Market Size of Mexico Protective Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Protective Coatings Market Analysis
By the end of this year, the protective coatings market in Mexico is expected to be worth 252 USD million, and it is expected to grow at a CAGR of over 4.5% during the forecast period.The COVID pandemic negatively affected the currently studied market. However, post-covid pandemic, the market recovered due to rising infrastructural projects in the country.
- Growing infrastructure and industrialization are expected to drive the country's protective coatings market.
- Changes in the prices of raw materials are likely to slow the growth of the market.
- During the forecast period, the growing demand for powder coatings is likely to give the market a number of chances to grow.
Mexico Protective Coatings Industry Segmentation
Protective coatings are materials that are applied to the substrate surfaces of steel and concrete structures to protect them from corrosion and environmental damage. The market involves the usage of coatings on new designs as well as the maintenance of existing systems. These structures can include industrial, commercial, and public infrastructure but exclude house buildings and private apartments. The protective coatings market is segmented by end-user industry, technology, and resin type. By end-user industry, the market is segmented into oil and gas, mining, power, infrastructure, and other end-user industries. By technology, the market is segmented into solvent-borne, waterborne, powder, and UV-cured. The market is segmented by resin type: acrylic, epoxy, alkyd, polyurethane, polyester, and others. The report offers market size and forecasts for revenue (USD million) for all the above segments.
| End-user Industry | |
| Oil and Gas | |
| Mining | |
| Power | |
| Infrastructure | |
| Other End-user Industries |
| Technology | |
| Waterborne | |
| Solventborne | |
| Powder | |
| UV-Cured |
| Resin Type | |
| Acrylic | |
| Epoxy | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
Mexico Protective Coatings Market Size Summary
The protective coatings market in Mexico is poised for growth, driven by increasing infrastructure and industrialization activities. Despite the initial setbacks caused by the COVID-19 pandemic, the market has shown resilience and is expected to expand steadily over the forecast period. The demand for protective coatings is bolstered by their essential role in providing corrosion, water, and fire resistance, particularly in the oil and gas sector. Mexico's significant position as a major oil producer and its robust logistics infrastructure further contribute to the market's expansion. The country's ongoing petroleum exploration and production activities, along with its status as a key oil supplier to the United States, are anticipated to enhance the demand for protective coatings.
In addition to the oil and gas industry, the protective coatings market in Mexico benefits from the rapid urbanization and infrastructure development occurring in the country. The application of protective coatings on steel structures is crucial for maintaining the integrity and aesthetics of civil infrastructure, such as bridges and public buildings. The government's investment in infrastructure projects, including transportation and water systems, underscores the growing need for protective coatings. This demand is expected to rise as Mexico continues to urbanize and expand its manufacturing hubs. The market is characterized by its fragmented nature, with major players like Axalta Coating Systems, BASF SE, Akzo Nobel N.V., PPG Industries, Inc., and The Sherwin-Williams Company actively participating in the market landscape.
Mexico Protective Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Infrastructure and Industrialization in Mexico
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1.1.2 Increasing demand from Mexico's Oil and gas industry
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1.2 Restraints
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1.2.1 High prices of Raw materials
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (in Value USD million)
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2.1 End-user Industry
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2.1.1 Oil and Gas
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2.1.2 Mining
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2.1.3 Power
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2.1.4 Infrastructure
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2.1.5 Other End-user Industries
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2.2 Technology
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2.2.1 Waterborne
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2.2.2 Solventborne
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2.2.3 Powder
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2.2.4 UV-Cured
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2.3 Resin Type
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2.3.1 Acrylic
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2.3.2 Epoxy
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2.3.3 Alkyd
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2.3.4 Polyurethane
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2.3.5 Polyester
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2.3.6 Other Resin Types
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Mexico Protective Coatings Market Size FAQs
What is the current Mexico Protective Coatings Market size?
The Mexico Protective Coatings Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Mexico Protective Coatings Market?
Axalta Coatings System, Akzo Nobel N.V., BASF SE, PPG Industries, Inc and The Sherwin-Williams Company are the major companies operating in the Mexico Protective Coatings Market.
