Press Release Description

Governments sustainability initiatives to Boost GCC Water-based Paints Market

The GCC Water-based Paints Market is projected to grow at a CAGR of 3.8% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Governments in the GCC region, including the UAE and Saudi Arabia, are placing a strong emphasis on environmental sustainability. As a result, there has been a growing adoption of water-based paints across various industries, particularly in construction and automotive. This is due to the fact that water-based paints are well-known for their eco-friendly characteristics and their ability to reduce Volatile Organic Compound (VOC) emissions.

Moreover, owing to the government's sustainability initiatives, many water-based paint manufacturers such as Jazeera Paints, Asian Pants, etc., are actively collaborating with government programs to promote the use of eco-friendly products. This collaborative approach, along with increased awareness among consumers, s widely fueling the demand for water-based paints in the region.

Furthermore, the widespread use of water-based paints in the coating of wooden furniture is one of the primary drivers behind the increasing demand for these paints. Furniture manufacturers prefer water-based paints due to their reduced odor and quick-drying properties, making them highly suitable for furniture. Several companies in the GCC region, such as Homegenie and Fepy, now offer furniture painted with these environmentally friendly coatings. Additionally, the availability of water-based paints in convenient spray form, further enhances consumer convenience for self-painting furniture projects, contributing to the healthy growth of GCC Water-based Paints Market, further states the research report, “GCC Water-based Paints Analysis, 2023.”

GCC Water-based Paints Market

Construction Boom Drives Market Growth of Water-based Paints in the GCC Region

Based on the Application segment, the market is further bifurcated into, Construction, Automotive, and Furniture. The construction sector is a key driver behind the expanding market for water-based paints in the GCC region. The implementation of economic development programs by the GCC nations such as the UAE, and Saudi Arabia, among others has resulted in a surge in the construction activities using sustainable raw material and products. Consequently, there is a growing demand for water-based paints in the region, particularly for various applications in residential, commercial, and other construction projects. For instance,

  • In 2023, Oman approved construction projects of USD 1.8billion, to boost the construction of tourism and heritage products.

Saudi Arabia's to Hold a Dominant Position in the GCC Water-based Paints Market

Driven by a continuous surge in construction projects, Saudi Arabia has established itself as a dominant player in the Water-based Paints Market. The Saudi Arabian government, program for national transformation for developing essential infrastructure and fostering an environment conducive to achieving the goals outlined in Saudi Vision 2030, aligns with the adoption of water-based paints in the country.

Moreover, the government's focus on sustainable practices and environmentally friendly solutions has resulted in a substantial uptake of water-based paints in various construction projects. These paints, renowned for their eco-friendly nature and reduced volatile organic compound (VOC) emissions, align perfectly with the country's sustainable development goals. Consequently, construction companies are increasingly favoring water-based paints that meet sustainability requirements. As the number of construction projects including smart city projects, and the development of sustainable office spaces, etc., continues to rise in Saudi Arabia, the country is foreseen to experience substantial demand for water-based paints in the upcoming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (AkzoNobel N.V., Jazeera Paint, Asian Paints, Terraco, Fenzi S.p.A., National Paints Factories Co. Ltd., Kansai paints, Pitver Paints & Coatings, Sigma Paints, United Paints & Coatings, etc.) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the countries?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various countries?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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