Paint, Wallpaper & Supplies - Panama

In Panama, the revenue generated in the Paint, Wallpaper & Supplies market in 2024 amounts to US$94.04m.
It is projected that this market will experience an annual growth rate of 4.57% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in revenue generation with US$52bn in 2024.
In terms of per capita revenues, each person in Panama generates US$20.77 in 2024.
Panama's paint market is experiencing a surge in demand for eco-friendly and locally-sourced products.

Definition:

Paints, Wallpaper & Supplies covers a wide-ranged segment of the DIY & Hardware market. Under paint, this includes all types of paint for interior and exterior usage. Wallpaper refers only to wallpaper and does not include wall tiles or wall panels. Supplies include various products which are related to the paint and wallpaper market, focused mainly on cleaning and repairing walls. The segment does not include painting tools, which are included in the Tools & Machines segment instead.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Paint
Wallpapers
Paint supplies
Wallpaper supplies

Wall tiles
Wall panels
Painting tools

The Paint, Wallpaper & Supplies Market in Panama has seen minimal growth due to factors such as economic instability and low consumer spending. Despite this, the DIY & Hardware Store Market is still offering convenient online services and promoting health awareness to drive growth.

Customer preferences: As consumers become more environmentally conscious, there has been a growing demand for eco-friendly paint and wallpaper options. This trend is driven by a desire for sustainable and non-toxic products, as well as the increasing availability and affordability of these products. Additionally, there has been a rise in DIY projects, as homeowners look to personalize and improve their living spaces. This has led to an increase in the sale of paint, wallpaper, and supplies in the DIY & Hardware Store Market, as consumers turn to these stores for all their home improvement needs.

Trends in the market: In Panama, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is seeing a trend towards sustainable and eco-friendly products. This is due to increasing awareness among consumers about the environmental impact of traditional paint and wallpaper options. This trend is expected to continue, with more companies offering greener options and customers willing to pay a premium for them. This shift towards sustainability is significant not only for the industry, but also for the environment. It highlights the changing values and preferences of consumers and presents an opportunity for industry stakeholders to capitalize on this emerging market. As a result, it is crucial for brands and retailers to adapt to this trend and focus on offering sustainable options to stay competitive in the market.

Local special circumstances: In Panama, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is influenced by its unique geographical location as a hub for trade and commerce. This has led to a high demand for quality paint and wallpaper products in both residential and commercial sectors. Additionally, the country's growing tourism industry has created a need for attractive and durable paints and wallpapers in hotels, restaurants and other hospitality establishments. Furthermore, Panama's strict regulations on environmental protection and sustainability have resulted in a shift towards eco-friendly paint and wallpaper options in the market.

Underlying macroeconomic factors: The Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market in Panama is heavily impacted by macroeconomic factors such as economic growth, consumer spending, and government policies. The overall economic health of the country, as well as global economic trends, influence the demand for home improvement products and the purchasing power of consumers. Fiscal policies and trade agreements also have a significant impact on the import and export of paint, wallpaper, and supplies, thus influencing the market's performance. Additionally, investments in infrastructure and construction projects can also drive the demand for these products, as well as fluctuations in oil prices, which can affect the cost of raw materials needed for production.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global paint and coatings industry is a major subset of the international chemical industry. Coatings refer broadly to any type of covering that is applied to an object's surface for functional or decorative reasons, or both. Paints are a subset of coatings that are also used as a protective coating or as a decorative, colorful coating. In 2023, the global paint and coatings industry was estimated to be valued at some 179.98 billion U.S. dollars. It is forecast that by 2032 the sector’s market value will surpass 255.59 billion U.S. dollars. Market growth is mainly driven by increasing demand in the construction industry, with the automotive, general industrial, coil, wood, aerospace, railing, and packaging coatings markets also driving demand growth.