Middle East Paints and Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle East Paints and Coatings Market Analysis
The Middle East paints and coatings market is projected to register a CAGR of over 3% during the forecast period.
In 2020, the construction industry slowed down due to the COVID-19 pandemic. However, in 2021, the market developed because of an increase in infrastructural developments in various nations across the region. Over the following years, the industry is expected to grow as governments increase public investments to fund new projects.
- Over the short term, constructing hotels and restaurants, re-painting historic hotels, and maintaining architectural and ornamental infrastructure (to attract visitors) will likely strengthen the market studied.
- The volatility in raw materials prices is expected to restrain the Middle-East paints and coatings market over the forecast period.
- The growing demand for eco-friendly products is expected to offer various opportunities for the market's growth over the forecast period.
- Saudi Arabia dominates the paints and coatings market within the region owing to surging construction activities. Kuwait is expected to be the fastest-growing country.
Middle East Paints and Coatings Market Trends
This section covers the major market trends shaping the Middle-East Paints & Coatings Market according to our research experts:
Increasing Demand from the Architectural Sector
- Paints and coatings are extensively used for interior and exterior applications in the architectural sector, domestic houses, and other construction projects. They are applied to the house's exterior to give it a new look and protect it from blistering summers, freezing winters, soaking rain, and daily exposure to UV radiation (without fading, peeling away, and cracking the exterior).
- The strong residential and non-residential construction activities, especially in Saudi Arabia, Qatar, and Kuwait, are expected to boost the consumption of paints and coatings across the region.
- According to the Planning and Statistics Authority (PSA), 884 building permits were issued in Qatar in September 2022. The new building permits (residential and non-residential) constituted 40% (356 permits) of the total building permits issued in September 2022. Of the new residential building permits, villas topped the list, accounting for 84% of the total, apartments 9%, and dwellings of housing loans 5%.
- Kuwait has some of the world's most beautiful structures, many of which have classical facades. With Kuwait Vision 2035 in mind, the necessity to develop environmentally friendly and sustainable buildings with high-performance and energy-efficient façades is becoming more apparent. There is a strong focus on cutting-edge façades that are structurally, aesthetically, thermally, technologically, and acoustically efficient, secure, and, most importantly, long-lasting.
Saudi Arabia to Dominate the Market
- Saudi Arabia is the Middle-East's largest national market, accounting for roughly half of the region's total demand for paints and coatings. According to the International Monetary Fund (IMF), the country has declared a strong reform agenda as part of its Vision 2030, which is likely to result in robust growth over the medium term as structural changes are completed.
- The Kingdom offers the region's largest pipeline of future construction opportunities, driven by Riyadh's Vision 2030 national development agenda for the diversification and privatization of the giant Saudi economy, which includes a slew of massive megaprojects like the USD 500 billion Neom future cities, Qiddiya entertainment city, and the Red Sea Project.
- According to the Central Department of Statistics and Information, Saudi Arabia's GDP from construction grew to SAR 30,292 million (~USD 8,066.75 million) in the third quarter of 2022, up from SAR 28,544 million (~USD 7601.26 million) in the second quarter of 2022.
- Saudi Arabia motor vehicle sales recorded 556,559 units in Dec 2021, compared with 452,544 units in the previous year. Toyota controls 30% of the Saudi market followed by Hyundai and KIA at 26% and Renault-Nissan-Mitsubishi at 9%.
- According to the Kingdom's vision 2030 goals, the National Industrial Development Center (NIDC) aims to attract 3-4 Original Equipment Manufacturers (OEMs) across the ICE and EV value chain, to produce 300,000 vehicles yearly with a 40% local content by 2030.
Middle East Paints and Coatings Industry Overview
The paints and coatings market in the Middle-East is highly consolidated, with the top six players holding a significant market share. Key players in the market include Akzo Nobel NV, Jazeera Paints, Jotun, PPG Industries Inc., and National Paints Factories Co. Ltd, among others.
Middle East Paints and Coatings Market Leaders
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Akzo Nobel N.V.
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Jotun
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Jazeera Paints
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Hempel A/S
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NATIONAL PAINTS FACTORIES CO. LTD.
*Disclaimer: Major Players sorted in no particular order
Middle East Paints and Coatings Market News
- In August 2022, Jazeera Paints opened its sixth showroom in Ranya, Iraq. The opening of the new showroom reflects Jazeera Paints' desire to expand in the Middle East and support Saudi exports to the region.
