Saudi Arabia decorative paints market is
anticipated to register a robust CAGR during the forecast period. Saudi
Arabia, the largest economy in the Middle East region of Asia, is also the
region's largest market for paints and coatings. Strong construction and industrial
activity over the past three decades have made Saudi Arabia one of the most
attractive markets for domestic and foreign paint and coating manufacturers
operating in the country. The Kingdom of Saudi Arabia's paints and coatings
industry is estimated to be worth around USD 1.8 billion (as of the end of
2018) and has grown rapidly over the past few decades as high oil prices
boosted the national economy. Both the building and industrial sectors have
registered steady demand from construction and industrial activity in the
country. Saudi Arabia's paint and varnish industry, the largest in the Arab
world, is suffering from austerity measures aimed at lowering oil prices and a
huge budget deficit. The Kingdom of Saudi Arabia implemented significant oil
production cuts in 2019 as part of the OPEC+ deal. These have contributed to
lower GDP growth and slower growth in the consumption of paints and coatings.
Construction Industry driving the growth of
the Saudi Arabia Decorative Paints Market
The Riyadh region is also home to Qidiyah, the Saudi
capital's upcoming entertainment, sports, and cultural hub that includes theme
parks, arenas, outdoor activities, and motorsports. This project is based on
five main pillars: Sports & Wellness, Nature & Environment, Parks &
Attractions, Exercise & Mobility, and Arts & Culture. It is wholly
owned by the PIF and aims to enhance the Kingdom's status as a major tourist
destination. Construction of entertainment, sports, and cultural hubs started
in early 2018 with a total area of 334 square kilometers and a budget of USD
8 billion. The latest deal is USD 750 million joint venture between ALEC Saudi
Arabia Engineering & Contracts and Elseif Engineering Contracts to build
the kingdom's first water park, which is said to be the largest in the region.
Qiddiya Investment Company also signed a USD 1 billion contract to build Six
Flags Qiddiya, which will feature 28 rides and attractions across six theme
parks. Speed Park is home to his FIA Class 1 circuit for motorsports fans and
his fairway was planned by one of the best golf players ever, Jack Nicklaus,
and is accessible to both tip top and beginner players. Qiddiya also
includes luxury tent retreats, animal encounters, outdoor adventures and
exploration, multiple arts and culture centers, festival venues, and a
multiplex cinema. This will increase the demand for decorative paints in Saudi
Arabia. Therefore, the growth of the construction industry in Saudi Arabia is
expected to drive the growth of the decorative paints market in the country
during the forecast period.
Latest product inventions in Saudi Arabia Decorative
Paints Market
- In 2021, Jazeera Paints, one of the Saudi Arabia
paint manufacturers, launched Cold Plastic on the MENA market. Cold
Plastic is a fast-drying gloss paint based on the latest road marking
paint technology, Centrecoat Methyl Methacre (MMA), which is recommended
for traffic signs and signal markings on public roads, driveways and
parking lots. This product is known for its excellent resistance to
friction, UV rays, and other environmental stresses.
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Market Segmentation
The Saudi Arabia decorative paints market is segmented
on the basis of product type, type of paint, application, sales channel, end
user, and region. Based on product type, the market is divided into water based
and solvent based. Based on type of paint, the market is further bifurcated
into emulsion, enamel, distemper, primer, textures, and others. Based on
application, the market is divided into exterior and interior. Based on sales
channel, the market is further bifurcated into offline and online. Based on end
user, the market is further bifurcated into residential and non-residential.
Based on region, the market is bifurcated into Makkah, Riyadh, Eastern
Province, and the Rest of Saudi Arabia.
Market player
Major market players in the Saudi Arabia decorative
paints market are Saudi Paint Co Ltd., Jazeera Factory for Paints - Limited
Liability, Saudi BASF for Building Materials Co. Ltd., AkzoNobel Saudi Arabia
Ltd, Zamil Industrial Coatings (ZINDCO), Jotun Saudia Co. Ltd., Red Sea
Building Materials and Equipment Trading Company, Premier Paints Company Ltd.,
Hempel Paints (Saudi Arabia) W.L.L, and Kansai Paint Saudi LLC.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018–
2022
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Product Type
Type of Paint
Application
Sales Channel
End User
Region
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Regional scope
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Makkah, Riyadh,
Eastern Province, Rest of Saudi Arabia
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|
Key companies profiled
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Saudi Paint Co Ltd., Jazeera Factory for
Paints - Limited Liability, Saudi BASF for
Building Materials Co. Ltd., AkzoNobel Saudi Arabia Ltd, Zamil Industrial
Coatings (ZINDCO), Jotun Saudia Co. Ltd., Red Sea Building Materials and
Equipment Trading Company, Premier Paints Company Ltd., Hempel Paints (Saudi Arabia) W.L.L, Kansai Paint
Saudi LLC
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Customization scope
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10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report Scope:
In this report, Saudi Arabia decorative paints market has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
- Saudi
Arabia Decorative Paints Market, By Product Type:
- Water
Based
- Solvent
Based
- Saudi
Arabia Decorative Paints Market, By Type of Paint:
- Enamel
- Primer
- Distemper
- Emulsion
- Textures
- Others
- Saudi
Arabia Decorative Paints Market, By Application:
- Saudi
Arabia Decorative Paints Market, By Sales Channel:
- Saudi
Arabia Decorative Paints Market, By End User:
- Residential
- Non-Residential
- Saudi
Arabia Decorative Paints Market, By Region:
- Makkah
- Riyadh
- Eastern
Province
- Rest of
Saudi Arabia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present
in the Saudi Arabia decorative paints market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company's specific needs. The following customization options
are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players.
The Saudi Arabia decorative paints market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm
the date of release, please contact us at [email protected]