Market Size of Saudi Arabia Paints And Coatings Industry
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 |
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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 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 Paints And Coatings Market Size Summary
The paints and coatings market in Saudi Arabia is poised for growth, driven by increasing demand from the residential and commercial construction sectors, as well as the oil and gas industry. The market experienced a downturn due to the COVID-19 pandemic, which led to project cancellations and a slowdown in manufacturing activities. However, the sector has shown resilience and is recovering as restrictions have eased, with a rise in house sales and new commercial spaces. The developing automotive sector also presents opportunities for market expansion. Despite challenges such as fluctuating raw material prices, the market is expected to grow steadily over the forecast period.
Acrylic resins play a significant role in the market, known for their durability and resistance to weathering and UV exposure, making them ideal for both interior and exterior applications. These resins are increasingly used in decorative coatings, particularly in the construction industry, due to their low VOC emissions and high-gloss finish. The architectural and decorative sector in Saudi Arabia benefits from the country's leading position in construction projects within the Middle East and North Africa region. Vision 2030 and related initiatives have spurred investments in infrastructure, further driving demand for paints and coatings. Major companies in the market, such as Jazeera Paints, Jotun, Akzo Nobel NV, and Hempel Paints, continue to innovate, introducing new products to meet the evolving needs of the industry.
Saudi Arabia Paints And Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from Residential and Commercial Construction Activities
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1.1.2 Rising Demand from the Oil and Gas Industry
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1.2 Restraints
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1.2.1 Impact of Raw Material Prices
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size by Value)
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2.1 Technology
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2.1.1 Water-borne Coatings
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2.1.2 Solvent-borne Coatings
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2.1.3 Powder Coatings
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2.1.4 Other Technologies
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2.2 Resin Type
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2.2.1 Acrylic Resin
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2.2.2 Alkyd Resin
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2.2.3 Polyurethane Resin
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2.2.4 Epoxy Resin
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2.2.5 Polyester Resin
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2.2.6 Other Resin Types
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2.3 End-user Industry
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2.3.1 Architectural
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2.3.2 Automotive Coatings
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2.3.3 Industrial Wood Coatings
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2.3.4 Protective Coatings
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2.3.5 General Industrial Coating
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2.3.6 Transportation Coatings
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2.3.7 Packaging Coatings
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Saudi Arabia Paints And Coatings Market Size 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.