The paints & coating market in the Middle East (henceforth referred to as ‘the ME market’) was estimated to value at USD XX million (in terms of revenue) and XX kilotons (in terms of volume) in 2017. The market is expected to reach USD YY million and YY kilotons by 2022, with an estimated CAGR of X.X, and Y.Y%, respectively, over 2017-2022 (henceforth referred to as ‘the forecast period’).
The paints & coatings industry in ME is an emerging market owing to large-scale construction projects that are currently underway. Most Middle Eastern countries have invested a considerable amount in their construction industries over the last decade. This is a result of the plan to diversify their economies from oil and oil-related business activities to other industry sectors; tourism has become the major focus. However, due to budget constraints caused by continued low crude oil prices, countries in ME had cut down their expenditure on infrastructure in 2016, reducing the sales of paints & coatings in the region.
In this report, the ME market has been categorized into industrial and architectural coatings. The architectural coatings segment occupies a major share of the ME market, in terms of volume; this segments accounted for nearly XX% of the regional sales in 2016, and it is expected to register a considerable growth rate during the forecast period. Sales in the industrial coatings segment have been recording slower growth rates, owing to reduced industrial activities caused by reduced crude oil exploration and production activities. The water-borne coatings segment is expected to record the highest growth rate during the forecast period, owing to the increasing use of water-borne adhesives in architectural coatings. The solvent-borne coatings segment still dominates the industrial coatings segment, as they more efficient than the rest.
In regional markets, Saudi Arabia accounted for the largest share in 2016. Qatar and Jordon are expected to record the fastest growth rates during the forecast period, owing to the increased spending in construction activities and growing industrial activities in the countries. Below sample figure signifies the share of each resin type in ME paints & Coatings market, in 2016:
Opportunities & Major Players
The rise in demand for eco-friendly coatings and the future luxury real estate projects in Qatar will be major opportunities for the market. Some of the major companies dominating this market are:
Key Deliverables in the Study
November, 2016: Kansai Paints announced its plan to acquire Saudi Industrial Paint Co. With the acquisition, Kansai paints is looking to expand its presence in the emerging Saudi Arabian Coatings market. GCC is expected to one of the fastest growing region in Global Paints & Coatings Market.