Market Trends of Morocco Paints And Coatings Industry
Acrylic Resins to Dominate the Market
- Acrylic resins are one of the most widely used polymers in the paint and coatings industry. The two principal types of acrylics used are thermoplastic and thermoset.
- Thermoplastic acrylic resins are of two types: solution acrylics and acrylic latex coatings. Thermoset acrylic resins are used in product finishes for metal furniture coatings, automotive topcoats, maintenance coatings, appliances, and other original equipment manufacturer finishes.
- Acrylic resins offer transparency, high color ability, and UV resistance in coating solutions. They are often used in waterborne systems, resulting in low VOC emissions.
- The application of acrylic coatings is primarily found in the construction industry, for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are high in demand, owing to environmental concerns, like the negative impact of VOCs affecting the air quality in the environment.
- The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids.
- Moreover, some of the additional applications of acrylic paints and coatings are found in marine vessels and structures, automotive, electrical products, machinery, and various metal product, among others. For instance, according to OICA, in 2022, automobile production in Morocco amounted to 4,64,864 units, which showed an increase of 15% compared to 2021. As a result, increased automobile production in the country is expected to boost the demand for paints and coatings market.
- Owing to the above mentioned factors demand of paints and coatings of acrylic resin type is likely to dominate the market studied over the coming years.
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Architectural Coatings to Dominate the Market
- Paints and coatings are used in the interiors of houses to add color or for decorative purposes. They also perform a wide range of functions, which vary depending on the type of environment and room.
- Paints and coatings are applied on the exterior of the house to give it a new look and protect it from harsh and changing weather conditions and UV radiation without fading, peeling away, or cracking.
- Architectural and decorative coatings are the most significant type of coatings used in Morocco, where residential and commercial construction activities extensively drive demand. These decorative paints are either oil- or water-based paints for aesthetic purposes for interior and exterior applications.
- Modern advancements in paint technology, specifically in acrylic formulations, have offered a wide range of weatherproof coatings.
- The demand for hotel construction is anticipated to increase as a result of the country's rising tourist arrivals; this is anticipated to fuel the market for architectural coatings. For instance, Morocco witnessed 1.9 million visitors at the end of February 2023, a 464% increase from the same time in 2022.
- Moreover, Morocco's 2030 port strategy aims for nearly USD 7.5 billion to upgrade and expand the 27 ports along the country's Atlantic and Mediterranean coasts, building expansions and upgrades. As part of the 2030 National Port Strategy, Morocco's National Ports Authority (ANP) will invest nearly USD 600 million between 2018-2023. The investment is dedicated primarily to large-scale infrastructure projects aimed at keeping up with changes in maritime transport and trade outside of Morocco. Thefore, this is expected to create an upside demand for paints and coatings market.
- The drought and economic fallout from Russia's war in Ukraine took a toll on Morocco's economy in 2022. For instance, according to trading economics, GDP from Construction in Morocco decreased to 16,490.90 MAD Million (USD 1579.82 Million) in the third quarter of 2022 from 16,867 MAD Million (USD 1615.85 Million) in the second quarter of 2022.
- All of the aforementioned factors are expected to drive the architectural coatings market, which will boost demand for Morocco paints and coatings during the forecast period.
