Mexico Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Mexico Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

By the end of this year, the protective coatings market in Mexico is expected to be worth 252 USD million, and it is expected to grow at a CAGR of over 4.5% during the forecast period.The COVID pandemic negatively affected the currently studied market. However, post-covid pandemic, the market recovered due to rising infrastructural projects in the country.

• Growing infrastructure and industrialization are expected to drive the country's protective coatings market.
• Changes in the prices of raw materials are likely to slow the growth of the market.
• During the forecast period, the growing demand for powder coatings is likely to give the market a number of chances to grow.

• Protective coatings offer excellent corrosion resistance, water resistance, and fire resistance. In the oil and gas industry, protective coatings used for chemical resistance and safety protocols play vital roles in avoiding risks related to damage, accidents, and workers' health.
• Mexico is one of the world's largest producers of petroleum and other liquids. The country is the fourth-largest producer of oil and other fluids in the Americas. The country's growth rate in petroleum exploration and production is consistent.
• In 2021, Mexico was ranked 12th in the world for its crude oil production, 21st for its crude oil reserves, 16th for its ability to refine oil, and 5th for its logistics infrastructure.
• Also, Mexico is one of the biggest suppliers of oil to the U.S., which could lead to more protective coatings being used in the area.For instance, in 2021, Mexico exported 212 million barrels of heavy crude oil to the United States.
• In March 2021, Mexico's PEMEX announced that it had discovered over 1.2 billion BOE of oil and natural gas in an onshore complex in Tabasco. It is further expected to boost the country's oil and gas industry.
• All the factors listed above are expected to drive the country's protective coatings market.

• Protective coatings applied to steel, which is commonly used for civil structures such as stadiums, transportation hubs, and public buildings, are the backbone of modern cities. Corrosion protection of steel bridges is important to maintain both structural performance and aesthetics over time, with protective coatings being the most common form of corrosion protection.
• In Mexico, infrastructure is one of the fastest-growing segments. Over the last five decades, Mexico has urbanized faster than the majority of OECD (Organization for Economic Co-operation and Development) countries. The growing infrastructure and manufacturing hubs lead to an increase in employment in the country, which, as a result, increases the need for the construction of buildings and residential homes.
• In 2021, the Ministry of Infrastructure, Communications, and Transportation (SICT) announced a USD 2.43 million infrastructure project as part of the expansion of the Lecheria-AIFA Suburban Train to build a second vehicular bridge.
• Similarly, in 2022, Mexico City’s Water System (SACMEX) and National Water Commission (CONAGUA) are to launch national tenders to revamp and construct water infrastructure. These projects include the restoration of 17 wells, 24-hour monitoring of wells, and the installation of 18 permanent and 32 additional water pumps.

Taking all of these things into account, it seems likely that the demand for protective coatings will rise during the forecast period.

The Mexico protective coatings market is fragmented in nature. Some of the major players in the market include (not in any particular order) Axalta Coating Systems, BASF SE, Akzo Nobel N.V., PPG Industries, Inc., and The Sherwin-Williams Company, among others.

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