According to a new report published by Allied Market Research titled, “The Saudi Arabia Paints & Coatings Market by Resin Type, Technology, and Product Type: Country Opportunity Analysis and Industry Forecast, 2020–2027
The Saudi Arabia paints & coatings market is anticipated to witness considerable growth during the forecast period, owing to factor such as rise in residential & commercial construction activities along with rise in investment in the construction sector. However, fluctuation in raw material prices is the key factor restraining the growth of the market in the upcoming years. On the contrary, rise in demand for bio-based and environmentally friendly products is anticipated to create remunerative opportunity for the key players operating in the Saudi Arabia paints & coatings market
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the Saudi Arabia paints & coatings market was valued at $8.7 billion in 2019, and is projected to reach $13.4 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027. Paints & coatings products are applied on various surfaces, equipment, & other areas in interior & exterior applications of all types of residential, commercial, industrial, and institutional premises. Paints & coatings products are used in various decorative applications, including emulsions, enamel paints, distemper, cement paints, and others. It is also used in industrial applications, including powder coating, coil coating, wood & furniture coating, machinery & equipment, and others.
Impact of Covid-19 on the Saudi Arabia Paints & Coatings Market:
The Saudi Arabia paints & coatings market is anticipated to witnessing steady and sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the country. In addition, ongoing projects from various industries such as construction, oil & gas, manufacturing, and others are on hold or cancelled, which has affected the sales of paints & coatings products. This further resulted in restraining the growth of the paints & coatings market till the effect of pandemic becomes less.
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Depending on resin type, the acrylic resin segment held the highest market share of around 31.2% in 2019, and is expected to maintain its dominance during the forecast period. This is owing to rise in demand for acrylic coatings from the construction industry applications such as finishing for roofs, decks, floors, bridges, and other applications. In addition, increase in demand for acrylic paints & coatings from marine & vessels, electrical, machinery & equipment, metals, and other applications is projected to fuel the paints & coatings market growth during the analyzed time frame.
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Key findings of the study:
- In 2019, the acrylic resin segment accounted for majority of the share of the Saudi Arabia paints & coatings market, and is expected to maintain its lead throughout the forecast period.
- In 2019, the solvent-based segment accounted for around 52.13% of the share in the Saudi Arabia paints & coatings market, and is expected to maintain its dominance till the end of the forecast period.
- In 2019, the decorative paints & coatings segment is accounted for 76.22% market share in 2019, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the Saudi Arabia paints & coatings market.
- Industrial paints & coatings segment is the fastest-growing segment in the Saudi Arabia paints & coatings market, expected to grow at a CAGR of 7.5% during 2020–2027.
The major players operating in the Saudi Arabia Paints & Coatings Market:
- Akzo Nobel N.V
- BASF SE
- Jazeera Paints
- Jotun A/S
- Kansai Paints Co. Ltd
- National Paints Factories Co. Ltd
- Protech Powder Coatings Inc
- The Sherwin-Williams Company
- Zamil Industrial Coatings
- United Coating Industries
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