Saudi Arabia Paints And Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.49 Billion |
| Market Size (2029) | USD 1.8 Billion |
| CAGR (2024 - 2029) | 3.79 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Paints And Coatings Market Analysis
The Saudi Arabia Paints And Coatings Market size is estimated at USD 1.49 billion in 2024, and is expected to reach USD 1.8 billion by 2029, growing at a CAGR of 3.79% during the forecast period (2024-2029).
The COVID-19 crisis in 2020 and 2021 led to a sharp shrinkage in demand for the product. Capacity shutdowns and cancellation of major projects in several key end-user industries continue to create pressure on this market’s value chain. The country’s real estate market was severely affected by the COVID-19 pandemic. Residential real estate was the worst hit as strict lockdown measures across major cities resulted in suspending home registrations. Moreover, the pandemic halted all manufacturing and industrial activities, thus negatively impacting the demand in the paints and coatings market. However, the sector has been recovering well since restrictions were lifted. Over the last two years, increased house sales, increasing demand for new office and commercial spaces, and a booming oil and gas industry market have led to market recovery.
• Over the short term, increasing demand from residential and commercial construction activities and rising demand from the oil and gas industry are expected to drive the market’s growth.
• On the flip side, the impact of raw material prices is expected to hinder the market's growth.
• The developing automotive sector in the country offers various opportunities for the growth of the market studied.
Saudi Arabia Paints And Coatings Market Trends
Acrylic Resin Dominating the Market
- Acrylic resins are types of polymer materials that have acrylic monomers either dissolved, dispersed, or in solid form. These monomers are usually esters of acrylic acid, methacrylic acid, or their derivatives. It is possible to modify acrylic resins by introducing various chemical groups to the monomers.
- Acrylic resins are widely used in a variety of applications, ranging from solvent-based and water-based industrial coatings to decorative coatings.
- Acrylic resins are known for their good color and gloss retention, as well as their superior weathering and UV resistance. The demand for acrylic coatings in the decorative coatings market has increased more rapidly than the overall market, mainly due to its low VOC emissions. Acrylic coatings are primarily used in the construction industry for high-end finishes on roofs, walls, floors, and other applications.
- It is an ideal option for both interior and exterior walls as it can withstand UV exposure and harsh weather changes. Although acrylic paints are comparatively more expensive, these paints provide a vibrant high-gloss finish upon proper application and last for several years.
- Furthermore, acrylics are used in a variety of industrial wood coating applications as water-borne emulsion paints or solvent-borne paints. They have major performance advantages, such as gloss, exterior durability, corrosion resistance, chemical resistance, solvent resistance, and hardness.
- Acrylics hold onto color much more effectively than other coatings available in the market. The technology surrounding acrylic-based protective coatings has matured over the years to include extender pigments in the formula. This helps provide bold color, maintain the same color for long periods, block UV (ultraviolet rays), and provide fire resistance.
- The benefits and flexibility of acrylic coatings in various applications indicate growing market potential in the forecast period.
Increasing Demand from the Architecture Industry
- In the architectural and decorative sector, paints and coatings are used for commercial purposes, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings. Moreover, they also include coatings used in new construction and remodeling of old houses. These paints and coatings contribute to architectural spaces' beauty, functionality, and longevity.
- Architectural paints and coatings serve the dual purpose of enhancing and safeguarding surface features commonly applied to buildings and homes. They are often designed for specific purposes, such as roof coatings, wall paints, or deck finishes. Regardless of their intended use, each architectural coating must deliver specific decorative, durable, and protective functions.
- Saudi Arabia is the leader in construction projects in the Middle East and North Africa region, with a 35% market share, as per the government of Saudi Arabia.
- The construction industry contributes nearly 6-7% of the country’s GDP. Saudi Arabia’s Vision 2030 aims to bring change by focusing on sustainability commitments, improving the quality of life for citizens, and building a thriving economy. The announcement of Vision 2030 and the associated National Transformation Plan (NTP) increased investments in various sectors, such as healthcare, education, and infrastructure.
- In April 2023, retail Urban Development Company, based in Saudi Arabia, signed a conditional development agreement with the kingdom's National Housing Company (NHC) to build residential villas under the master plan of the East Albuhirat project in the port city of Jeddah. The East Albuhirat project would have 327 residential units spread across a total area of 98,098.55 sq.m., according to Retal's application to the Saudi exchange Tadawul.
- In August 2022, the Jeddah Central Development Company (JCDC), a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), began construction on the USD 20 billion Jeddah Central megaproject in the Gulf kingdom’s Western Red Sea Port of Jeddah. Work includes the construction of four landmarks in the heart of Jeddah, including a museum, an opera house, a sports stadium, and a coral farm, as well as the development of ten recreational and tourist areas, at least 17,000 citizen houses, and more than 3,000 hotels and tourism sites. The first phase is scheduled to be completed in 2027, with subsequent phases in 2030 and beyond.
- Based on the abovementioned factors, the development of houses, townships, and commercial structures, along with sustainability, technology, and consumer preferences, is anticipated to drive the demand for paints and coatings in the architectural segment.
Saudi Arabia Paints And Coatings Industry Overview
The Saudi Arabian paints and coatings market is partially consolidated in nature. Major companies (not in any particular order) include Jazeera Paints, Jotun, Akzo Nobel NV, and Hempel Paints.
Saudi Arabia Paints And Coatings Market Leaders
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Jotun
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Jajeera Paints
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Hempel Paints
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Akzo Nobel NV
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Paints And Coatings Market News
- March 2024: Hempel launched Hempatherm IC. It is a thermal insulation coatings system. It manages Corrosion Under Insulation (CUI). This system is a hydrophobic coating containing Aerogel technology to prevent water ingress and retention on industrial assets.
