The latest report by MarkNtel Advisors, titled “Latin America Commercial Vehicle Coatings Market Report By Product Type (Primer, Basecoat, Electro-coats, Clear-coats), By Substrate (Metal, Plastic, Composite), By Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, UV-Cured Coatings), By Resin Type (Polyurethane, Epoxy, Acrylic, Others (Vinyl, Alkyd)), By Application (Light Commercial Vehicle (Pickup Trucks, Pickup Vans & Trucks, Light Bus), Medium & Heavy Commercial Vehicle) other and Region 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the Latin America Commercial Vehicle Coatings Market research report.
What is the market outlook for Latin America Commercial Vehicle Coatings?
The Latin America Commercial Vehicle Coatings Market size is estimated to grow at a CAGR of around 6.7% during the forecast period 2023–28.
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Major Companies Operating in the Latin America Commercial Vehicle Coatings Industry:
Axalta Coating Systems, BASF, PPG Industries, Kansai Paint, Akzo Nobel, Valspar Corporation, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Others
Latin America Commercial Vehicle Coatings Market Report Segmentation:
By Product Type
-Primer
-Basecoat
-Electro-coats
-Clear-coats
- Of them all, the Basecoat held a considerable share in the Latin America Commercial Vehicle Coatings market due to its growing application for providing exterior aesthetics & desired color to automobiles.
By Substrate
-Metal
-Plastic
-Composite
By Technology
-Waterborne Coatings
-Solvent-borne Coatings
-Powder Coatings
-UV-Cured Coatings
By Resin Type
-Polyurethane
-Epoxy
-Acrylic
-Others (Vinyl, Alkyd)
By Application
-Light Commercial Vehicle
–Pickup Trucks
–Pickup Vans & Trucks
–Light Bus
-Medium & Heavy Commercial Vehicle
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Regional Insights:
By Country
-Brazil
-Mexico
-Argentina
-Peru
-Others
Key Driver – Rising Sales of Commercial Vehicles Across the Region
The Latin America Commercial Vehicle Coatings market has been highly dependent on the sales of new commercial vehicles across the region. The sales of commercial vehicles have been rising due to the fast-growing population, urbanization, construction, and expansion of the industrial sector. Latin America is home to several major countries, including Chile, Peru, and others, which are rich in mineral resources and thus offer numerous opportunities for mining activities.
In response, the region’s significant mining activities are expected to stimulate the demand for trucks, leading to a rise in coating demand. Furthermore, the rapidly growing population & urbanization have increased the need for public buses to improve mobility, while the expansion of construction & industrial activities has resulted in a mass supply of raw materials & finished goods to various locations.
As a result of these factors, regional commercial vehicle sales increased from around 2.5 million units in 2020 to around 2.9 million units in 2021. As a consequence, the increasing sales of commercial vehicles generate demand for paints and coatings for both OEM and aftermarket applications.
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