DIY segment, driven by consumers nesting at home and completing DIY projects. The aging housing stock, which reached an average age of 41 years in 2019 from around 31 years in 2001, is a major driver of the market demand.
- The country’s residential sector held the highest share, at around 78-79%. However, this trend changed drastically in 2020 due to a major increase in the residential repaint demand in parallel with a huge decline in the commercial sector, thus reducing the commercial sector’s share to less than 17.4%.
- Though the commercial sector’s share is expected to recover during the forecast period, it may not reach the pre-pandemic levels in the short term due to sustained demand in the residential segment.
Understand The Key Trends Shaping This Market
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