GCC Paints & Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market for GCC paints and coatings is expected to grow at a CAGR of around 4% during the forecast period. One of the major factors driving the market studied is the Increasing focus on tourism and construction.

• Increase in demand for bio-based & eco-friendly paints & coatings is likely to act as an opportunity for the market studied.
• Saudi Arabia is likely to dominate the market during the forecast period.
• Water-borne technology is expected to witness the highest growth during the forecast period.

Key Market Trends

Solvent-borne Technology to Witness the Highest Growth Rate

• Solvent-borne paints are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps speed up the reaction, thereby reducing the drying time.
• Solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase, when compared to water-based coatings. This is a major advantage, making solvent-based coatings, more preferable.
• The growing applications of solvent-borne coatings for doors, cabinet and furniture, metal doors and railings, industrial equipment, and maintenance of steel structures have driven the market for solvent-based coatings and paints.
• In the Middle East, the demand for solvent-borne coatings is increasing at a stagnant rate, due to the shift in preference toward water-borne coatings. This shift is majorly due to increasing environmental concerns, which led to governmental regulations being supportive of water-borne coatings, as they have a lower VOC content.

Saudi Arabia to Dominate the Market

• Saudi Arabia is the most active player in the Middle Eastern construction industry. The building activities in Saudi Arabia took place amid increased construction, especially in the industrial and commercial sectors in the local market, in keeping with the goals of the National Transformation Program 2020 and Saudi Vision 2030.
• According to industrial statistics, the total revenue of the furniture and appliances market in 2019 is estimated to be nearly USD 830 million. The furniture industry is growing, with the support of the real estate development projects, followed by the rising demand for residential properties in the country. The revenue of the furniture and appliances market is likely to show an annual growth rate of 10.5% during 2019-2023, resulting in a market share of around USD 1,232 million by 2023.
• Currently, the overall construction industry in the region is full of substantial opportunities, both for contractors and investors. This growing construction industry in the region is expected to drive the market for paints and coatings, in the coming years.

Competitive Landscape

The market for GCC paints & coatings market is partially consolidated as the majority of the market share is divided among the few key players. Some of the major companies of the market include Akzo Nobel N.V., National Paints Factory, Jotun A/S, Wacker Chemie AG, and Jazeera Paints, among others.

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