GCC Paint Additives Market Analysis, 2021

Paint additives added to paints help enhance their properties, such as efficiency, performance, and functionality. They offer better leveling and resistance from external factors like UV light, dust, & rain, etc.

According to the publishers’ research report, “GCC Paint Additives Market Analysis, 2021,” the market is likely to grow at a CAGR of around 3.5% during 2021-26. The major contributor to the market growth is the rising focus on tourism leading to a surging number of construction activities. Moreover, a large number of upcoming & ongoing construction projects is another crucial aspect fueling the demand for paints and coatings, which, in turn, boost the demand for paint additives, thereby boosting the market growth across GCC nations.

COVID-19 Pandemic Negatively Impacted the Market Growth

The growth of the GCC Paint Additives Market witnessed a steep downfall due to the sudden outbreak of the COVID-19 pandemic. It owes prominently to the direct correlation of the paint industry with the construction sector, which is driven primarily by crude revenues. Additionally, the temporary shutdown of manufacturing units and disruption in the supply chain further affected the growth of the GCC Paint Additives Market.

However, as the government has started relaxing its restrictions and the lockdown is lifted to resume business activities, the construction industry is recovering steadily; hence, the demand for paint additives is also likely to increase rapidly in the forecast period.

Market Segmentation

Building and Construction Attained the Highest Market Share

Based on End-Users, the market bifurcates into Automobiles & Transportation, Industrial, Furniture & Woods, and Building & Construction. Of them all, the Building & Construction sector dominated the GCC Paint Additives Market in the previous few years and is likely to maintain its leading position in the market during the forecast period, too.

The segment growth owes to the high economic output leading to the rapid architectural development and surging construction activities, thereby boosting the demand for paint additives. Additionally, the increasing oil revenue is likely to fuel construction activities and thus propel the growth of the paint additives market in the forecast period, cites the authors in their research report, “GCC Paint Additives Market Analysis, 2021.”

Water-Based Accounted for the Largest Market Share

Based on Formulation, the market segments into Water, Solvent, and Powder-Based Paint Additives. Among these segments, Water-Based Formulations acquired the largest share in the GCC Paint Additives Market in the previous few years. These additives contain less volatile organic compounds, thereby having less harmful effects on health and the environment. Additionally, they pose properties like superior adhesion, high film density, and quick dry time. Thus, demand for water-based paint additives is significantly higher than other formulations.

Country Landscape

UAE Dominated the Market

Country-wise, UAE attained the largest share in the GCC Paint Additive Market in the previous few years. The paint industry was at its peak in Q1 2014, but later, its decline continued till Q4 of 2015. With a minor recovery in 2016, it again got declined in 2017. Later, in 2018 & 2019, the demand for paint additives from UAE witnessed a slow recovery due to increasing crude prices.

Market Driver

Rising Economic Growth to Boost the Market Growth

Economic growth has a direct impact on paints and their additives. Therefore, increasing economic output would mean better market conditions for paints & coatings providers. However, slow economic growth translates into lesser opportunities.

Market Challenge

Strict Regulations to Reduce VOC Emissions

Paint additives consist of hazardous volatile organic compounds, making them environmentally unfriendly products and resulting in environmental degradation. Hence, the enforcement of stringent regulations to curb the pollution caused by dangerous emissions are likely to hinder the GCC Paint Additives Market growth.

Competitive Landscape

According to the publishers, the major leading players in the GCC Paint Additives market are Akzo Nobel., Arkema SA, Asahi Glass Co.Ltd., Ashland Inc., BASF SE, Cabot Corp., Daikin Industries Ltd., Dynaa A.S, Dow, and Evonik Industries AG.

Key Questions Answered in the Market Research Report:

1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the GCC Paint Additives Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the GCC Paint Additives Market?
4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the GCC Paint Additives Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the GCC Paint Additives Market study?