Latin America again is poised for slow but steady growth over the coming year, with 2.3% gross domestic product expansion expected this year, off just a tick from the 2.4% logged in 2025, according to the latest regional analysis by the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC).

While several traditional major economies in the region are growing more slowly — like Mexico at 1.3% and Brazil at 2.0% — recovering economies in Argentina — with 3.8% growth — and elsewhere point to a broad regional warming.

Selected country-by-country highlights follow, listed in terms of descending national GDP value.

Brazil

Brazil remains the economic powerhouse of Latin America, with a GDP estimated at $2.3 trillion, according to Statista, buoyed by the projected 2% GDP expansion this year.

With the recent signing of the Mercosur trade agreement — between the European Union and the five full members of the Mercosur bloc in South America — Brazil stands to gain the most from increased trans-Atlantic trade.

At the ratification of the treaty, President Luis “Lula” da Silva posted on X: “Historic day for multilateralism. After 25 years of negotiation, the Mercosur-European Union Agreement was approved, one of the largest free trade agreements in the world. The decision approved by the European side unites two blocs that, together, add up to 718 million people and a GDP of $22.4 trillion.” (See CW January 12, 2026).

Brazil imported more than $1.5 billion worth of paints and coatings in 2024, levying import tariffs that typically range from 10% to 35%. Portugal, in particular, should benefit from the new trade treaty, thanks to the common language.

Overall, Brazil produced just over 2 billion liters of paints and coatings in 2025, registering a 1.2% volume gain, according to the Associação Brasileira dos Fabricantes de Tintas (Abrafati). As such, Brazil ranks fourth globally in terms of production volume, the association calculates.

By segment, architectural products represented nearly 75% of the national production volume, followed by industrial with nearly 20%, and automotive with over 5%, Abrafati reports.

While total production value was not estimated, total exports amounted to $250 million in 2025, while imports amounted to $232 million, according to the association.

The top five paint and coatings (NAICS CODES: 32550) manufacturers in Brazil, as reported by Dunn & Bradstreet (editor’s note — adhesives companies are excluded in this short list although the code includes them) are: Oswaldo Cruz Quimica Industria e Comercio, based in Guarulhos, Sao Paulo state, with annual sales of $292 million; Killing SA Tintas e Adhesivos, based in Novo Hamburgo, Rio Grande do Sul state, with sales of $111; Henkel, based in Itapevi, Sao Paulo state, with sales of $111 million; Renner Sayerlack, based in Itapevi, Sao Paulo state with sales of $107 million; and Sherwin-Williams do Brasil, based in Taboao da Serra, Sao Paulo state, with sales of $93 million.

Mexico

Mexico is the second-largest economy in Latin America, with a total GDP estimated at $1.9 trillion, according to Statista, projected to expand by 1.3% this year. While the industrial and architectural segments in the country are strong, it is the automotive segment that is most important in U.S.-Mexico trade.

Overall, the automotive OEM coatings market in Mexico is expected to reach $627.5 million by 2030, according to a Google AI search. The market is shared by five major players: AkzoNobel, Axalta, BASF, PPG and Sherwin-Williams (See CW July 6, 2025).

Within the industrial and architectural segments, the construction industry could recover rapidly, however. Despite a full year construction value contraction of some 8% as of November 2025, the monthly gain was nearly 2%, according to the Sistema Nacional de Informacion Estadistica y Geografica (INEGI).

Furthermore, more federal funding has been earmarked by new President Claudia Sheinbaum for projects including housing and transportation. In its Mexico Real Estate Situation report for the second half 2025, BBVA noted “a real increase of 8.6% in the resources allocated to public works for 2026, which breaks with the trend of cuts in previous years.”

Other analysts agree. “The [construction] sector is poised to grow by 2.5% annually from 2026-2028, supported by government investments in infrastructure,” according to a 2025 analysis by Research and Markets.

Housing in particular, may see a renewed focus. “The National Chamber of the Housing Development and Promotion Industry (Canadevi) says it expects MX$650 billion ($37.84 billion) in housing investment over the current [administration’s] term, largely from private sources, tying the projection to a broader push to place housing at the center of Mexico’s economic and social agenda,” reported Mexico Business News in early February 2026.

The top five paint manufacturers in Mexico, per D&B are: Chemours Co. Mexico, based in Mexico City, with sales of $625 million; Henkel Capital, based in Huixquilucan, Mexico state, with sales of $602 million; Mexalit Industrial, based in Ecatepec de Morelos, Mexico state, with sales of $511 million; Sherwin-Williams, based in Mexico City, with sales of $321 million; and PPG, based in San Juan del Rio, Queretaro state, with sales of $264 million.

