The South and Central America decorative paints 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.
Decorative paints are acrylic paints that impart aesthetic design and distinctive texture in interior and exterior applications. The demand for decorative paints is rising 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 and gloss or satin finish, which helps to provide unique artistic pieces. Additionally, such paints are known for their functional characteristics, such as light absorption and reflection, heat insulation, and low VOC.
Based on application, the decorative paints market is bifurcated into residential and non-residential. In 2019, residential segment held the largest share in the South and Central America Decorative paints market, which is attributable to rise in residential constructions. The growth of the segment is also influenced by rapid urbanization, rise in disposable income, shift in consumer lifestyle, and increase in spending toward aesthetic appeal of residential spaces. Additionally, rising home ownerships is expected to promote the demand for decorative or architectural paints in regional market. The rise in investments in residential projects supported by positive government measures is anticipated to proliferate the growth of the market.
The COVID-19 pandemic was first reported in Wuhan, China, in December 2019. The pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns imposed by governments. Chemical and materials is one of the major industries suffering serious disruptions, such as supply chain breaks, and shutdown of processing plants. The Brazil has the highest number of confirmed cases of COVID-19 compared to other countries in the world. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19, the supply chain is likely to get affected and may negatively impact the South and Central America decorative paints market.
Acuario Paints; BASF SE; The Sherwin-Williams Company; Akzo Nobel N.V; Dow Inc.; PPG Industries, Inc; Jotun; RPM International, Inc; and Sinteplast and Hempel A/S are among the major players operating in the South and Central America decorative paints market.
The overall South and Central America decorative paints market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews were conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the decorative paints market.