The GCC Paint Additives Market is expected to grow at a CAGR of around 3.5% in the forecast period of 2021-26 says MarkNtel Advisors. Paint additives are added to paints to improve their performance & quality. They are used widely across the construction industry to improve the viscosity, impact resistance, & surface effectiveness of substrates. Hence, with the rapidly growing construction industry in GCC nations, the demand for paint additives is also significantly increasing.
These paint additives also impart various chemical properties to paints, such as UV protection and improved dispersion & wettability. Also, they can deal with higher temperature, moisture, & abrasion. Therefore, owing to the above-cited aspects, paint additives are being used extensively across different industrial fields under severe conditions.
Moreover, sustainability is another crucial aspect contributing significantly to the increasing demand for paint additives across the region. Governments of countries like Saudi Arabia & UAE are immensely encouraging the use of green technologies & practices.
In addition, many industries & businesses are substantially investing in sustainability projects to make their operations environmentally friendly. On the other hand, paint additive manufacturers are focused on developing products using eco-friendly materials. It, in turn, is propelling the overall growth in the production & sales of paint additives, further states the research report, “GCC Paint Additives Market Analysis, 2021.”
Key Questions Answered in the Study
Building & Construction Sector to Capture the Largest Market Share during 2021-26
A rapid rise in construction activities across the GCC region, including both commercial & residential developments, is the prime aspect attributing to the largest market share of the building & construction sector through 2026.
Paints provide surface protection & prevention against corrosion and enhance the building's appearance. The rapidly expanding construction industry across GCC nations has led to the significant consumption of paints and, as a result, of paint additives. In addition, mounting demand for green coatings in interiors is another crucial aspect expected to positively impact the demand for paint additives in the coming years.
With Increasing Infrastructural Developments, Saudi Arabia Dominates the Paint Additives Market across GCC
Saudi Arabia has had an incredible journey in developing some of the largest & tallest structures. Over the coming years, the country expects robust growth in its construction sector. The launch of the National Transformation Program and Saudi Vision 2030 is inviting numerous construction activities across the country's commercial & industrial sectors in the coming years.
In addition, various initiatives by the Saudi government for infrastructural developments in the energy sector are also significantly propelling the demand for paints. Hence, the burgeoning number of ongoing & upcoming constructions across Saudi Arabia shall lead the country to dominate the paint additives market during 2021-26, reveals MarkNtel Advisors in their research report, “GCC Paint Additives Market Analysis, 2021.”
According to MarkNtel Advisors, the leading industry players in the GCC Paint Additives Market are Akzo Nobel., Arkema SA, Asahi Glass Co.Ltd., Ashland Inc., BASF SE, Cabot Corp., Daikin Industries Ltd., Dynaa A.S, Dow, Evonik Industries AG.