Argentina

Argentina is cementing its economic recover under self-labeled “anarcho-capitalist” President Javier Milei (See CW August 18, 2025), with new investments in downstream oil and gas that should boost feedstock supply for the paints and coatings industry.

Argentina’s GDP growth this year is pegged at 3.8%, down from 4.3% logged in 2025, but far ahead of the 1.3% contraction in the economy registered in 2024. Argentina’s total GDP is now at $683 billion, according to Statista. Inflation is expected to reach single-digit annual expansion by next year, compared with a 200+% level Milei encountered when he took office.

International trade between Europe and Argentina should also increase now that the Mercosur trade pact has finally been signed. While any European Union country now has reduced tariff access to Argentina, Spain should particularly benefit, thanks to the common language.

The top paint and coatings manufacturers in Argentina per D&B are: Akzo Nobel, based in Garin, Buenos Aires state, sales not listed; Disal, based in Cordoba, Cordoba state, sales not listed; Mapei Argentina, based in Escobar, Buenos Aires states, sales not listed; Durlock, based in San Justo, Buenos Aires state, sales not listed; Sinteplast, based in Carlos Spegazzini, Buenos Aires state, sales not listed; Thinner Tede, based in Garin, Buenos Aires state, sales not listed.

Colombia

With a GDP of $438 billion, and a projected growth rate of 2.7% this year, Colombia remains a pillar of South American economy.

Housing is a targeted goal of the current government, which plans to build 428,000 eco-friendly, low-income homes through 2030, under the auspices of Cámara Colombiana de la Construcción (Camacol).

From a municipal perspective, the Departamento Administrativo Nacional de Estadística (DANE) reported that the total land area approved for construction in 302 municipalities grew by 24% year-on-year in the first four months of 2025, preceded by an annual decline of 23.9% in 2024.



Overall, “the construction industry is expected to record an annual average growth rate of 5.1% between 2026 and 2029, supported by investments in transport and energy projects, coupled with government’s plan to reduce greenhouse gas emissions by 2030 and reach carbon neutrality by 2050, according to Research and Markets.

The top five paint and coatings manufacturers in Colombia, per D&B, are: Compania Global de Pinturas [Pintuco] (Akzo Nobel), based in Medellin, Antioquia state, with sales of $189 million; Invesa, based in Envigado, Antioquia state, with sales of $96 million; Colorquimica, based in La Estrella, Antioquia state, with sales of $62 million; Sun Chemical Colombia, based in Medellin, Antioquia state, with sales of $59 million; and PPG, based in Itagui, Antioquia state, with sales of $51 million.

Venezuela

The wild card in Latin American economics this year is Venezuela, now that a regime change has occurred and oil exports are rising. While the state of the overall economy is “quite fragile,” according to a February statement by the International Monetary Fund (IMF). With the political change underway, the Venezuelan economy is expected to grow by 3% this year, according to Eclac. Venezuela’s GDP is estimated at $83 billion by Statista.

New oil investment is expected to lead the way in Venezuela’s recovery.

“The U.S. eased sanctions on Venezuela’s energy sector on Friday, issuing two general licenses that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments,” reported Reuters on Feb. 13, 2026.

President Trump has asked international oil companies to invest a fresh $100 billion in the country. Meanwhile, U.S. orchestrated sales of Venezuelan oil have now hit $1 billion since the U.S. military removal of President Nicolas Maduro in January.

Beyond oil investment, the national debt of Venezuela is the major problem to slowly solve, analysts point out.

“Economic stabilization requires a reduction of Venezuela’s massive debt obligations, which likely exceed $150 billion and are owed to a tangled web of bondholders, arbitration claimants, Russia, and—most problematically—China,” wrote Martin Mühleisen, a nonresident senior fellow at the Atlantic Council’s GeoEconomics Center, in a January 2026 opinion.

One step that the IMF could take to kick-start the Venezuelan recovery “is the unlock Venezuela’s frozen special drawing rights (SDRs). The approximately five billion dollars in SDRs are Venezuela’s own reserves, not new lending,” suggests Mühleisen, a former IMF official.

