MEXICO PAINTS AND COATINGS MARKET

Mexico Paints and Coatings Market size reached USD 3.4 billion in 2024 and is estimated to reach USD 5.1 billion in 2032 and the market is estimated to grow at a CAGR of 5.3% from 2025-2032 driven by rapid urbanization coupled with expanding construction and infrastructure developments.

Major Market Drivers and Emerging Trends

Market growth is projected to be driven by factors including rising construction activities along with population growth and rapid urbanization. With the expansion of urban centers along with the growing demand for housing, the need for paints and coatings to accommodate new developments is also on the rise. The demand is further driven by renovation and restoration activities of both historical and residential buildings. In line with Mexico’s lively culture, paints contribute significantly to the country’s architectural beauty which adds a vibrant spectrum of colors to its cities.

The growing infrastructure projects within the country is further anticipated to drive Mexico paints and coatings market growth. An example is Felipe Angeles International Airport where the architectural metal parts require polishing and coating with high quality. The government revealed in 2022 its plan to invest USD 600 million in new airports and infrastructure which is anticipated to drive paint and coating market growth. The construction sector is crucial to Mexico’s economic structure where in the past fifty years the urbanization has surpassed that of most OECD countries. Urbanization and rising income levels are spurring greater demand for construction which in turn drives market growth.

The other factor supporting Mexico paints and coatings market size growth is the growing demand for premium furniture. Paints and coatings are essential in furniture manufacturing as they offer protection from external harm and boost its visual appeal. The growing urban population along with increased commercial construction and higher furniture exports in the country is therefore driving up the need for furniture. This urbanization trend is likely to fuel the sales of luxury furniture which in turn will drive the need for paints and coatings.

The aerospace and automotive sectors also provide a significant boost to the market. Mexico’s role as a major automobile manufacturing hub highlights the critical need for durable coatings with high quality for vehicles. These coatings not only improve appearance but also offer essential protection from UV radiation along with various damaging elements. Mexico ranked seventh in global automobile production by manufacturing 3.5 million units annually. The automotive production growth is driving the need for protective coatings that are essential in preventing corrosion in vehicles.

Moreover, the rising demand for eco-conscious solutions has guided the industry towards developing sustainable products which further propel market growth. With consumers becoming more environmentally aware, the demand for water-based along with other alternative paints and coatings with less environmental impact continues to rise.

Based on resin type acrylic resin is experiencing notable growth as it is extensively used in automotive and architectural applications for its durability and weather resistance. Major OEMs like Ford or Volkswagen have a significant impact on the need for automotive refinish paints and coatings in Mexico. Polyester resins are also a key component in the paints and coatings sector as they offer durable and protective coatings for numerous materials. These coatings ensure strong adhesion and prolonged protection from environmental elements. Epoxy resins are favored for numerous commercial and industrial purposes because of their strength and chemical resistance. They are utilized in producing paints and coatings along with other materials used in construction applications.

Based on technology, waterborne coatings generated the highest revenue. Waterborne coatings dry more quickly than solvent-based paints as the water in the coating layer evaporates rapidly which leads to quick drying without the formation of a surface skin. These coatings are preferred in applications where solvent-based options could cause reactions with the substrate. These coatings are highly effective primers since they provide superior thermal along with corrosion resistance. They are also flame-resistant with low toxicity attributed to the minimal VOC and reduced harmful air contaminants.

Based on end-use industry, the architectural segment holds the largest market share as the coatings are designed for protective and decorative purposes in buildings or homes. Whether used for roofs or walls, every architectural coating should fulfill specific roles in decoration and protection.

Top Market Players

The market is relatively fragmented and it features prominent players including PPG Industries, Nippon Paint, Pinturas Osel, Axalta Coating, among others.

Key Developments

• • In 2024, WEG committed USD 20 million to the construction of a new manufacturing facility for industrial liquid paint in Mexico. This new facility will boost its existing production capacity and support demand in Central and North America. The company will make the investments in Atotonilco de Tula as it expands its existing powder coating production for the infrastructure and industrial sectors.
  • In 2024, Akzo Nobel committed USD 3.6 million to its extrusion and coil coatings processing plant in Mexico aimed at increasing production capacity while streamlining operations for North American clients.

Segments covered in the Report:

The Mexico Paints and Coatings Market has been segmented on the basis of Resin Type, Technology, and End-use Industry. Based on the Resin Type, the market is segmented into Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, and Others. Based on the Technology, the market is segmented into Water-borne Coatings, Solvent-borne Coatings, Powder-based, and Others. Based on the End-use Industry, the market is segmented into Architectural and Industrial. The Architectural segment is further segmented into Residential and Non-Residential. The Industrial segment is further segmented into General Industrial, Protective, Automotive, Wood, Marine, Packaging, and Others.

Market Segmentation

Mexico Paints and Coatings Market by Resin Type

• • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • Others

Mexico Paints and Coatings Market by Technology

• • Water-borne Coatings
  • Solvent-borne Coatings
  • Powder-based
  • Others

Mexico Paints and Coatings Market by End-Use Industry

• • Architectural
    • Residential
    • Non-Residential
  • Industrial
    • General Industrial
    • Protective
    • Automotive
    • Wood
    • Marine
    • Packaging
    • Others

Mexico Paints and Coatings Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • PPG Industries
  • Nippon Paint
  • Pinturas Osel
  • Axalta Coating