GCC Paints & Coatings Market By Technology (Water based, Solvent based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Sales Channel (Direct, Indirect), By End Use (Architectural, Industrial, Infrastructure), By Country, Competition, Forecast & Opportunities, 2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Infrastructure | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGCC Paints & Coatings Market By Technology (Water based, Solvent based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Sales Channel (Direct, Indirect), By End Use (Architectural, Industrial, Infrastructure), By Country, Competition, Forecast & Opportunities, 2028
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
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 2024-2032, 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
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
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 6040 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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| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018– 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| 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. |
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| Delivery Format | 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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