International.
The International Monetary Fund estimates that in the Latin American region the Coatings market is US$9.2 billion, with a population of 604 million people.
Sherwin's Latin America Coatings Group is the market leader in protective and marine coatings in Brazil, Mexico and Chile, and for the first time in architectural coatings in Ecuador.
In 2013, market researcher IHS stated that the coatings market in Latin America will have an annual growth rate of eight percent through 2018, compared to rates of only two to three percent in the U.S. and 1.5% to 2.5% in Western Europe.
The Latin American paint market is estimated at US$10 billion, and with growth of one percentage point or two more than regional GDP, as forecast by the World Bank, there was growth of 1.9% in 2014, 2.9% in 2015 and 3.5% in 2016.
AkzoNobel, a Dutch paint manufacturer, reports that 11% of all revenue in 2012 came from Latin America, Sherwin-Williams says it was 9% against DuPont's 14%.
Brazil is the main consumer of paints in Latin America, with a consumption of eight liters per inhabitant, followed by Mexico, whose consumption is between 5.5 and 7.5 liters on average, according to the style and brand of paint. In the United States the consumption is 20 liters per inhabitant.
Mexico is the second producer and consumer of paint, being used mainly for the domestic and industrial area. Smuggling in Mexico does not exceed 1% of total paint sales.
Source: Latinpin.
