The Mexico Industrial Coatings Market is projected to witness around 19% CAGR during 2022-27, states MarkNtel Advisors in their research report. The market is driven primarily by substantial foreign & government-led investments in infrastructure projects and the significantly expanding industrial manufacturing base across Mexico.
Furthermore, various strategies by the Mexican government to boost local manufacturing of industrial coatings also drive the market. The leading players in the market include Axalta Coating Systems, PPG Industries, Inc., Sherwin Williams, Henkel AG & Co. KGaA, and Akzo Nobel N.V., further states the research report, “Mexico Industrial Coatings Market Analysis, 2022.”
Packaging Sector to Dominate the Mexico Industrial Coatings Market during 2022-27
The booming demand for packaged food & beverages in the country is the prime aspect that attributes to the market dominance of the Packaging sector, which, in 2021, grabbed more than 30% of the revenue share in the market.
The food & beverage industry uses several kinds of packaging containers, cans, etc., with various designs & coatings applied to make them look attractive & prevent food contamination, which makes packaging containers an essential requirement in the FMCG industry.
Additionally, Mexico, home to some of the world’s largest food & beverage companies, including Coca-Cola Femsa and Grupo Bimbo, among other local manufacturers, is gaining significant investments to cater to the growing demand for packaged food products.
For instance, in January 2020, Nestle announced the investment of USD 700 million in Mexico to increase productivity by expanding production capacity and ensuring responsible management of natural resources.
Hence, due to massive investments in food industries, the demand for industrial coatings in the packaging sector has been steadily growing, contributing to a revenue boom in the overall market.
“Mexico Industrial Coating Market Analysis, 2022” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for industrial coating providers across Mexico. 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.
Epoxy & Acrylic-based Coatings to Gain Traction during 2022-27
In 2021, Epoxy & Acrylic-based coatings held more than 55% of the market share. These industrial coatings are multipurpose & have strong adhesive qualities, often used in Direct-to-Metal (DTM) applications in light to medium-duty industrial applications. Due to their ability to create a robust, durable, & chemically resistant substance, Acrylic & Epoxy coating compounds have an extensive array of applications in the automotive industry.
Moreover, the surging demand for Epoxy & Acrylic industrial coatings in Mexico also owes to a considerable rise in the manufacturing of heavy trucks in the country, i.e., from 140,258 units in 2016 to 195,421 units in 2019, reveals MarkNtel Advisors in their research report, “Mexico Industrial Coatings Market Analysis, 2022.”
Key Questions Answered in the Study