The Middle East paints and coatings market is an emerging market due to the large scale construction projects being undertaken in these countries. Most of the Middle Eastern countries have invested a considerable amount in their construction industries in an effort to diversify their economies from oil and oil-related business activities to other industry sectors. The Middle East paints and coatings market sized USD 3.0 billion in 2013, representing the smallest regional market with a 4% share of the global demand. Within this, the Turkish paints and coatings market contributed over 53% of the regional market. The Turkish demand for paints and coating is driven by a construction of about one million housing units in Turkey per year due to the country’s persistent housing shortage. The CAGR for the entire region is expected to be 7.5 through 2015. Countries like Dubai have a far growing commercial sector with a large investment being made of Commercial structure, offices and residential complexes.
There is a lot of research and development going on in the paints and coatings industry as with the emerging of green buildings and nano coatings the world is becoming a healthier and safer place to live in. Research is being done to reduce the environmental impact of marine coatings during the ship life cycle.
There is a development of near-infrared (NIR) coatings and tiles to reduce heating of dark-colored surfaces on roofs and facades. The sun-reflective building materials help to achieve a reduction of cooling loads and improve thermal comfort. They are often seen in roofing but there are also tentative applications for facades.
Eco friendly paints are being preferred over normal paints as normal paints are toxic and cause health hazards like cancer, tuberculosis and respiratory illness. The volatile organic compounds (VOC) that are used to hold the ingredients in a blended state when the paint is in a liquid state, escape into the atmosphere and cause gene mutation when the paint is applied on buildings. Thus in the recent years compounds like lead and chromium is banned from household paints as they cause lot of health hazards to the human beings.
The market for coatings and paints includes liquid- and powder-based paints, varnishes and related products used in architectural and decorative, industrial and specialty product segments. Interior and exterior paints, primers, sealers and varnishes are part of the architectural and decorative segment, which are used in homes and buildings. Products that are a part of the production process form part of the industrial products segment. Aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints form the specialty products segment.
Market Dynamics of the Middle East Paints and Coatings Market:
Furthermore, the shifting focus towards the development of eco-friendly alternatives will offer numerous opportunities for the growth of the Middle East paints and coatings market. Some of the major companies dominating this market for its products, services, and continuous product developments are:
Key Deliverables in the Study: