South Africa Paints and Coatings Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 725.64 Million |
| Market Size (2029) | USD 844.01 Million |
| CAGR (2024 - 2029) | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Africa Paints and Coatings Market Analysis
The South Africa Paints And Coatings Market size is estimated at USD 725.64 million in 2024, and is expected to reach USD 844.01 million by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).
The COVID-19 pandemic negatively affected the market owing to several restrictions imposed by the South African government. The pandemic negatively affected the building, construction, and automotive industries, affecting the country's market for paints and coatings. However, the market recovered well after the restrictions were lifted, which led to a rise in the country's consumption of paints and coatings in building construction and automotive end-user industries.
The increasing construction activities in South Africa and the increasing demand for protective coatings are significant factors driving the market's growth.
However, fluctuations in the prices of raw materials and strict regulations on VOC(volatile organic compounds) emissions are likely to restrain the growth of the high VOC coatings market.
Nevertheless, the rising demand for bio-based paints and coatings is expected to create opportunities for the market during the forecast period.
South Africa Paints and Coatings Market Trends
Acrylic Resins Segment to Dominate the Market
- Acrylic resins are one of the widely used polymers in the paints and coatings industry. The two principal forms of acrylics used are thermoplastic and thermoset. Thermoplastic acrylic resins are synthetic resins achieved by polymerizing different acrylic monomers. Thermoset acrylic resins are cured at elevated temperatures by reacting with other polymers.
- The acrylic resins are used in product finishes for metal furniture coatings, automotive topcoats, maintenance coatings, appliances, and other original equipment manufacturing finishes. They have significant performance advantages regarding gloss, exterior durability, corrosion resistance, chemical resistance, solvent resistance, and hardness.
- In South Africa, the automotive industry’s growth strategies have been focused on becoming highly integrated into the global automotive environment due to increased foreign direct investment and trade. Under the South African Automotive Masterplan (SAAM) 2021-2035, the country’s objective is to produce 1% of global vehicle production, or 1.4 million vehicles, per annum by 2035, which will substantially improve the country’s status and global vehicle production ranking, in turn positively affecting the market studied.
- Automotive vehicle production is increasing in the country. According to OICA, the automotive vehicle production in the country was registered at 555 thousand units in 2022 compared to 499 thousand units manufactured in 2021, at a growth rate of 11%. Thus, an increase in the production volume of automotive vehicles is expected to drive the market for acrylic resin-based automotive coatings in the country.
- Thus, the acrylic resins segment is expected to dominate the South African paints and coatings market during the forecast period.
The Architectural Industry to Dominate the Market
- Architectural paints and coatings are the largest segment in South Africa's paints and coatings industry. Architectural coatings are used to protect and decorate surface features. They are used to coat buildings and homes. Most are designated for specific uses, such as roof coatings, wall paints, or deck finishes.
- Architectural coatings are used in applications for commercial purposes, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings. Such coatings can be applied on outer and inner surfaces, including sealers or specialty products. Architectural coatings can be mainly divided into interior and exterior coatings.
- In South Africa, the increasing residential and infrastructural activities drive the country's market for paints and coatings. According to the latest data generated by The World Bank Group, the construction industry value added to GDP increased to 28% in 2022, as compared to 27.2% in 2021.
- Moreover, according to South African Statistics, the value of recorded building plans passed in South Africa's larger municipalities increased by 8.7% year on year to ZAR 11.1 million (USD 0.60 million) in November 2022, following an 8.9% increase in the previous month. It was the sixth month in a row that the number of building plans approved increased. It is expected to drive the market for architectural coatings.
- Similarly, several nonresidential construction projects started in the country. For instance, as of November 2022, work on at least three new mall projects in Limpopo began, with the 11,500 square meters Tshakhuma Corner breaking ground in early October. The mall, developed by McCormick Property Development and designed by MDS Architecture, was valued at ZAR 200 million (USD 10.82 million) and was scheduled to open in October 2023, alongside two other developments in the area, the 13,500 square meters Vuwani Mall and Bungeni Mall.
- Thus, the building and construction end-user industry is expected to dominate the paint and coatings market during the forecast period.
