GCC Paints
& Coatings Market is anticipated to grow at a robust CAGR during the
forecast period. Due to their ability to provide glossy and decorative
surfaces, as well as their industrial uses in sectors including construction
and architecture, automotive, energy, and power industry, GCC countries have
potential for the paints and coatings business. The rise of the building and
construction industry due to projects related to Saudi Vision 2030, Oman Vision
2040, Qatar National Vision 2030, and visions of other countries has increased
the demand for paints and coatings for architectural applications, which is
expected to drive the market significantly during the forecast period.
Moreover, use of paints and coatings on metal building structures to prevent
corrosion along with increasing commercial construction activities in GCC
countries which is expected to increase the demand in the GCC Paints &
Coatings Market.
Coats of paint
often consist of multiple thin coats. These can be coats of the same paint mix
or different types of coats such as primer coats, base coats, topcoats, and
protective coats.
Increasing
Investment in GCC countries fuelling the market growth
Demand for new
building constructions is likely to drive the paints and coatings market in GCC
region. According to U.S.-Saudi Business Council (USSBC), in 2022, Saudi
Arabia awarded contracts worth a total of around USD51.3 billion, a surge in
35% as compared to 2021. As part of Saudi Arabia's Vision 2030 strategy, Riyadh
is investing heavily in a number of projects to diversify its economy away from
oil & gas industry. The Kingdom's National Industrial Strategy envisions
investing USD346 billion in the next few years. In January 2022, at the Real
Estate Future Forum in Riyadh, a deal of over USD2.66 billion was signed to set
up an investment fund to develop commercial, tourism and residential projects.
Moreover, major projects are planned in the capital Riyadh, whose population is
expected to grow from 7.5 million to 17 million by 2030. All of these
projects require the purchase of large quantities of paints and coatings.
Furthermore,
the UAE released its National tourist Strategy in November 2022 with the goal
of bringing in an additional USD27 billion in investments to the tourist
industry and 40 million hotel guests by the year 2031. UAE wants the tourist
industry to contribute USD122.54 billion to its GDP.
In
2023, Kuwait government cleared close to USD2.76 billion for 110
projects that would start in the fiscal year 2023–2024. The estimated 55
projects, which span the construction, services, and other sectors, are
expected to be completed in 2023 and have a total estimated value of about
USD871 million. About USD1.03 billion in funds would be allotted for the
construction industry.
In 2021,
Bahrain launched a new strategic project plan to invest USD30 billion in over
20 new projects with the construction of five new offshore cities. Bahrain is
looking forward to building a 109 km metro system and 22.5 km of North Road.
Bahrain plans to increase its refining capacity from 267,000 barrels per day to
380,000 barrels per day through the Bapco Modernization Program (BMP), the
largest industrial project in Bahrain's history. As part of the new strategy,
private developers are able to bid for government land development contracts under
the Sharaka program.
Hence, all
these investments, schemes, initiatives are expected to drive the GCC Paints
& Coatings Market
Technological
Advancements in Paint and Coating Industry:
Megatrends like
globalization, consumer interest, and socio-ecological issues play a
significant role in shaping the path of paint and coating industry. As
globalization continues, companies are migrating toward the best available
technology for both performance and eco-sustainability of paints and coatings.
In addition, raw material reliability, stability, and the drive for more
sustainable solutions driving the technology needs in the paint and coating
industry.
For instance,
paint industry in GCC countries such as Saudi Arabia, UAE, and Bahrain have
witnessed significant technological advancements in recent years, leading to
the development of innovative and high-performance paints and coatings. This
has helped in addressing various challenges faced by the building and
construction industry, such as extreme weather conditions, pollution, and
durability requirements, moisture damage, washable paint, germ-killing paints,
paints that are Odor eliminating, previewing color schemes before painting, 3D
paint visualization, eco-friendly paints. These factors are further driving the
demand for the paint and coating industry in the GCC region.
Wide Range
of Financing Options
The paint and
coating industry offers a wide range of financing options for consumers,
contractors, and businesses to purchase paints, coatings, and related products.
These financing options may vary depending on the country and specific paint
manufacturer or retailer. The paint and coating industry offers a wide range of
financing options for consumers, contractors, and businesses to purchase
paints, coatings, and related products. These financing options may vary
depending on the country and specific paint manufacturer or retailer. Some
paint and coatings retailers offer in-store financing options, such as
zero-interest instalment plans, where customers can pay for their paint and
coatings purchases in instalments over a period without incurring interest
charges.
