Argentina Architectural Coatings Market - Forecast(2023 - 2028)
Argentina Architectural Coatings Market Overview
The Argentina Architectural Coatings market size is estimated to reach a value of US$648.8 million by the end of 2027 after growing at a CAGR of around 4.5% during the forecast period 2022-2027. Architectural coatings are the types of coatings used to coat homes and buildings, such as paints, powder and others. The majority of architectural coatings are custom-made for a specific use, such as roof coatings, interior and external wall painting and floor coatings. Infrastructure can benefit from these coatings in terms of protection, durability and decoration. These architectural coatings include polyvinylidene fluoride, polytetrafluoroethylene, polyurethane, polyester and urethane. The Argentina architectural coatings market is expanding rapidly due to increased applications, technical improvements and rising demand in the country. Economic expansion, increased infrastructure investment, stringent environmental regulations, rising purchasing power and rising demand for green and ecologically friendly coatings are all driving the market growth of Argentina’s architectural coatings. The global spread of the COVID-19 pandemic had a major influence on the Argentina architectural coatings market size in 2020. Numerous industry operations have been temporarily halted or are functioning with fewer staff as a result of regulatory lockdowns and imposed limits. They have a significant negative impact on the revenue growth of the Argentina Architectural Coatings industry.
Argentina Architectural Coatings Report Coverage
The “Argentina Architectural Coatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Argentina Architectural Coatings industry.
By Resin - Epoxy, Acrylics, Polyester, Alkyd, Polyurethane and Others.
By Formulation - Water Based, Solvent Based, Powder Based and Others.
By Application – Roofing, Facades, Walls, Ceilings, Floors and Others.
By End-use Industry – Residential (Private Dwelling, Row Houses, Apartments), Commercial (Hospitals, Educational Institute, Hotels, Office Buildings, Airports, Railway Stations and Others, Industrial (Warehouses and Production Facilities) and Infrastructure (Roads, Highways, Bridges, Tunnels and Others).
- The increase in the number of construction projects in Argentina is one of the primary reasons driving the growth of the Argentina Architectural Coatings industry.
- The Argentina Architectural Coating market size is expected to rise due to an increase in the use of a coating to prevent corrosion and rusting of metal sections of fences, metal furniture, tanks and radiators, as well as high demand for ecologically friendly coating systems.
- However, the market's expansion is projected to be hampered by the rising raw material prices.
Figure: Argentina Architectural Coatings Market Revenue Share, By Resin, 2021 (%)
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Argentina Architectural Coatings Market Segment Analysis – by Resin
The alkyd segment held a significant portion of the Argentina Architectural Coatings market share in 2021 and is forecasted to grow at a CAGR of 5.2% during the forecast period 2022-2027. The reason behind its popularity is the extensive characteristics provided by alkyd when compare to other material types such as epoxy, acrylics, polyester, polyurethane, polyvinylidene fluoride, polytetrafluoroethylene and others. The alkyd coatings industry is driven by low alkyd resin costs, qualities such as good adhesion, weathering, high, dry temperatures, quick-drying and many others, as well as known end-user utility. Significant potential in the industry includes increased investment in the industrial sector and a desire for special-purpose coatings, which enhance Argentina Architectural Coatings market size.
Argentina Architectural Coatings Market Segment Analysis – by Formulation
The water-based segment held the largest share in the Argentina Architectural Coatings market share in 2021 and is forecast to grow at a CAGR of 5.6% during the forecast period 2022-2027. The market demand for water-borne coatings is increasing due to their low VOC emissions and environmentally friendly characteristics. Furthermore, the growing use of water-soluble paints in the building and construction sector, owing to their superior corrosion protection, polytetrafluoroethylene coating and high gloss qualities, is driving the market. According to the Synthetic Indicator of Construction Activity (ISAC), the construction industry remained robust in 2021 overall, with the average ISAC rising by 31%, according to statistics closely related to GDP value add construction data. As a result, the demand for the water-based formulation is rising in the buildings & construction industries, thereby driving the segment growth.
