Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Saudi Arabia Paints and Coatings Market Report (2023-2028)," the market is estimated at USD 1.39 billion in 2023. It is expected to register a CAGR of 3.38% during the forecast period.
The COVID-19 pandemic had a negative impact on the Saudi paint and coating market in 2021, as manufacturing and construction activities were halted in the country. However, the market recovered well in 2022 and restored its growth strategy. With the support of government initiatives and growing tourism, residential construction activities are increasing substantially in Saudi Arabia, which is expected to boost the demand for paints and coatings in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1.39 billion |
| Market Size (2028) | USD 1.65 billion |
| CAGR (2023-2028) | 3.38% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing residential construction activities and tourism. |
| Government initiatives. |
Who are the Top Companies in the Saudi Arabia Paints and Coatings Market?
The Saudi paints and coatings market is fragmented.
The significant players with the majority market share in 2023 are,
- AkzoNobel NV
- BASF SE
- Jazeera Paints
- Jotun
- Kansai Paint Co. Ltd
- National Paints Factory Co. Ltd
- Protech Powder Coatings Inc.
- Sigma Coatings (PPG Industries Inc.)
- Sak Coat
- The Sherwin Williams Company
- United Coatings Industries
- Zamil Industrial
Other Reports That Might Be of Your Interest:
- Resins in Paints and Coatings Market Report - The global resins in paints and coatings market size is estimated at USD 35,626.72 million in 2023. It is expected to reach USD 45,708.40 million by 2028, at a CAGR of 5.11% during the forecast period (2023-2028).
- Iraq Paints and Coatings Market Report - The paints and coatings market size in Iraq is expected to grow from USD 196.05 million in 2023 to USD 236.70 million by 2028, at a CAGR of 3.84% during the forecast period (2023-2028).
Key Highlights from the Saudi Arabia Paints and Coatings Market Report:
Demand for Acrylic Resins Looking Promising
- Water-based acrylic resins are gaining popularity because of their sustainability, easy formulation, durability, quick-drying nature, and low odor.
- They also offer good chemical resistance, retain color and gloss, easy handling, cost-efficiency, and superior performance. 70% of all waterborne coatings used in Saudi Arabia are estimated to be acrylic binder type.
Increasing Demand from Architecture Industry
- Saudi Arabia is witnessing an increase in residential and commercial projects, including mega projects like NEOM and the Red Sea Project.
- With supportive government initiatives, the growth in the construction sector is expected to drive the demand for architectural paints and coatings in the country.
What are the Latest Developments in the Saudi Arabia Paints and Coatings Market?
- In November 2021, Jazeera Paints introduced Jazeera Green Silk Flexy in the Middle East and North African markets.
- In March 2021, AkzoNobel invested in coatings application technology from Qlayers that offers a fully automated solution that is safer, more consistent, and faster than the manual coating processes.
Mordor Intelligence has Segmented the Saudi Arabia Paints and Coatings Market Based on Resin Type, Technology, and End-user Industry.
- By Resin Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Acrylic Resin
- Alkyd Resin
- Polyurethane Resin
- Epoxy Resin
- Polyester Resin
- Other Resin Types (Polyether Ether Ketone, Polyether Ketone Resin)
- Technology (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Water-based
- Solvent-based
- Powder-based
- End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Architectural
- Automotive
- Protective Coatings Market
- General Industrial
- Other End-user Industries (Wood Coatings)
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Saudi Arabia Paints and Coatings Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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