Acrylic resin type segment to dominate the Saudi Arabia Paints & Coatings market through 2026
Rise in the investments in
construction industry and rapid urbanization is expected to drive the demand of
Saudi Arabia Paints & Coatings market in the forecast period.
According to TechSci Research report, “Saudi
Arabia Paints & Coatings Market By Resin Type (Acrylic, Alkyd,
Polyurethane, Epoxy, Polyester, and Other Resin Types) By Technology
(Water-borne, Solvent-borne, Radiation Cure, Powder Coating, and Others) By
Product Type (Decorative Paints & Coatings and Industrial Paints &
Coatings) By End-user Industry (Architectural, Automotive, Protective Coatings
Market, General Industrial, Transportation, and Others), By Region, Company
Forecast & Opportunities, 2026”, The Saudi Arabia Paints & Coatings
market is expected to witness steady growth in the forecast period. Rapid
industrialization and infrastructural developments are fueling the demand of
the paints & coatings market. The booming automotive industry is
contributing to the growth of the paints & coatings market as they require
the paints & coatings for suitable automotive finishing.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities of
Saudi Arabia imposed lockdown restrictions and released a set of precautionary
measures to contain the spread of novel coronavirus. The ongoing construction
activities and the upcoming projects were temporarily suspended due to
restrictions. Disruption in the supply chain was observed which negatively
affected the supply of raw materials. Workers migrated back to their native
places which created the shortage of workforce at the manufacturing units
thereby adversely affecting the growth of the paints & coatings market in
the forecast period.
However, volatility of the price of the raw materials
may hamper the Paints & Coatings market growth in the forecast period.
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Saudi
Arabia Paints & Coatings market is segmented into resin type, technology,
product type, end-user industry, regional distribution, and company. Based on
the resin type, the market can be divided into acrylic, alkyd, polyurethane,
epoxy, polyester, and other resin types. The acrylic resins type segment is
expected to witness significant growth in the forecast period, 2022-2026. The
high demand for acrylic coatings in the construction industry for the smooth
finish of roofs, decks, floors, bridges is accelerating the demand of this
segment. Acrylic resins display properties like high colorability, UV
resistance in coatings, transparency, amongst others which are the contributing
to surge in the demand of the paints & coatings market. Based on the
end-user industry, the market can be divided into architectural, automotive,
protective coatings market, general industrial, transportation, and others. The
architectural end-user industry is expected to hold a major market share in the
next five years. The growing economy of Saudi Arabia and its positive effects
over the development process, increase in household income, corporate profits
are influencing the growth of the paints & coatings market. Several
construction projects such as Neom City, Red Sea Project- Phase 1 is
accelerating the demand for paints & coatings to be used in the interior
and exterior of the buildings and houses. Based on the product type, the market
can be divided into decorative paints & coatings and industrial paints
& coatings. The decorative paints & coatings segment is expected to
dominate the market owing to the huge number of construction projects and the
plethora of benefits offered such as the need for lower maintenance, resistance
to stains, amongst others.
Al-Jazeera
Factory for Paints Co., Jotun Saudia Co. Ltd., AkzoNobel Saudi Arabia Ltd,
Sigma Paints Saudi Arabia Ltd. (Sigma), National Paints Factories Co. Ltd,
Saudi Arabia BASF, Kansai Paint Middle East FZCO, Protech Powder Coatings,
Inc., Sherwin Williams Saudi Arabia Ltd, Zamil Industrial Coating Company are
the leading players operating in Saudi Arabia Paints & Coatings market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several Paints & Coatings manufacturers are
coming up with their technologically advanced offerings.
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“The
oil industry is the major industry in Saudi Arabia and the growing oil and gas
sector is fueling the demand for industrial paints & coatings as it
involves applications like drilling, sub-sea equipment, wellhead, amongst
others. The equipment used in the oil & gas industry requires the
protection of paints & coatings for having longer component life and heat
& abrasion resistance. The continuous growth and expansion of the oil
industry and the high-end investments made by the market players to introduce
advanced products is expected to propel the paints & coatings market growth
till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a global
research-based management consulting firm.
“Saudi Arabia Paints
& Coatings Market By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy,
Polyester, and Other Resin Types) By Technology (Water-borne, Solvent-borne,
Radiation Cure, Powder Coating, and Others) By Product Type (Decorative Paints
& Coatings and Industrial Paints & Coatings) By End-user Industry
(Architectural, Automotive, Protective Coatings Market, General Industrial,
Transportation, and Others), By Region, Company Forecast & Opportunities,
2026” has evaluated the future growth potential of Saudi
Arabia Paints & Coatings market and provided statistics & information
on market size, shares, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
of Saudi Arabia Paints & Coatings market.
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