Morocco Paints & Coatings Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Morocco Paints & Coatings Market Analysis
The Morocco Paints and Coatings Market is estimated at USD 358 million currently and is expected to reach USD 416.24 million over the forecast period, registering a CAGR of over 3% during the forecast period..
Due to the COVID-19 outbreak, nationwide lockdowns across the world resulted in disruption in manufacturing activities and supply chains. However, the conditions started changing in 2021, restoring the market's growth during the forecast period.
- Over the short term, the accelerating growth of the construction industry and growth in the wood furniture market are some of the factors driving the growth of the market.
- On the flipside, less availability of raw materials is a key factor anticipated to restrain the growth of the market over the forecast period.
- Nevertheless, the emergence of eco-friendly paint and coating resins is likely to create lucrative growth opportunities for the global market.
- By resin type, acrylic resin is expected to dominate the market studied over the forecast period.
Morocco Paints & Coatings Market Trends
Acrylic Resins to Dominate the Market
- Acrylic resins are one of the most widely used polymers in the paint and coatings industry. The two principal types of acrylics used are thermoplastic and thermoset.
- Thermoplastic acrylic resins are of two types: solution acrylics and acrylic latex coatings. Thermoset acrylic resins are used in product finishes for metal furniture coatings, automotive topcoats, maintenance coatings, appliances, and other original equipment manufacturer finishes.
- Acrylic resins offer transparency, high color ability, and UV resistance in coating solutions. They are often used in waterborne systems, resulting in low VOC emissions.
- The application of acrylic coatings is primarily found in the construction industry, for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are high in demand, owing to environmental concerns, like the negative impact of VOCs affecting the air quality in the environment.
- The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids.
- Moreover, some of the additional applications of acrylic paints and coatings are found in marine vessels and structures, automotive, electrical products, machinery, and various metal product, among others. For instance, according to OICA, in 2022, automobile production in Morocco amounted to 4,64,864 units, which showed an increase of 15% compared to 2021. As a result, increased automobile production in the country is expected to boost the demand for paints and coatings market.
- Owing to the above mentioned factors demand of paints and coatings of acrylic resin type is likely to dominate the market studied over the coming years.
To understand key trends, Download Sample Report
Architectural Coatings to Dominate the Market
- Paints and coatings are used in the interiors of houses to add color or for decorative purposes. They also perform a wide range of functions, which vary depending on the type of environment and room.
- Paints and coatings are applied on the exterior of the house to give it a new look and protect it from harsh and changing weather conditions and UV radiation without fading, peeling away, or cracking.
- Architectural and decorative coatings are the most significant type of coatings used in Morocco, where residential and commercial construction activities extensively drive demand. These decorative paints are either oil- or water-based paints for aesthetic purposes for interior and exterior applications.
- Modern advancements in paint technology, specifically in acrylic formulations, have offered a wide range of weatherproof coatings.
- The demand for hotel construction is anticipated to increase as a result of the country's rising tourist arrivals; this is anticipated to fuel the market for architectural coatings. For instance, Morocco witnessed 1.9 million visitors at the end of February 2023, a 464% increase from the same time in 2022.
- Moreover, Morocco's 2030 port strategy aims for nearly USD 7.5 billion to upgrade and expand the 27 ports along the country's Atlantic and Mediterranean coasts, building expansions and upgrades. As part of the 2030 National Port Strategy, Morocco's National Ports Authority (ANP) will invest nearly USD 600 million between 2018-2023. The investment is dedicated primarily to large-scale infrastructure projects aimed at keeping up with changes in maritime transport and trade outside of Morocco. Thefore, this is expected to create an upside demand for paints and coatings market.
- The drought and economic fallout from Russia's war in Ukraine took a toll on Morocco's economy in 2022. For instance, according to trading economics, GDP from Construction in Morocco decreased to 16,490.90 MAD Million (USD 1579.82 Million) in the third quarter of 2022 from 16,867 MAD Million (USD 1615.85 Million) in the second quarter of 2022.
- All of the aforementioned factors are expected to drive the architectural coatings market, which will boost demand for Morocco paints and coatings during the forecast period.
Morocco Paints & Coatings Industry Overview
Morocco paints and coatings market is consolidated in nature. Some of the major players in the market (not in any particular order) include Colorado, Akzo Nobel N.V., Kansai Paint Co., Ltd., ATLAS Peintures, and Cromology. among others.
Morocco Paints & Coatings Market Leaders
Akzo Nobel N.V.
Kansai Paint Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Morocco Paints & Coatings Market News
February 2022: Akzo Nobel NV invested in an in-house resin manufacturing facility. These resins are a key ingredient for making coatings. This will help the company for sustainable business growth and support its innovation pipeline and sustainability targets.
Morocco Paints & Coatings Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Accelerating Growth of the Construction Industry
4.1.2 Growth in the Wood Furniture Market
4.1.3 Other Drivers
4.2.1 Less availability of raw material
4.2.2 Rising VOC concerns
4.3 Industry Value Chain Analysis
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 in Value)
5.1 Resin Type
5.1.6 Other Resin Types
5.2.3 Powder Coating
5.2.4 UV-Cured Coating
5.3 End-user Industry
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
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 ATLAS Peintures
6.4.6 Kansai Paint Co.,Ltd.
6.4.8 PPG Industries, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emergence of Environment-friendly Paint and Coating Resins
7.2 Anti-bacterial Paints and Coatings
Morocco Paints & Coatings Market Research FAQs
What is the study period of this market?
The Morocco Paints And Coatings Market is studied from 2018 - 2028.
What is the growth rate of Morocco Paints And Coatings Market?
The Morocco Paints And Coatings Market is growing at a CAGR of 3.06% over the next 5 years.
Who are the key players in Morocco Paints And Coatings Market?
ATLAS Peintures, Colorado, Cromology, Akzo Nobel N.V., Kansai Paint Co., Ltd. are the major companies operating in Morocco Paints And Coatings Market.
Morocco Paints and Coatings Industry Report
Statistics for the 2023 Morocco Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Morocco Paints and Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.