NEWARK, DE / ACCESSWIRE / October 20, 2022 / 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.
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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.
Market Segments Covered In Middle East Paints and Coating Market Analysis
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
Table of Content
1. Executive Summary
1.1. Middle East Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
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Explore FMI's Extensive Coverage On Chemicals & Materials Domain:
Elastomeric Coatings Market Size : Elastomeric coatings are expected to expand 7.3% annually in 2022, reaching a value of over US$ 6,810.5 Mn by the end of the year. A 7.6% growth rate is anticipated for the global economy between the years 2022 and 2029.
Medical Grade Coatings Market demand : Due to the critical function that medical grade coatings play in a variety of tools, medical devices, and equipment used in surgeries and other medical procedures, the global market for these coatings is predicted to expand significantly between 2021 and 2031.
Coil Coatings Market Analysis: Sales in the global coil coatings market are slated to top US$ 5.0 Bn in 2022. Expanding at a healthy 4.7% CAGR, the market size is projected to total US$ 6.8 Bn by 2029.
Europe Advanced Aerospace Coatings Market trends : For the period from 2018 to 2028, the report includes detailed information on market trends, value (US$ Mn) and volume ('000 Li), competition, current developments, and dynamics in the Europe advanced aerospace coatings market.
BRIC Performance Coatings Market Opportunity : Performance coatings are varnishes that improve the performance of surfaces and are immune to abrasion, corrosion, and high temperatures. A performance coating is a cost-effective solution for giving a product eye-catching, long-lasting finishes.
Wood Coatings Market outlook : The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% during 2022-2032. Stringent regulations, increased competition, a rise in unique formulations, and new product advancements are some of the reasons driving the growth of the wood coatings industry.
Water Proof Coatings Market Value : Making an item virtually impenetrable to water is known as water-proofing. When certain circumstances are met, water-proof coatings assist items avoid water damage and prevent water infiltration. These objects can be used in damp settings and at specific depths under water.
PU Coatings Market Growth Rate : Polyisocynates like MDI and TDI react with polyols (polyester, polyether polyols) to create polyurethanes. When it comes to PU coatings, polyols are first turned into stock coatings and then combined with a cross-linker for polyisocynates before processing, creating a two-component system. The crosslinker chosen and the polyol used in manufacturing can alter the coatings' characteristics.
Coating Auxillaries Market Share : In order to provide a smooth manufacturing flow, coating auxillaries are used to support and optimise the application of coatings and release agents. This category includes a variety of goods including primers, cleaners, mould cleaners, wiping fillers and dilutions, and cleaners.
Coating Additives Market outlook : The market for coating additives was estimated to be worth $10,613.3 million in 2021 and is projected to grow to $17,724.8 million by 2032. Between 2022 and 2032, sales in the global market for coating devices are expected to grow at a CAGR of 4.8%.
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