Saudi Arabia Paint and Coating Market Size Set to Reach USD 1.6 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia paint and coating market size at USD 1,254.23 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia paint and coating market size to grow at a CAGR of 3.65% reaching a value of USD 1,599.95 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia paint and coating market size at USD 1,254.23 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia paint and coating market size to grow at a CAGR of 3.65% reaching a value of USD 1,599.95 million by 2029. A growing need for environmentally friendly and sustainable coatings, driven by rising environmental consciousness and legislation, is the main driver fueling the growth of the Saudi Arabian paint & coating market. To address these expectations, producers are spending money on research and development to produce low-VOC and water-based coatings. Another trend that has increased demand for decorative and protective coatings is the expansion of the construction and infrastructure sectors. Additionally, there is a rising trend towards sophisticated coatings with improved toughness, resilience to the elements, and self-cleaning capabilities. Powder coatings have been used more frequently in a variety of industries, according to the market. Overall, the Saudi Arabia paint and coating industry is moving towards more environmentally friendly and high-performing products.
Saudi Arabia Paint and Coating Market – Overview
Paints and coatings serve a dual purpose of adorning and safeguarding various structures, including buildings, cars, appliances, and machinery. The realm of decorative paints and coatings relies significantly on the construction industry's performance, whereas protective paints and coatings are closely tied to automobiles, major appliances, and industrial equipment. Within the domain of architectural coatings, there is a range of products such as indoor and outdoor house paints, primers, sealers, varnishes, and stains. These are made available to contractors, the general public, and large commercial accounts through retail and wholesale outlets, as well as through direct sales. On the other hand, industrial coatings encompass automotive paints, can coatings, coil coatings, furniture finishes, and road-marking paints, primarily distributed directly to end users.
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Impact of COVID-19 on Saudi Arabia Paint and Coating Market
The COVID-19 pandemic significantly impacted the Saudi paint and coating market, presenting a challenging landscape for the industry. Stringent lockdown measures disrupting supply chains and reduced construction activities have caused a decline in demand for paints and coatings. The market experienced a temporary halt in projects, leading to a decline in revenue and profitability for key players. However, as the country gradually recovers and restrictions ease, the market is poised for a slow but steady recovery. With increased vaccinations and the resumption of construction projects, the Saudi Arabia Saudi paint and coating market is expected to regain its momentum in the coming months, albeit with continued vigilance.
Saudi Arabia Paint and Coating Market – By Resin type
On the basis of resin type, Saudi Arabia paint and coating market is divided into Acrylic, Alkyd, Polyurethane, Epoxy, and Polyester segments. Acrylic is the largest resin type segment in the market. Acrylic paints and coatings are widely used due to their versatility, durability, and excellent color retention properties. They are commonly utilized in architectural, automotive, and industrial applications. With their ability to adhere to various surfaces and provide a smooth finish, acrylic paints, and coatings have gained significant popularity in the Saudi Arabia market. The demand for acrylic paints and coatings is driven by the growing construction sector and increased industrial activities, making it the dominant segment in the country's paint and coating industry.
Competitive Landscape
Saudi Arabia paint and coating market is significantly competitive. Major companies in the market include Kansai Paints Co. Ltd, National Paints Factories Co., Ltd, Zamil Industrial Coatings, Protech Powder Coatings, Inc., Akzo Nobel N.V., Jotun A/S, The Sherwin-Williams Company, BASF SE, Jazeera Paints, and United Coating Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position Saudi Arabia paint and coating market.
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