Vehicle coatings are gaining popularity due to the trend for aesthetic looks & protection purposes of commercial vehicles.
The “Latin America Commercial Vehicle Coatings Market” is likely to grow at a CAGR of around 6.5% during the forecast period i.e. 2021-26, says MarkNtel Advisors. It owes critically to the rapidly growing transformative shifts by economic, social, and technology disruptions in the automobile sector. Additionally, the reshaping automobile industry directly impacts the Commercial Vehicle Coating Market of Latin America, thereby witnessing substantial growth across the region. Besides, requirements like regional logistics, economic activities with new Commercial Vehicle fleet renewal regulations are further likely to support the market growth in the forecast period.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||Brazil, Mexico, Argentina, Peru, Others|
|Key Companies Profiled||Axalta Coating Systems, BASF, PPG Industries, Kansai Paint, Akzo Nobel, Valspar Corporation, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Others|
|Unit Denominations||USD Million/Billion|
The research report, “Latin America Commercial Vehicle Coatings Market Analysis, 2021,” depicts a deep-dive market analysis of market statistics, which mainly consists of regional & country-wise market size, market forecast, CAGR & market share of market segmentation, competitive benchmarking, and key market drivers & restraints.
Covid-19 Severely Impacted the Latin America Commercial Vehicle Coatings Market
The outbreak of the Covid-19 pandemic had a negative impact on businesses across the world, where the Latin America Commercial Vehicle Coating Market was no exception. With the imposition of stringent norms on movement across the region, the market observed severe decline due to disruptions in the supply chains, shut down of manufacturing units, loss of finances & projects, etc.
However, with the gradual upliftment of these limitations and revival since 2021, the Latin America Commercial Vehicle Coating Market is likely to recover from the loss and regain its original pace in the forecast period. With the establishment of modern regulations to combat the spread of the virus and adjusting to the new normal, the market shall also create lucrative growth opportunities for market players in the forecast period.