South America Paints & Coatings Market to Reach US$ 19.1 Billion by 2031 at 5.6% CAGR, Driven by Construction & Industrial Growth; Brazil Leads with 48% Share

The South America Paints and Coatings Market reached US$ 12.4 billion in 2023 and is projected to grow to US$ 19.1 billion by 2031, registering a CAGR of 5.6% during 2024-2031. The market is gaining momentum as construction, automotive refinishing, industrial manufacturing, and protective coatings demand continues to rise across Brazil, Argentina, Chile, Colombia, and Peru. Growing urban infrastructure projects, expansion of residential and commercial buildings, and increased industrial activity are key contributors to market expansion.

Demand is further fueled by the shift toward low-VOC, water-based, and high-solids coatings, driven by tightening environmental regulations and the growing trend of sustainable formulations. Architectural coatings dominate regional consumption, supported by booming housing renovations and improved consumer spending. Meanwhile, industrial protective coatings are witnessing strong adoption in oil & gas, mining, and marine sectors, critical industries in South America aiming to enhance asset durability and operational efficiency. Brazil remains the largest market, benefiting from rapid industrialization and infrastructure development, while Chile and Colombia are emerging as high-growth countries adopting advanced coating technologies.

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The America Paints & Coatings Market is a rapidly expanding industry powering construction, automotive, and industrial innovation with advanced, high-performance, and sustainable coating technologies.

Key Developments

United States
✅ August 2025: U.S.-based architectural coating manufacturers expanded exports of low-VOC and high-durability acrylic coatings to South America as regional construction demand surged.

✅ June 2025: Leading U.S. industrial coating suppliers introduced advanced corrosion-resistant epoxy and polyurethane systems tailored for South American oil & gas, marine, and mining sectors.

✅ April 2025: American chemical innovators launched bio-based resin technologies that gained traction among South American coating producers aiming to strengthen sustainability compliance.

Japan
✅ September 2025: Japanese automotive coating leaders rolled out next-gen eco-friendly cathodic electrodeposition (CED) coatings adopted by South American automotive OEMs.

✅ July 2025: Japan's electronics coating specialists expanded supply of functional coatings (anti-static, anti-scratch) to Brazil's growing electronics assembly market.

✅ March 2025: Japanese R&D institutions developed high-performance UV-curable coatings optimized for tropical climates, attracting demand in Brazil, Colombia, and Peru.

Mergers & Acquisitions

United States
✅ May 2025: A U.S. coatings conglomerate acquired a South American specialty coatings distributor to strengthen regional presence in protective and industrial coatings.

✅ February 2025: A U.S. resin manufacturer partnered with a Brazilian coatings producer, forming a joint venture for sustainable waterborne resin development.

Japan
✅ April 2025: A Japanese coatings giant acquired a minority stake in a Chilean industrial coatings company to expand across the Andean market.

✅ January 2025: A Japan-based specialty coatings company formed a strategic alliance with a U.S. exporter to supply premium automotive coatings to Brazil and Argentina.

Key Players
PPG Industries, Inc. | The Sherwin-Williams Company | Axalta Coating Systems LLC | Jotun A/S | Nippon Paint Holdings Co., Ltd. | Asian Paints Limited | Kansai Paint Co., Ltd. | RPM International Inc. | Tikkurila OYJ

Key Highlights
• PPG Industries, Inc. - Holds 17.8% share of the global paints & coatings market, driven by strong demand in industrial coatings, automotive refinish solutions, protective coatings, and sustainable waterborne technologies.

• The Sherwin-Williams Company - Accounts for 16.5% market share, supported by leadership in architectural paints, protective coatings, and performance coatings across construction, automotive, and OEM segments.

• Axalta Coating Systems LLC - Maintains 11.2% share, strengthened by innovations in automotive OEM, refinish coatings, and high-performance industrial systems.

• Jotun A/S - Holds 9.4% share, fueled by marine coatings leadership, protective coatings for offshore infrastructure, and strong presence in Middle East and Southeast Asia.

• Nippon Paint Holdings Co., Ltd. - Represents 13.1% market share globally, driven by architectural coatings, automotive coatings, and expanded footprint in Asia-Pacific markets.

• Asian Paints Limited - Holds 7.6% share, supported by dominance in decorative paints across India and growing expansion in industrial coatings and home solutions.

• Kansai Paint Co., Ltd. - Maintains 8.9% share, driven by automotive coatings, industrial protective coatings, and strong OEM partnerships in Asia and Europe.

