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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