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MARKET OUTLOOK

Triton Market Research has put forth that the smart coatings market in Latin America is likely to grow with a CAGR of 24.39% over the forecast years from 2021-2028. Brazil, Mexico, and Rest of Latin America together comprise the market in this region. 

Brazil dominates the smart coatings market in Latin America. The construction industry in the country has shown growth in 2021, consequently influencing the demand for smart coatings as well. Besides, the Brazilian aerospace industry has also shown better performance, with the economic recovery. Brazil has also seen robust growth in its aircraft manufacturing activities, primarily because of Embraer, an aircraft manufacturer in the country. As of May 2019, there were 59 new qualified projects held by the Brazilian Ministry of Infrastructure under the PPI Program.

The projects included 6 port terminals and 22 airports, along with 14,500 km of highways to be granted to the private sector. These projects cumulatively attracted investments of nearly $10 billion. Hence, such projects that drive construction activities in the country are expected to raise the demand for smart coatings used in construction.

The Argentine economy is gaining steam, at least in the oil & gas sector. This bodes well for specialty coatings manufacturers such as Shaw Pipeline. In 2014, the company began insulation coating production at its Socotherm facility in Argentina. Later, in April 2015, Shaw announced two contracts amounting to $55 million from Tenaris to provide three-layer PE anti-corrosion pipeline coatings for the first two phases of the Argentina Northeast Gas Pipeline (GNEA). Initiatives such as these are contributing to the growth of the market in Rest of Latin America.

COMPETITIVE OUTLOOK

Nippon Steel Corporation, AkzoNobel NV, Jotun AS, Tesla NanoCoatings Inc, Eastman Chemical Company, Ancatt Inc, BASF SE, and 3M Company are some of the prominent names present in the smart coatings market.