Peru Paints and Coatings Market Report and Forecast 2024-2032

Peru Paints and Coatings Market Outlook

The Peru paints and coatings market size reached approximately USD 399.50 million in 2023. The market is projected to grow at a CAGR of 3.5% between 2024 and 2032, reaching a value of around USD 541.89 million by 2032.

Key Takeaways

• In May 2021, Peru adopted the Lead Paint Law, aiding the demand for low-VOC paints.

• The rapid growth of the e-commerce sector, coupled with the robust development of traditional retail, has transformed the accessibility of paints and coatings for consumers.

• Under Peru’s National Infrastructure Plan (PNIC), launched in 2019, the Peruvian government prioritises 52 infrastructure projects, two-thirds of which are in the transportation and communications sector. These projects are expected to be completed by 2025.

The Peru paints and coatings market is closely linked with the construction sector. The expansive range of endeavours spanning sports facilities, hospitals, and road infrastructure, including the construction of numerous bridges, alongside ongoing reconstruction initiatives, collectively propel the expansion of this market. Further, the surging engagement of the private sector in projects encompassing manufacturing, electrical, mining, residential construction, and shopping centre development, is a rising demand for paints and coatings.

Key factors driving the Peru paints and coatings market development include a growing construction sector, robust automotive production, expansion of paints and coatings manufacturing, and the production of low-VOC paints.

Key Trends and Developments

Rising demand for sustainable paints and coatings, ease of availability of paints and coatings, and rising residential construction aid Peru paints and coatings market growth.

Figure: Key Projects in the End-Use Sectors

Peru Paints and Coatings Market Trends

Rising environmental pollution concerns are compelling governments to boost the production of eco-friendly construction materials. Environment-friendly products such as water-based or low-VOC paints and coatings are formulated with reduced levels of co-solvents and glycols, thereby impacting the Peru paints and coatings market growth. Advanced products also include powder or radiation-cured paints and the use of new coalescing agents, plasticisers, and alternative solvents. The adoption of environment-friendly paints is being supported by government regulation ruling out the use of lead in paints, which is known to cause health issues.

Market Segmentation

Peru Paints and Coatings Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

By resin type, acrylic holds a significant Peru paints and coatings market share due to their desirable properties

According to the Peru paints and coatings market report, acrylic resins are widely deployed in coating materials in the automotive, architectural, and plastic sectors due to their exceptional weather resistance and durability. Acrylic resins are the commonly used binders in paint and coatings. Decorative paints use both pure and modified acrylics, including styrene-acrylics and vinyl-acrylics.

When used on visible wooden surfaces in furniture manufacturing, polyurethane coatings deliver a lustrous appearance that effectively repels water, fights against corrosion, and shields against scratches, stains, and harmful UV rays.

Alkyd resins are a key ingredient in many synthetic paints, varnishes, as well as enamels and coatings, and finishes in the protective coating market. They are water-resistant and can adhere to materials like wood or metal.

Architectural/ decorative application of paints and coatings holds a significant share of the market due to rising renovation/ maintenance activities

According to the Peru paints and coatings market analysis, the demand for architectural/ decorative paints and coatings is intrinsically linked to the ongoing renovation and maintenance efforts in essential public spaces. Community centres, schools, towers, and clinics spread across the country require regular upkeep to ensure their functionality, aesthetics, and longevity. As these facilities serve as vital hubs for various activities, the application of paints and coatings becomes crucial to protect surfaces, enhance visual appeal, and contribute to a conducive environment for users.

The industrial segments boost the demand for protective coatings to protect automobiles, machinery, and other components from corrosive agents, abrasions, and UV radiation. This surge in automotive production consequently amplifies the requirement for reliable coatings that provide long-lasting protection. Prominent automotive players in the Peru paints and coatings market include General Motors, Toyota, Hyundai, Volkswagen, and Kia. These companies are engaged in the production, import, and distribution of automobiles as well as providing services such as repair and maintenance.

Moreover, the timber industry has embraced the usage of low-VOC water-borne coatings, particularly in the realm of furniture manufacturing. This transition aligns with the industry’s commitment to environmentally friendly practices.

Competitive Landscape

The paints and coatings market in Peru is assessed to be fragmented in nature with a presence of several global and domestic players in the market.

Other key players in the paints and coatings market in Peru include Akzo Nobel N.V., Benjamin Moore & Co., Lanco Manufacturing Corp., and Qroma S.A., among others.

Peru Paints and Coatings Market Analysis

To enhance the appearance of its infrastructure, Peru is implementing renovation activities nationwide. Renovation activities are also extending to community centres, schools, and clinics. As a result, there is a growing demand for paints and coatings. Moreover, initiatives such as the Peru Commercial Renovation Program which is developed to improve economic growth and noticeably improve commercial properties that are located within the Peru Downtown Tax Increment Financing (TIF) District Redevelopment Project Area are stimulating property owners to make improvements in their buildings.

Key Highlights of the Report

Peru Paints and Coatings Market Report Snapshots

Peru Paints and Coatings Market Size

Peru Paints and Coatings Market Trends

Peru Paints and Coatings Market Share

Peru Paints and Coatings Companies

Peru Paints and Coatings Market Analysis