Market Size of Nigeria Protective Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nigeria Protective Coatings Market Analysis
Nigeria's Protective Coatings Market is expected to register a CAGR of over 4% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2021. Due to COVID-19, the supply and production of major end-user segments were harmed, which decreased the consumption of protective coatings in Nigeria. However, as the lockdowns were lifted, these end-user sectors started to snowball to reach the pre-COVID level, which is expected to enhance demand for the market studied through the years to come.
- Over the short term, growing infrastructure activities with government support will likely drive the market's growth.
- On the flip side, regulations related to VOC emissions are expected to restrain the growth of the protective coatings market in Nigeria during the forecast period.
- Potential replacement by powder coatings is likely to act as an opportunity for the market over the forecast period.