- In February 2022, the long-standing cooperation between McLaren Racing and AkzoNobel was extended and enhanced. McLaren Racing's only official partner, AkzoNobel Coatings Solutions, offers advanced paints to the McLaren Formula 1 vehicle in racing. This agreement is projected to improve AkzoNobel's brand image, resulting in increased sales of paints and coatings goods.
Middle East Paints and Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increased Focus on Tourism and Construction in the Middle East
- 4.1.2 Booming Commercial Construction Activities
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4.2 Restraints
- 4.2.1 Volatility in Raw Material Prices
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Resin Type
- 5.1.1 Acrylic
- 5.1.2 Alkyd
- 5.1.3 Polyurethane
- 5.1.4 Epoxy
- 5.1.5 Polyester
- 5.1.6 Other Resin Types
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5.2 Technology
- 5.2.1 Water-borne
- 5.2.2 Solvent-borne
- 5.2.3 Radiation Cure
- 5.2.4 Other Technologies
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5.3 End-user Industry
- 5.3.1 Architectural
- 5.3.2 Automotive
- 5.3.3 Wood
- 5.3.4 General Industrial Coating
- 5.3.5 Transportation
- 5.3.6 Other End-user Industries
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5.4 Geography
- 5.4.1 Saudi Arabia
- 5.4.2 Qatar
- 5.4.3 Kuwait
- 5.4.4 UAE
- 5.4.5 Iran
- 5.4.6 Iraq
- 5.4.7 Oman
- 5.4.8 Bahrain
- 5.4.9 Rest of the Middle-East
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Akzo Nobel NV
- 6.4.2 Asian Paints Berger
- 6.4.3 Beckers Group
- 6.4.4 Jazeera Paints
- 6.4.5 Caparol Paints
- 6.4.6 Hempel AS
- 6.4.7 Jazeera Paints
- 6.4.8 Jotun
- 6.4.9 National Paints Factories Co. Ltd
- 6.4.10 PPG Industries Inc.
- 6.4.11 Premier Paints Company Limited (The Sherwin-Williams Company)
- 6.4.12 Ritver Paints & Coatings
- 6.4.13 RPM International Inc.
- 6.4.14 Tambour
- 6.4.15 Terraco UAE Ltd
- 6.4.16 Thermalite Middle East
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Rising Demand for Eco-friendly Products
- 7.2 Plans for New Luxury Real Estate Projects in Qatar
Middle East Paints and Coatings Industry Segmentation
Paints and coatings can be classified as water-based and solvent-based based on the drying technique employed. Water-based coatings contain water as a volatile compound, and solvent-based coatings contain volatile compounds like benzene. Paints and coatings are used to decorate and protect buildings, appliances, automobiles, equipment, and others. The market is segmented by resin type, technology, end-user industry, and geography. 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, solvent-borne, radiation cure, and other technologies. By end-user industry, the market is segmented into architectural, automotive, wood, general industrial coatings, transportation, and other end-user industries. The report also covers the market size and forecast for the Middle-East paints and coatings market in eight countries across the region. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Resin Type | Acrylic |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types | |
| Technology | Water-borne |
| Solvent-borne | |
| Radiation Cure | |
| Other Technologies | |
| End-user Industry | Architectural |
| Automotive | |
| Wood | |
| General Industrial Coating | |
| Transportation | |
| Other End-user Industries | |
| Geography | Saudi Arabia |
| Qatar | |
| Kuwait | |
| UAE | |
| Iran | |
| Iraq | |
| Oman | |
| Bahrain | |
| Rest of the Middle-East |
Middle East Paints and Coatings Market Research FAQs
What is the current Middle-East Paints and Coatings Market size?
The Middle-East Paints and Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Middle-East Paints and Coatings Market?
Akzo Nobel N.V., Jotun, Jazeera Paints, Hempel A/S and NATIONAL PAINTS FACTORIES CO. LTD. are the major companies operating in the Middle-East Paints and Coatings Market.
What years does this Middle-East Paints and Coatings Market cover?
The report covers the Middle-East Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Middle-East Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Paint and Coatings in Middle East Industry Report
Statistics for the 2024 Paint and Coatings in Middle East market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Paint and Coatings in Middle East analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
