Market Size of Oman Paints and 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 | High |
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?
Oman Paints & Coatings Market Analysis
The paints and coatings market in Oman is expected to grow at a CAGR of over 4% during the forecast period.
The outbreak of the COVID-19 pandemic severely affected the building & construction industry, with many projects being delayed indefinitely and some projects being completely shut down owing to bankruptcy. The demand for paints & coatings was greatly affected during this period, with a slowdown in automobile production further weakening market demand. However, with the lifting of restrictions imposed in the wake of the pandemic, demand for the paints & coatings industry is anticipated to strengthen with the recovery of the building & construction and automotive industries.
- In the medium term, the growing demand for decorative and architectural coatings is anticipated to be the major factor driving the demand for the paints and coatings industry.
- On the flip side, with a high dependency on crude oil as a raw material, fluctuations in oil prices are anticipated to hinder market growth during the forecast period. The dip in automotive production in the country is expected to further weaken the demand.
- However, the continued growth of the oil and gas industry and the development of infrastructure associated with the industry in Oman are forecasted to offer various opportunities for the growth of the paints and coatings market in the future.