• RPM International Inc. - Accounts for 6.2% share, known for specialty coatings, sealants, and construction chemicals across industrial, commercial, and consumer segments.

• Tikkurila OYJ - Holds 3.8% share, recognized for premium decorative coatings and sustainable, low-VOC product lines with strong roots in Nordic and Eastern European markets.

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Market Drivers
• Rapid growth in construction, housing, and commercial infrastructure across Brazil, Colombia, and Chile is driving strong demand for architectural paints and protective coatings.

• Expanding automotive production and aftermarket repair activities are boosting the consumption of OEM coatings, refinish paints, and high-performance surface solutions.

• Increasing investments in oil & gas, marine, and mining industries across South America are driving the need for corrosion-resistant and industrial maintenance coatings.

• Rising adoption of eco-friendly, low-VOC, and waterborne formulations is accelerating due to stricter environmental regulations and sustainability initiatives.

• Growth of manufacturing sectors and industrial equipment usage is supporting demand for protective, anti-corrosion, and performance-enhancing coating systems.

Industry Developments
• October 2025 (Brazil): Leading manufacturers expanded production capacity for waterborne architectural paints to meet rising urban housing demand and regulatory pressure for low-emission products.

• August 2025 (Chile): Coating suppliers introduced advanced anti-corrosion marine coatings designed for offshore energy infrastructure and coastal industrial applications.

• June 2025 (Argentina): Industrial coating companies launched high-performance epoxy and polyurethane systems tailored for heavy machinery, mining equipment, and agricultural vehicles.

• April 2025 (Colombia): Manufacturers invested in R&D for bio-based and solvent-free coatings to align with regional sustainability goals and green-building initiatives.

Regional Insights
• Brazil holds a 48% share, driven by "large-scale construction activity, strong automotive manufacturing, and rising demand for architectural and industrial coatings."

• Argentina accounts for a 17% share, supported by "increasing industrial activity, agricultural machinery production, and growing adoption of durable protective coatings."

• Chile represents a 14% share, fueled by "expanding mining operations, coastal infrastructure projects, and higher use of anti-corrosion and marine-grade coatings."

• Colombia holds an 11% share, driven by "infrastructure development, rising residential construction, and increasing use of decorative and protective coatings."

• Rest of South America accounts for a 10% share, with growth driven by "transportation upgrades, industrial expansion, and rising preference for sustainable coating technologies."

Key Segments:

➥ By Resin Type
Alkyd resins remain widely used due to their excellent adhesion, gloss retention, and cost-effectiveness, making them suitable for architectural and general-purpose coatings. Polyester resins are preferred for their strong mechanical properties, UV resistance, and versatility across industrial and protective applications. Epoxy resins dominate high-strength and corrosion-resistant applications, particularly in marine, automotive, and heavy industrial environments. Polyurethane resins are valued for their superior abrasion resistance, chemical stability, and long-term durability in demanding outdoor conditions. Fluoropolymers offer exceptional weatherability, low surface energy, and long-term color retention, supporting their use in high-performance architectural and industrial coatings.

➥ By Technology
Water-based coatings lead adoption due to low VOC emissions, environmental compliance, and suitability for architectural and industrial applications. Solvent-based coatings remain important for applications requiring fast drying, strong adhesion, and resistance in harsh or humid environments. Powder coatings offer high durability, eco-friendly operation, and excellent surface finish without VOC emissions, making them ideal for appliances, automotive parts, and metal fabrication. UV-cured coatings are preferred for rapid curing, energy efficiency, and minimal environmental impact, commonly used in electronics, flooring, and packaging. Electron beam coating technology delivers superior cross-linking, high purity, and exceptional durability for specialized industrial and semiconductor applications. Others include thermal spray, electrophoretic, and specialty curing technologies used for niche protective applications.

➥ By Resin Characteristics
Commodity coatings, available in both thermoplastic and thermoset forms, are used across broad industrial and architectural applications where cost-efficiency, ease of application, and balanced performance are essential. Engineering coatings, offered as thermoplastic and thermoset variants, provide enhanced mechanical strength, improved chemical resistance, and better durability for industrial equipment, transportation assets, and machinery components. High-performance coatings, available in advanced thermoplastic and thermoset families, deliver exceptional heat tolerance, chemical inertness, and long-term protection, making them indispensable in aerospace, oil & gas, marine, and high-temperature industrial environments.

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