Argentina Architectural Coatings Market Segment Analysis – by End-use Industry
The Commercial segment held a significant share in the Argentina Architectural Coatings market share in 2021 and is forecast to grow at a CAGR of 5.8% during the forecast period 2022-2027. Due to a robust economy and solid market fundamentals for commercial real estate, as well as an increase in federal and state financing for public works and institutional buildings, the construction industry in Argentina expanded significantly. Argentina has proposed a commercial building proposal of $428 million. The plan includes a total investment of 29 billion pesos in the construction of 5,500 dwellings and the renovation of 42,900 units, as well as the distribution of 204,000 microloans for the purchase of materials and the establishment of 1,250 health centers around the country. As part of the Plan Argentina Hace, the Ministry of Public Works said in January 2022 that it would invest ARS10.6 trillion ($91 billion) to complete 3,131 new infrastructure works and projects around the country. 434 projects had been finished by January 2022, 1,192 were in the works and 1,505 were in the planning stages. With the rise in commercial projects across Argentina, the demand for Architectural Coatings is anticipated to rise for various applications, which is projected to boost the market growth in the commercial industry during the forecast period.
Argentina Architectural Coatings Market Drivers
Government Increasing Green Initiatives:
Architectural Coatings use eco-friendly construction materials that boost energy efficiency and have a lower impact on human health and the environment. Government support for the adoption of environment-friendly green coatings, as well as expanding application areas for nano-coatings and the introduction of fluoropolymer coatings, would pave the way for new prospects in the architectural coatings market. Argentina is expected to experience steady growth with green buildings over the next few years, based on the fast rise of green certifications and the introduction of EDGE software in the market. For instance, Argentina has a Green Building Council that is actively pursuing building certifications in the country. Over 300 projects have been certified or registered across the country. According to the International Finance Corporation, in 2017, Argentina boasted 357 published green building activities, including certifications and registrations. Such government initiatives are set to increase the demand for the Architectural Coatings market in Argentina.
Bolstering Growth of the Residential Industry:
Architectural Coatings have seen a huge increase in their use and application in residential areas. The recent technical developments like polytetrafluoroethylene coating and nanostructured coatings open up new uses by having antibacterial, self-cleaning and anti-corrosive qualities. Additionally, individuals are remodeling their homes in accordance with trends to improve their visual appeal of the same. Due to these comprehensive qualities and urbanization in Argentina, the market for Argentina architectural coatings for the residential industry is growing. For instance, the Argentina government presents a US$428 million housing construction plan. According to the National Institute of Statistics and Censuses (INDEC), the value added by the residential industry increased by 37.1 percent in the first three quarters of 2021. With flourishing demand in the residential industry, the Argentina Architectural Coatings industry is growing rapidly.
Argentina Architectural Coatings Market Challenge
Application Defect Susceptibility:
Architectural Coatings have many of the same flaws as other coatings when used in the same way. Blistering, flaking and chalking, discoloration and staining and surface imperfection are all prevalent concerns. Blistering is caused by a localized loss of adhesion and lifting of the paint film from the underlying surface in architectural coatings. When solvent gas develops on a sunny facade, blistering can occur in new paint coats. Furthermore, if the enclosure material is not completely dry, the moisture can cause scorching. Flaking and chalking are caused by dissolving paint, as opposed to efflorescence or mottling, which are white, crusty mineral salt deposits that have leached from the masonry and concrete behind the paint. Thus, the market's expansion might get hampered by the application defects susceptibility.
Argentina Architectural Coatings Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Argentina architectural coatings market. The top 10 companies in the Architectural Coatings market are:
1. Akzo Nobel N.V.
2. Axalta Coatings Systems
3. Asian Paints Limited
4. BASF SE
5. Nippon Paint/Nipsea Group
6. Kansai Paint Co. Ltd.
7. PPG Industries
8. RPM International Inc.
9. The Sherwin-Williams Company
10. The Valspar Corporation
- In May 2022, In Milan, Italy, PPG created a new architectural paint and coatings color automation laboratory. The US$2.1 million (EUR$2 million) facility would greatly speed up the development of paint color formulas.
- In February 2022, Sherwin-Williams completed the acquisition of AquaSurTech, bolstering the company's position as a leading provider of coatings solutions for the construction industry.
- In November 2021, BASF sold its Kaolin Minerals business to KaMin LLC. The Kaolin minerals business serves a wide range of industries, including architectural coatings, automotive coatings, construction, plastics and rubber and specialty paper. Kaolin products boost performance while also lowering costs.
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