Ecuador Paints Market Report and Forecast 2024-2032

Ecuador Paints Market Size

The Ecuador paints market reached a value of nearly USD 301.36 million in 2023. The market is projected to grow at a CAGR of 4.7% between 2024 and 2032 and reach around USD 446.81 million by 2032.

Ecuador Paints Market Outlook

• By 2025, the construction sector of Ecuador is anticipated to witness 2.9% growth.

• Pinturas Unidas S.A., Sherwin-Williams Co. and Pintuco S.A. are some major companies in the market.

• In 2022, the Ecuadorian government allocated USD 363 million for infrastructural development. The government’s aim to strengthen the public-private partnership drives the demand for paints in the country.

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Ecuador Paints Market Growth

An expanding food processing sector aids the use of machinery such as packaging or wrapping, filling, sealing, and capping machines. Paints used for coating these machines are effective in preventing mould, mildew, and bacterial build-up to prevent food contamination. As of April 2023, Ecuador’s food processing sector accounted for around 45% of Ecuador’s manufacturing GDP.

Some of the major factors driving the Ecuador paints market growth are the growth of the construction sector, expanding automotive sales, and the rising demand for eco-friendly paints. Ecuador is increasingly adopting sustainable construction practices. As a result, water-borne paints with low volatile organic compounds (VOC) compounds and paints with low lead content are gaining popularity in the market.

Key Trends and Developments

Growing infrastructural development; growing demand for eco-friendly paints; rising use of paints in the automotive sector; and the robust growth of the manufacturing sector are propelling the Ecuador paints market expansion

May 2024

Pintulac is making a significant investment of USD 12 million to construct a modern and sustainable paint factory on a 15-hectare plot of land in Calacalí. This state-of-the-art facility is expected to be operational by the end of the year.

November 2023

Brenntag, a leading distributor of ingredients and chemicals, announced a new supplier agreement with Elementis. Under this agreement, Brenntag will distribute a variety of Elementis products for the coatings and construction markets in Mexico and Ecuador.

April 2023

Diamond Vogel acquired an aerosol manufacturing facility in Menomonee Falls, Wisconsin, from N92 Menomonee Falls, LLC, a Sherwin-Williams subsidiary. This facility, with about 100 employees, produces colour-match touch-up paint, custom aerosol, and speciality coatings under brands like Precision Color, Quest, Raabe, Zolatone, and Z-Line.

April 2023

The Sherwin-Williams Company disclosed its agreement to sell its architectural paint business in China to the global coatings company Akzo Nobel N.V. This division produces and markets decorative paints under the brand name Huarun in China.

Growing infrastructural development and transportation projects

In December 2022, Ecuador's Transport and Public Works Ministry started preparing tenders for 12 projects, including four high-priority projects, including the Quinto Puente, the Guayaquil-Quito highway, the Guayaquil-Cuenca highway, and the Manta-Quevedo highway.

Rising demand for eco-friendly paint

An expanding population in Ecuador aids the demand for affordable and sustainable housing. Annually, the population of Guayaquil, the largest city in Ecuador’s population expands by 1%. Thus, the demand for eco-friendly affordable housing aids the market for sustainably produced low-VOC paints.

Growing demand from the automotive sector

In 2023, motorcycle sales in Ecuador increased by 21.9% compared to 2022. Paint protects automobiles from corrosion and enhances their aesthetic appeal. New vehicle registrations in the country expanded by 14.9% in 2022 y-o-y. The growing demand for mobility thus provides an opportunity for the Ecuador paints market growth.

Growing demand from the manufacturing sector

Paints are crucial in protecting machinery against corrosion, enhancing its lifespan, and ensuring productivity. In 2022, the Ecuadorian manufacturing sector contributed approximately 16.25% to the country’s GDP.

Ecuador Paints Market Trends

Paints act as a protective barrier that keeps moisture out of the structure. Rising investment in the construction sector aids the demand for paints. An expanding infrastructural development is positively influencing the demand for paints in Ecuador. For instance, in June 2023, the World Bank granted Ecuador a USD 150 million road infrastructure loan to respond to infrastructure and transportation emergencies and strengthen its infrastructural sector’s resilience and road safety.

Furthermore, By May 2025, the government aims to increase private participation in the state road network from 17% to 40%. In April 2024, Ecuador announced the addition of seven projects worth USD 2.3 billion to its public-private partnerships (PPP) registry.

Figure: Infrastructure Investments at Current Trends and Requirement (USD Billion), 2018-2040

Ecuador Paints Industry Segmentation

The EMR’s report titled “Ecuador Paints Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Raw Material:

• Pigments and Fillers

• Solvents

• Resin

• Additives

Market Breakup by Technology:

• Powder Based

• Water Borne

• Solvent Borne

• Others 

Market Breakup by Sales Channel:

• Direct

• Indirect

Market Breakup by End Use:

• Architectural/Decorative

• Industrial 

Ecuador Paints Market Share

Resin is expected to hold a significant market share as it enhances paint’s resistance to weather conditions.

Resins act as a binder that holds the pigment particles together and provides adhesion to the painted surface. Additionally, acrylic resins are commonly used as binders in waterborne or low-VOC paints. According to its NDC targets, by 2025, Ecuador aims to reduce GHG emissions by 12% from the current levels. As a result, demand for sustainable construction materials, including low-VOC waterborne paints is projected to increase during the forecast period.

Pigments widely used by the paints industry include masterbatch, chrome yellow pigment, molybdate orange pigment, and pigments based on chromium compounds. Ecuador imports chromium-based pigments from countries, such as Colombia, Mexico, and China.

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Ecuador Paints Market Leaders

Sherwin-Williams Co.

Headquartered in the United States and founded in 1866, Sherwin-Williams Co. offers paints and coatings for architectural and industrial purposes. Architectural coatings include 35 brands with over 18 products that include paints, varnishes, and floor coverings for interior and exterior applications. Industrial coatings include over 34 brands divided into 7 business divisions.

Pinturas Superior

Headquartered in Ecuador and founded in 1975, Pinturas Superior provides a diversified portfolio of paints and coatings for various segments such as architectural lines, industrial lines, automotive and signalling lines.

Pintuco S.A.

Headquartered in Colombia and founded in 1945, Pintuco S.A. provides high-quality products for the decorative, construction, and high-performance coatings sectors, utilising advanced technology and sustainable processes. Its product portfolio includes paints for interior, industrial paints, construction paints and automotive paints.

Adheplast S.A.

Headquartered in Ecuador and founded in 1972, Adheplast S.A. manufactures and distributes high-quality paints, resins, and adhesives, catering to both domestic and international markets. The various types of paints are offered by the company under the following brands such as Economico and Plascolor, and others.

Other key players in the Ecuador paints market include Indualca S.A., Mega Pinturas Cia. Ltda, Pinturas Líder Cía. Ltda., Pinturas Unidas S.A., Sailorpaint S.A, and Pinturas Wesco S.A.

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Ecuador Paints Market Report Snapshots

Ecuador Paints Market Size

Ecuador Paints Market Growth

Ecuador Paints Market Trends

Ecuador Paints Market Share

Ecuador Paints Companies