The top five paint and coatings manufacturers in Venezuela, per D&B, are: Corimon Pinturas, based in Valencia, Carabobo state, with sales of $227 million; Pinturas Flamuko, based in Guacara, Carabobo state, with sales of $50 million; Pinturas Pinco, based in Caracas, Capital district, with sales of $44 million; Couttenye & Co., based in San Antonio de Los Altos, Miranda state, with sales of $41 million; and C.A. Venezolana de Pinturas, based in Valencia, Carabobo state, with sales of $23 million.

Paraguay

Paraguay is a rising star in the Southern Cone countries of South America, with a 4.5% GDP expansion on an economy worth $47 billion. Based on a near 6% economic expansion in December, the Central Bank has revised its projection for 2026 growth at 6%.

New investment in Paraguay is following the July 2024 upgrade by Moody’s to investment grade (Baa3), highlighting, alongside other ratings, a stable, prudent, and low-debt environment, an AI search indicates.

One standout housing and infrastructure development is the Costanera Sur project in Asunción, which includes a $160 million highway development component as well as housing for more than 2,500 families.

“We are not just building houses, we are investing in our future. We are doing this by creating modern health facilities, schools, police stations, and a comprehensive environment that protects our community, and shields them from the hardships of yearly floods” Claudia Centurión, the Public Works and Communications Minister, told the Asuncion Times in February 2026.

The top five paint manufacturers in Paraguay, per D&B are: Amanacer, based in Luque, Central Paraguay, with sales of $17 million; Amanacer Fabrica de Pinturas [listed separately], based in Luque, Central Paraguay, with sales of $12 million; Puras Pinturas Paraguayas, based in Villeta, Central Paraguay, with sales of $10 million; Pintupar, based in Asuncion, Capital district, with sales of $8 million; and Invipint, based in Fernando de La Mora, Central Paraguay, with sales of $5 million.

Guyana

“Investors tout this once backwater as ‘the next Dubai,’” writes James Brooke, a career journalist and Ukraine war commentator, now also covering the growth of Guyana. The billions of dollars earmarked for development in Guyana will create a substantial demand for industrial and architectural paints and coatings.

With a projected GDP expansion of 24% this year, Guyana leads the Latin American region in growth. Guyana’s total GDP value is now at $25 billion, according to Statista.

Guyana is expected to produce 1 million barrels of oil per day, eight times the level of five years ago and equal to production in neighboring Venezuela.

A consortium led by Exxon has invested $60 billion over the last five years and investment plans are targeting a doubling the nation’s oil production over the next five years. Guyana’s reserves are estimated at 11 billion barrels of oil.

One downstream gas and oil development plan is to build a pipeline to bring offshore gas to a new petrochemical complex in eastern Guyana, near Suriname. As such, Guyana could become a major producer of feedstocks for the paint and coatings industry.

A construction boom is already started, ranging from infrastructure to commercial to residential structures. Among planned infrastructure projects are two new international airports and a host of roads and bridges. Commercial construction underway includes 2,000 hotel rooms in Georgetown, including the 11-story Hilton Georgetown. And housing also is on the rise: the Saudi Fund for Development made a $100 million loan for the construction of 2,500 houses.

The top two paint manufacturers in Guyana, per D&B are: Torginol Paints, based in Georgetown, with sales of $14 million; and Harris Paints Guyana, based in Georgetown, with sales of $1 million.

Antigua and Barbuda

One strong economic beacon in the Caribbean is Antigua and Barbuda, which has an economy based heavily on tourism, which drives nearly 60% of GDP and 40% of investment, according to Economy.com.

“The economy is experiencing a strong post-pandemic recovery, with projected growth of 5.8% in 2025, supported by tourism, construction, and the Citizenship by Investment (CBI) program,” the analyst says.

Eclac predicts a 5% GDP expansion in the islands this year on a $2.3 billion economy.

Under the leadership of Charles Fernandez, the minister of tourism, civil aviation, transportation, and investment, a new cruise ship terminal, a $50 million airport runway enhancement and new hotels are expected to boost revenues over the near term.

“Alongside the expansion of cruise tourism, Antigua and Barbuda is also seeing a boom in hotel and resort development. Major projects set to come online in 2026 include high-profile developments such as the Marriott Resort, Moon Gate Development, Nikki Beach Resort and Spa, and the Nobu Hotel,” according to a Travel and Tour World report in February.

Antigua and Barbuda is a high-income country and is the most developed country in the Caribbean by Human Development Index.

The top paint manufacturer in Antigua and Barbuda, per D&B, is Leewind Paints, based in St. Johns, St. Johns Island, with sales of $2 million.