South Africa Paints and Coatings Market - Industry Overview
South Africa's paints and coatings market is partially consolidated in nature. Some of the key players in the market (not in any particular order) include Akzo Nobel N.V., Axalta Coatings Systems, Jotun, PPG Industries, Inc., and The Sherwin-Williams Company.
South Africa Paints and Coatings Market Leaders
Akzo Nobel N.V.
Axalta Coatings Systems
Jotun
PPG Industries, Inc.
The Sherwin-Williams Company
*Disclaimer: Major Players sorted in no particular order
South Africa Paints And Coatings Market News
- June 2022: AkzoNobel N.V. announced the acquisition of paints and coatings activities of Kansai Paint in the African region. The acquisition was expected to help AkzoNobel to further expand its paints and coatings business in the African region.
- February 2022: PPG announced the acquisition of Arsonsisi's Powder Coatings manufacturing business. The acquisition was to help PPG expand its powder coatings business in Europe, the Middle East, and Africa (EMEA) to include metallic bonding, which is one of the fastest-growing markets for powder coatings used in specialty finishes for the automotive, appliance, and general industrial applications, once the deal is completed.
South Africa Paints And Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 The Increasing Construction Activities in South Africa
4.1.2 The Increasing Demand for Protective Coatings
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Fluctuations in the Prices of Raw Materials
4.2.2 Strict Regulations on VOC Emissions
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
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types (Polyvinyl Alcohol, Fluoropolymers, etc.)
5.2 Product
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Powder Coating
5.2.4 UV Cured Coating
5.3 End-User Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Wood
5.3.4 Protective Coatings
5.3.5 General Industrial
5.3.6 Transportation
5.3.7 Packaging
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 Paints
6.4.3 Axalta Coatings Systems
6.4.4 BASF SE
6.4.5 Dekro Paints
6.4.6 Ferro SA
6.4.7 Jotun
6.4.8 Kansai Paint Co.,Ltd.
6.4.9 Medal Paints
6.4.10 PPG Industries, Inc.
6.4.11 Sika AG
6.4.12 Specialized Coating Systems (Pty)Ltd
6.4.13 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Bio-based Paints and Coatings
7.2 Other Opportunities
South Africa Paints and Coatings Industry Segmentation
Paints and coatings are thin materials applied to a surface to safeguard, decorate, or enhance the underlying layer's functionality. Coatings often refer to solvent-based systems, whereas paints typically refer to aqueous systems. They are often applied with a brush, roller, sprayer, or applicator. They are made of resins, pigments, solvents, and other ingredients.
South Africa's paints and coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types (polyvinyl alcohol, fluoropolymers, etc.). By technology, the market is segmented into water-borne, solvent-borne, powder coatings, and UV Cured Coatings. By end-user Industry, the market is segmented into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging.
Each segment's market sizing and forecasts are based on value (USD).
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types (Polyvinyl Alcohol, Fluoropolymers, etc.) |
| Product | |
| Water-borne | |
| Solvent-borne | |
| Powder Coating | |
| UV Cured Coating |
| End-User Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Protective Coatings | |
| General Industrial | |
| Transportation | |
| Packaging |
South Africa Paints And Coatings Market Research Faqs
How big is the South Africa Paints And Coatings Market?
The South Africa Paints And Coatings Market size is expected to reach USD 725.64 million in 2024 and grow at a CAGR of greater than 3% to reach USD 844.01 million by 2029.
What is the current South Africa Paints And Coatings Market size?
In 2024, the South Africa Paints And Coatings Market size is expected to reach USD 725.64 million.
Who are the key players in South Africa Paints And Coatings Market?
Akzo Nobel N.V., Axalta Coatings Systems, Jotun, PPG Industries, Inc. and The Sherwin-Williams Company are the major companies operating in the South Africa Paints And Coatings Market.
What years does this South Africa Paints And Coatings Market cover, and what was the market size in 2023?
In 2023, the South Africa Paints And Coatings Market size was estimated at USD 703.87 million. The report covers the South Africa Paints And Coatings Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South Africa Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Africa Paints And Coatings Industry Report
Statistics for the 2024 South Africa Paints And Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Africa Paints And Coatings analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