Some paint and
coatings manufacturers or retailers offer leasing options, where customers can
lease or rent paint and coatings products (scaffolding equipment, ladders,
paint sprays) or equipment for a specified period and have the option to
purchase them at the end of the lease or rental period. Moreover, some paint
and coatings manufacturers or retailers have financing programs, either
in-house or through partnerships with financial institutions, which offer
special promotions, discounts, or favorable terms for customers who qualify
based on creditworthiness or other criteria.
Latest
Developments driving the GCC Paints & Coatings Market growth
- In 2022, Asian Paints established a
joint venture with Riddhi Siddhi Crusher & Land Transport (Riddhi
Siddhi), Associated Soap Stone Distributing Company (ASD), Raj Kumar Bohra
and Nita Bohra for manufacturing and exporting white cement clinkers by
setting up of manufacturing plant. Cement and white cement clinker would
be manufactured by establishing a production facility in Fujairah, United
Arab Emirates (UAE). The proposed joint venture is formed in 60:40 between
companies and other parties entered into a partnership to engage in
manufacturing and exporting business of white cement and white cement
clinker. The initial capacity of the manufacturing facility to be built in
Fujairah would be 2,65,000 tons per year. In addition, the total
investment is expected to be around USD70 million over the next two years.
The cost of the project would be financed through a combination of equity
financing from the company and other parties and external borrowing
financing. White cement is the main ingredient in some powder products
such as putty, primers, and powder leveling products for various
substrates.
- In 2022, paint and coatings
manufacturer Jotun opened a new manufacturing facility in a new industrial
area in Doha, Qatar. The plant has a capacity of producing 20 million
liters of water-based paint annually. The new factory is the first phase
of Jotun's multi-stage investment plan for Qatar over the next five years.
The opening of the factory marks the successful completion of the first
phase of Jotun's investment in Qatar. For Phase 2, work started on a new
warehouse to accommodate the storage needs of finished goods (paints,
powder coatings). The Jotun HSE standard warehouse with a storage capacity
of 20 million liters was expected to be operational from December 2022.
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Market
Segmentation
GCC Paints
& Coatings Market is segmented into technology, resin, sales channel, end
use, and country. Based on technology, the market is bifurcated into water based
and solvent based. Based on resin, the market is further bifurcated into
acrylic, alkyd, polyurethane, epoxy, polyester, and others. Based on sales
channel, the market is further bifurcated into direct and indirect. Based on
end use, the market is further bifurcated into architectural, industrial, and
infrastructure. Based on country, the market is bifurcated into Saudi Arabia,
United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman.
Market
player
Major players
in the GCC Paints & Coatings Market are Akzo Nobel NV, Jazeera Factory for
Paints - Limited Liability, BASF SE, Berger Paints Emirates Ltd, Jotun U.A.E.
Ltd. (L.L.C.), Ritver Paints Manufacturing L.L.C, National Paints Factories Co.
Ltd, Hempel A/S, Wacker Chemie AG, Terraco UAE Ltd.
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Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018–
2022
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
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|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
Technology
Resin
Sales Channel
End Use
Country
|
|
Regional scope
|
Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain,
Oman
|
|
Key companies profiled
|
Akzo Nobel NV, Jazeera Factory for Paints - Limited Liability,
BASF SE, Berger Paints Emirates Ltd, Jotun U.A.E. Ltd. (L.L.C.), Ritver
Paints Manufacturing L.L.C, National Paints Factories Co. Ltd, Hempel A/S,
Wacker Chemie AG, Terraco UAE Ltd
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report
Scope:
In this report,
GCC Paints & Coatings Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- GCC Paints & Coatings Market,
By Technology (Water based, Solvent based Type:
- Water based
- Solvent based
- GCC Paints & Coatings Market,
By Resin:
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
- GCC Paints & Coatings Market,
By Sales Channel:
- GCC Paints & Coatings Market,
By End Use:
- Architectural
- Industrial
- Infrastructure
- GCC Paints & Coatings Market,
By Country:
- Saudi Arabia
- United Arab Emirates
- Qatar
- Kuwait
- Bahrain
- Oman
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the GCC Paints & Coatings
Market.
Available
Customizations:
GCC Paints
& Coatings Market report 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 GCC
Paints & Coatings Market has 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]