Middle East Paints and Coating Market Size, Share & Trends by 2032
According to research conducted by Future Market Insights on the middle east paints and coatings market, demand for paints and coatings to reach a valuation of US$ 7,447.9 Mn by the end of the forecast period. The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, growing construction sector, economic development, manufacturing sector, architectural sector development, and others.
In the oil & Gas industry paints and coatings
industry helps in the protection of offshore and onshore rigs, in the onshore
plant coating is used to protect Pipework, Jacket, Flare bloom, Living quarter,
and Riser. The large Industrial & protective coatings market being created
by the Middle Eastern oil and gas industry is particularly attractive to
European, as well as North American and Japanese, coatings manufacturers
because it requires global technical standards. In fact, its needs are even
tougher because of the region’s climate which necessitates resistance against
hot temperatures, UV rays, and potential abrasion from sand and dust.
Marine paints and coatings are utilized on a wide
range of vessels, including freight and business ships. Marine polyurethane
paints and coatings are utilized in business and recreation creates as well as
on seaward designs, for example, big hauler stages, pipelines, oil apparatuses,
and storage spaces. The growing marine industry is expected to boost the market
for paints and coating in the middle east.
Moreover, In the architectural industry, household
homes, and other construction projects, paints and coatings are widely employed
for both interior and exterior applications. They are used to restyle and
shield the exterior of the house from UV rays, soaking rain, and sweltering
summer and winter temperatures (without fading, peeling away, and cracking the
exteriors).
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Middle Eastern countries are one of the fastest
growing markets for the construction industry due to the presence of
fast-growing economies, which are witnessing increasing spending on
residential, commercial as well as institutional construction markets. During
the forecast period, all of the aforementioned elements are anticipated to
drive the Middle-East paints and coatings market in the architectural sector.
“Consistently growing demand from end-use industries,
particularly construction, oil and gas pipelines, and automotive is driving the
demand for paints and coatings in the Middle East.,” said an analyst at FMI.
Key Takeaways from Paints and Coatings
Market Study
- The
Middle East Paints and Coatings market is estimated to witness a growth
forecast of 7% magnitude on a value basis.
- Saudi
Arabia and Egypt are expected to collectively hold around 35% of
the overall market share.
- Saudi
Arabia’s Paints and Coatings market is estimated to create an incremental
dollar opportunity of about US$ 759.2 Mn during the
period between 2022 and 2032 in the global market.
- Acrylic
resin type production is expected to account for about more than half of
the Paints and Coatings consumption in the Middle East region.
Competitive Landscape
The market of paints and coatings in the middle east
is estimated to be a consolidated market, where key players are expected to
account for a key share of the market. Some of the top manufacturers include
Jotun Paint, Sigma Paint, Al Jazeera Paint, SAK Coat., The PPG Group,
Sherwin-Williams, Nippon Paint ME FZE, Asian Paints, Akzo Nobel, Middle East
Paints Company, Global Paints FZC, Kansai Paints, Henkel Jebel Ali FZCO, BASF
SE, Arkema Group, DuPont de Nemours, Inc.: Cabot Corporation, Fosroc are some
of the manufacturers of Paints and Coatings profiled in the full version of the
report.
Key players are focusing on increasing their
production capacity to enhance their market footprint all over the globe and to
gain traction in the market. Further certain key players are focusing on
investing in the latest Paints and Coatings products production owing to a
significant increase in the demand from the architectural industry.
For instance, • August 8, 2022, Jazeera Paints, the
leading manufacturer of paints, colors, and construction solutions in the
Middle East and North Africa opened its sixth showroom in Iraq. The new
showroom is close to other towns such as Qaladze, Dukan, Chwar Qwrna, Sangasar,
and Hajiawa, and will also serve their needs for high-quality paints and
construction.
Paints and Coating Market Segmentation
By Resin Type:
- Acrylic
- Pure
Acrylic
- Styrene
- Vinyl
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
By Technology:
- Water-borne
- Solvent-borne
- Powder
Coatings
By End-Use:
- Architecture
- Interior
- Exterior
- Automotive
& Transportation
- Protective
Coating
- Wood
- Refinish
- Coil
Coating
- Packaging
- Marine
- General
Industrial
Browse
Full Report: https://www.futuremarketinsights.com/reports/middle-east-paints-and-coating-market
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