Qatar Protective 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 | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Qatar Protective Coatings Market Analysis
By the end of the year, the Qatar Protective Coatings Market was worth USD 49 million, and it is expected to grow at a CAGR of over 3% over the next five years.The COVID-19 pandemic had harmed the currently studied market.However, post-pandemic, the rising implementation of infrastructural projects has revived the country's protective coatings market.
- Increasing demand from Qatar's oil and gas industry is expected to drive the market.
- Strict rules about VOC emissions are likely to slow the growth of the market that was looked at.
During the forecast period, the growing demand for powder coatings is likely to give the market a number of chances to grow.
Qatar Protective Coatings Market Trends
This section covers the major market trends shaping the Qatar Protective Coatings Market according to our research experts:
Increasing demand from Qatar’s Oil and Gas industry
- Protective coatings offer excellent corrosion resistance, water resistance, and fire resistance. In the oil and gas industry, protective coatings used for chemical resistance and safety protocols play vital roles in avoiding risks related to damage, accidents, and workers' health.
- In 2021, oil production in Qatar accounted for 73.3 million tons, which registered a 1.7% growth rate as compared to the 72 million tons produced in 2020. However, oil production has stagnated in the past few years. Hence, the country plans to increase its production to meet the upcoming oil demand.
- In February 2021, Italian oilfield services provider Saipem received a letter of award from Qatar gas for developing the North Field Production Sustainability Offshore Project, located in offshore Qatar, worth approximately USD 1.7 billion. Offshore facilities are part of the project's scope, which also includes designing, buying, building, and putting them in place.
- In August 2021, Qatar Petroleum (QP) awarded an engineering, procurement, and construction (EPC) contract to the Spanish engineering firm Tecnicas Reunidas for its North Field Expansion Project. The project consists of four new LNG trains and is expected to start by 2025, with a capacity of 32 million tons per annum (MPTA).
- Also, in January 2022, Qatar Energy gave McDermott International a huge contract for engineering, procurement, construction, and installation for the North Field East Expansion project in the Persian Gulf. This contract was for the offshore facilities.
The infrastructure segment dominates the market
- Protective coatings applied to steel, which is commonly used for civil structures such as stadiums, transportation hubs, and public buildings, are the backbone of modern cities. Corrosion protection of steel bridges is important to maintain structural performance and aesthetics over time, with protective coatings being the most common form of corrosion protection.
- The Qatar National Vision 2030 and the FIFA World Cup 2022 are major drivers for Qatar's infrastructure industry. The ongoing implementation of major development projects across various sectors, including building, hospitality, tourism, transportation, infrastructure, etc., explains Qatar's vision.
- The government is building stadiums for the FIFA World Cup Qatar 2022, with two already operational and the remaining six set to open in 2022.These stadiums include Khalifa International Stadium (completed), Al Janoub Stadium (completed), Al Rayyan Stadium, Al Bayt Stadium, Al Thumama Stadium, Education City Stadium, Lusail Stadium, and Ras Abu Aboud Stadium.
- The government of Qatar said it would spend USD 200 billion on building new rail lines, a brand-new international airport and port, highways with the latest technology, new hotels, and a lot more.
- Lusail City is a key component of Qatar's 2030 Vision. Under the Lusail project, a new city is being built with an overall value of around USD 45 billion. This is estimated to possess 19 multi-purpose residential, entertainment, and commercial districts. The estimated USD 45 billion project is set to extend to 38 square kilometers and include four exclusive islands. Qetaifan Islands are some of the exclusive islands within Lusail City. It was announced that 16 floating hotels would be built on the islands for tourists and fans during the 2022 FIFA World Cup.
The country's market for protective coatings is expected to grow as a result of the above infrastructure projects.
Qatar Protective Coatings Industry Overview
The Qatar protective coatings market is fragmented in nature. Some of the market's major players (not in any particular order) include Akzo Noble N.V., Axalta Coating Systems, Hempel A/S, Jotun, and Sigma Paints.
Qatar Protective Coatings Market Leaders
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Akzo Noble N.V.
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Jotun
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Sigma Paints
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Axalta Coating Systems
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Hempel A/S
*Disclaimer: Major Players sorted in no particular order
Qatar Protective Coatings Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study
Qatar Protective 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 Rising implementation of infrastructure projects in Qatar
- 4.1.2 Increasing demand from Qatar's Oil and gas industry
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4.2 Restraints
- 4.2.1 Fluctuations in the prices of Raw materials
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 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 (Value in USD Million)
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5.1 End-user Industry
- 5.1.1 Oil and Gas
- 5.1.2 Mining
- 5.1.3 Power
- 5.1.4 Infrastructure
- 5.1.5 Other End-user Industries
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5.2 Technology
- 5.2.1 Waterborne
- 5.2.2 Solventborne
- 5.2.3 Powder Coatings
- 5.2.4 UV-Cured
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5.3 Resin Type
- 5.3.1 Acrylic
- 5.3.2 Epoxy
- 5.3.3 Alkyd
- 5.3.4 Polyurethane
- 5.3.5 Polyester
- 5.3.6 Other Resin Types
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 N.V.
- 6.4.2 Asian Paints Berger
- 6.4.3 Axalta Coating Systems
- 6.4.4 Hempel A/S
- 6.4.5 Jazeera Paints
- 6.4.6 Jotun
- 6.4.7 Kansai Paint Co. Ltd.
- 6.4.8 National Paints Factories Co. Ltd.
- 6.4.9 Sigma Paints
- 6.4.10 Ritver Paints & Coatings
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 The rising demand for Powder Coatings in Protective coatings end user industries.
Qatar Protective Coatings Industry Segmentation
Protective coatings are materials applied to the substrate surfaces of steel and concrete structures to protect them from environmental damage and corrosion. The market involves the use of coatings on new structures as well as the maintenance of existing structures. These structures can include industrial, commercial, and public infrastructure but exclude house buildings and private apartments. The protective coatings market is segmented by end-user industry, technology, and resin type. By end-user industry, the market is segmented into oil and gas, mining, power, infrastructure, and other end-user industries. By technology, the market is segmented into solvent-borne, waterborne, powder, and UV-cured. The market is segmented by resin type: acrylic, epoxy, alkyd, polyurethane, polyester, and others. The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.
| End-user Industry | Oil and Gas |
| Mining | |
| Power | |
| Infrastructure | |
| Other End-user Industries | |
| Technology | Waterborne |
| Solventborne | |
| Powder Coatings | |
| UV-Cured | |
| Resin Type | Acrylic |
| Epoxy | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
Qatar Protective Coatings Market Research FAQs
What is the current Qatar Protective Coatings Market size?
The Qatar Protective Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Qatar Protective Coatings Market?
Akzo Noble N.V., Jotun, Sigma Paints , Axalta Coating Systems and Hempel A/S are the major companies operating in the Qatar Protective Coatings Market.
What years does this Qatar Protective Coatings Market cover?
The report covers the Qatar Protective Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Qatar Protective Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Qatar Protective Coatings Industry Report
Statistics for the 2024 Qatar Protective Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Qatar Protective Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
