Iran Paints and Coatings Market Size (2024 - 2029)

The Iran paints and coatings market is anticipated to experience growth over the forecast period, driven by government initiatives to enhance construction activities and increased exports in the furniture sector. Despite challenges posed by the U.S.-Iran conflict and strict VOC regulations, the market is recovering from the setbacks caused by the COVID-19 pandemic. The burgeoning ship-building industry presents additional growth opportunities, while the architectural application segment is expected to lead the market due to the expanding construction sector in Iran.

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Market Size of Iran Paints and Coatings Industry

Iran Paints and Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 2.89 %
Market Concentration Medium

Major Players

Iran Paints and Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Iran Paints and Coatings Market Analysis

The Iran paints and coatings market size is expected to grow from USD 460.30 million in 2023 to USD 530.77 million by 2028, at a CAGR of 2.89% during the forecast period.

  • The COVID-19 pandemic had a negative impact on the Iran paints and coatings sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and has risen significantly in the coming years.
  • Government measures to boost construction activities for the middle-class population and increased exports of Iranian furniture are likely to drive market growth.
  • However, the conflict between the United States and Iran and stringent regulations regarding VOCs are likely to hinder market growth during the forecast period.
  • The growing ship-building industry in Iran is forecasted to offer various opportunities for the growth of the market over the forecast period.
  • Paints and coatings from the architectural application are likely to dominate the market owing to the rise in the development of the construction sector in Iran.

Iran Paints and Coatings Industry Segmentation

Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to make a thin layer of the solid film once polymerization or evaporation occurs. Paint and Coatings are used in office buildings, warehouses, retail convenience stores, automotive bodies, interiors, and in various other industries. 

Iran's paints and coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne and solvent-borne. By end-user industry, the market is segmented into architectural, automotive, wood, industrial coatings, transportation, and packaging. 

For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).

Resin Type
Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Other Resin Types
Technology
Water-borne
Solvent-borne
End-user Industry
Architectural
Automotive
Wood
Industrial Coatings
Transportation
Packaging
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Iran Paints and Coatings Market Size Summary

The Iran paints and coatings market is poised for growth, driven by a resurgence in construction activities and increased exports of Iranian furniture. The sector, which faced significant setbacks due to the COVID-19 pandemic, has been on a recovery trajectory since 2021. Government initiatives aimed at boosting construction for the middle-class population are expected to further propel market expansion. However, geopolitical tensions, particularly between the United States and Iran, along with stringent VOC regulations, pose challenges to market growth. The burgeoning ship-building industry in Iran presents additional opportunities for market development, with architectural applications of paints and coatings anticipated to dominate due to the ongoing construction sector advancements.

Acrylic resins are gaining traction in the market, favored for their transparency, colorability, and UV resistance, particularly in water-borne systems that minimize VOC emissions. These coatings are extensively used in the construction industry for high-end finishes and are also applied in marine, automotive, electrical, and machinery sectors. The demand for water-based acrylic coatings is rising due to environmental concerns. The market is characterized by a partial consolidation, with key players like Jotun, Rangsazi Iran Company, and Pars Pamchal Company leading the industry. The continuous growth in construction activities, supported by government housing initiatives, is expected to significantly boost the demand for architectural paints and coatings in Iran.

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Iran Paints and Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Government Measures to Boost Construction Activities for the Middle-class Population

      2. 1.1.2 Increasing Exports of Iranian Furniture

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 The Conflict between the United States and Iran

      2. 1.2.2 Stringent Environmental Regulations Related to VOCs

      3. 1.2.3 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Resin Type

      1. 2.1.1 Acrylic

      2. 2.1.2 Alkyd

      3. 2.1.3 Polyurethane

      4. 2.1.4 Epoxy

      5. 2.1.5 Polyester

      6. 2.1.6 Other Resin Types

    2. 2.2 Technology

      1. 2.2.1 Water-borne

      2. 2.2.2 Solvent-borne

    3. 2.3 End-user Industry

      1. 2.3.1 Architectural

      2. 2.3.2 Automotive

      3. 2.3.3 Wood

      4. 2.3.4 Industrial Coatings

      5. 2.3.5 Transportation

      6. 2.3.6 Packaging

Iran Paints and Coatings Market Size FAQs

The Iran Paints and Coatings Market is projected to register a CAGR of 2.89% during the forecast period (2024-2029)

Jotun, Rangsazi Iran Company, Pars Pamchal Company, Ronass Chemical Producing Co. and Saba Shimi Arya are the major companies operating in the Iran Paints and Coatings Market.

Iran Paints and Coatings Market Report Snapshots

Iran Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)