- January 2024: The Sherwin-Williams Company introduced a new water-based wood coating named Sher-wood Environmentally Adaptable (EA) Hydroplus. This water-based wood coating offers enhanced adaptability to various environmental conditions without the performance drawbacks common with water-based coatings.
Saudi Arabia Paint & Coating 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 Increasing Demand from Residential and Commercial Construction Activities
- 4.1.2 Rising Demand from the Oil and Gas Industry
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4.2 Restraints
- 4.2.1 Impact of Raw Material Prices
- 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 (Market Size by Value)
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5.1 Technology
- 5.1.1 Water-borne Coatings
- 5.1.2 Solvent-borne Coatings
- 5.1.3 Powder Coatings
- 5.1.4 Other Technologies
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5.2 Resin Type
- 5.2.1 Acrylic Resin
- 5.2.2 Alkyd Resin
- 5.2.3 Polyurethane Resin
- 5.2.4 Epoxy Resin
- 5.2.5 Polyester Resin
- 5.2.6 Other Resin Types
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5.3 End-user Industry
- 5.3.1 Architectural
- 5.3.2 Automotive Coatings
- 5.3.3 Industrial Wood Coatings
- 5.3.4 Protective Coatings
- 5.3.5 General Industrial Coating
- 5.3.6 Transportation Coatings
- 5.3.7 Packaging Coatings
6. COMPETITIVE LANDSCAPE
- 6.1 Market Share (%) Analysis
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Akzo Nobel NV
- 6.3.2 BBC Paints
- 6.3.3 Hempel A/S
- 6.3.4 Jazeera Paints
- 6.3.5 Jotun
- 6.3.6 Kansai Paint Co. Ltd
- 6.3.7 National Paints Factories Co. Ltd
- 6.3.8 Protech Group
- 6.3.9 Sak Coat
- 6.3.10 Sigma Paints (PPG Industries Inc.)
- 6.3.11 The Sherwin-Williams Company
- 6.3.12 United Coating Industries
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development in the Automotive Sector
Saudi Arabia Paints And Coatings Industry Segmentation
Paints and coatings are homogeneous mixtures of pigments, binders, additives, and various other components. Upon application on a substrate, these paints and coating make a thin layer of the solid film through polymerization or evaporation. Paints and coatings are widely used to improve aesthetics and protect the substrate from deterrents like corrosion and other types of deterioration. Saudi Arabia paints and coatings market is segmented by resin type (acrylic resin, alkyd resin, polyurethane resin, epoxy resin, polyester resin, and other resin types), technology (water-borne coatings, solvent-borne coatings, powder coatings, and other technologies), and end-user industry (architectural, automotive coatings, protective coatings, general industrial coatings, transportation coatings, and packaging coatings). The report offers market size and forecasts revenue (USD million) for the above segments.
| Technology | Water-borne Coatings |
| Solvent-borne Coatings | |
| Powder Coatings | |
| Other Technologies | |
| Resin Type | Acrylic Resin |
| Alkyd Resin | |
| Polyurethane Resin | |
| Epoxy Resin | |
| Polyester Resin | |
| Other Resin Types | |
| End-user Industry | Architectural |
| Automotive Coatings | |
| Industrial Wood Coatings | |
| Protective Coatings | |
| General Industrial Coating | |
| Transportation Coatings | |
| Packaging Coatings |
Saudi Arabia Paint & Coating Market Research FAQs
How big is the Saudi Arabia Paints And Coatings Market?
The Saudi Arabia Paints And Coatings Market size is expected to reach USD 1.49 billion in 2024 and grow at a CAGR of 3.79% to reach USD 1.8 billion by 2029.
What is the current Saudi Arabia Paints And Coatings Market size?
In 2024, the Saudi Arabia Paints And Coatings Market size is expected to reach USD 1.49 billion.
Who are the key players in Saudi Arabia Paints And Coatings Market?
Jotun, Jajeera Paints, Hempel Paints and Akzo Nobel NV are the major companies operating in the Saudi Arabia Paints And Coatings Market.
What years does this Saudi Arabia Paints And Coatings Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Paints And Coatings Market size was estimated at USD 1.43 billion. The report covers the Saudi Arabia Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the trends shaping the Paints and Coatings Market in Saudi Arabia?
The trends shaping the Paints and Coatings Market in Saudi Arabia are a) Rising demand for advanced coatings b) Adoption of eco-friendly coatings and the trend of renovating and upgrading existing structures c) Technological advancements such as nanotechnology and smart coatings
Which End-use segments are driving the demand for Paints and Coatings Market in Saudi Arabia?
Base on End-use architectural, automotive, and protective coatings segments are driving the demand for the Paints and Coatings Market in Saudi Arabia.
Paint and Coating in Saudi Arabia Industry Report
Saudi Arabia Paint and Coating Market is experiencing significant growth, driven by increased urbanization, construction activities, and a rising emphasis on sustainability. Segmented based on resin type, technology, and end-use industry, the market features acrylic, alkyd, polyurethane, epoxy, polyester, and others, with acrylic resin noted for its UV resistance and low VOC emissions. Technological segments within paint companies in Saudi Arabia include water-based, solvent-based, and powder-based coatings, with water-based solutions gaining traction due to environmental concerns. The diverse end-use industries include architectural, automotive, protective coatings, general industrial, and more. The architectural segment is particularly robust, driven by demand for both aesthetic and functional coatings in residential and commercial buildings. Overall, the market is shifting towards eco-friendly products and innovative technologies that enhance performance and durability, catering to the evolving needs of various industries. For detailed statistics, market share, size, revenue growth rate, and a forecast outlook of the Paint and Coating industry in Saudi Arabia, refer to Mordor Intelligence™ Industry Reports, which provide a comprehensive analysis and free report PDF download.
