Latin America Commercial Vehicle Coatings Market is likely to grow at a CAGR of 6.7% in the forecast period of 2023-28, says MarkNtel Advisors in their research report, "Latin America Commercial Vehicle Coatings Market Analysis, 2023." It owes critically to the rapidly expanding construction sector across major economies of Latin America and accelerating applications & usage of vehicle coatings in the aerospace industry. Additionally, an uptick in demand for bio-based & eco-friendly vehicle coatings shall further act as an opportunity for the Latin America Commercial Vehicle Coating Market in the forecast period.
Key questions answered in the study
Polyurethane to Observe the Fastest Growth During the Forecast Period
Based on the Resin Type, the Latin America Commercial Vehicle Coatings Market bifurcates into Polyurethane, Epoxy, Acrylic, and others like Vinyl & Alkyd. Of all, Polyurethane is more likely to witness the fastest growth in the forecast period, owing to its high abrasion with water, grease, and oil, giving the vehicles UV protection and fungus resistance in a tropical environment. Hence, with this advantage, Polyurethane is likely to observe rapid growth in the forecast period.
"Latin America Commercial Vehicle Coatings Market Analysis, 2023" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Commercial Vehicle Coatings providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Peru to Witness the Largest Share of the Latin America Commercial Vehicle Coatings Market
Latin America Commercial Vehicle Coatings Market is expanding substantially across countries, where Peru is likely to attain the largest share in the forecast period. The favorable business environment in the country is the prime factor backing up the massive revenue generation in the country. Additionally, with the robust expansion of the automobile industry and the rising per capita income, vehicle affordability is increasing considerably in the country and directly impacting the Commercial Vehicle Coating Market of Latin America. Besides, the market is likely to remain fragmented owing to the presence of prominent players. Furthermore, the availability of raw materials & cheap labor is also determining the fastest market growth in Peru during the forecast period, reveals MarkNtel Advisors in their research report, "Latin America Commercial Vehicle Coatings Market Analysis, 2023."
According to MarkNtel Advisors, the leading players in the Latin America Commercial Vehicle Coatings Market are Axalta Coating Systems, BASF, PPG Industries, Kansai Paint, Akzo Nobel, Valspar Corporation, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Others.