Market Size of Iran Paints and Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.89 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iran Paints and Coatings Market Analysis
The Iran paints and coatings market size is expected to grow from USD 460.30 million in 2023 to USD 530.77 million by 2028, at a CAGR of 2.89% during the forecast period.
- The COVID-19 pandemic had a negative impact on the Iran paints and coatings sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and has risen significantly in the coming years.
- Government measures to boost construction activities for the middle-class population and increased exports of Iranian furniture are likely to drive market growth.
- However, the conflict between the United States and Iran and stringent regulations regarding VOCs are likely to hinder market growth during the forecast period.
- The growing ship-building industry in Iran is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Paints and coatings from the architectural application are likely to dominate the market owing to the rise in the development of the construction sector in Iran.
