The Saudi Arabia Paint Additives Market is expected to witness around 3.91% CAGR during 2021-26. Paint additives help enhance the properties or behavior of paints and eliminate the various problems that arise during paint application. The growth of the Saudi Arabia Paint Additives Market attributes principally to rapid urbanization and numerous ongoing & upcoming infrastructure developments in the country.
In addition, massive investments by the Saudi government in promoting the implementation of projects like the construction of mega-city ‘Neom’ project and the Red Sea Project – Phase 1, which is due to be completed in 2022, is another crucial aspect expected to boost the paint additives market during 2021-26.
Moreover, paint additives are beneficial in enhancing the aesthetic appearance of both interiors & exteriors of buildings. Hence, the rising population is augmenting the construction of residential & commercial buildings across Saudi Arabia and, in turn, fueling the paint additives market growth. On the other hand, the demand for paint additives is also increasing astronomically in Saudi's automotive industry, owing to their ability to protect the surface of vehicles from damages.
Nevertheless, rising environmental concerns & increasing demand for eco-friendly additives are providing lucrative growth opportunities to the market. However, the Covid-19 pandemic in 2020 led to the halt in major construction projects across Saudi Arabia, which, in turn, hampered the growth of the paint additives market, further states the research report, "Saudi Arabia Paint Additives Market Analysis, 2021."
Key Questions Answered in the Study
Rheology Modifiers Acquire the Largest Share in the Saudi Arabia Paint Additives Market
Rheology Modifiers exhibit excellent properties and help attain the desired viscosity while easing the paint application process. They are used across different sectors, including industrial, furniture & wood, automotive, & construction. Hence, these aspects contribute to the burgeoning demand for rheology modifiers in Saudi Arabia, the extensive usage of which in various industries contributes to the overall market growth.
On the other front, wetting & dispersing agents are expected to witness significantly growing demand during the forecast period. These additives help in the uniform dispersion of paints on surfaces. Adding an appropriate amount of wetting & dispersion agents decreases the interaction between the pigment particles, reduces the viscosity of the medium, and ensures the stabilization of dispersed particles over time.
Building & Construction Sector of Saudi Arabia Dominates the Paint Additives Market
Paint additives offer aesthetic looks to both interiors & exteriors of buildings while enhancing the durability of the structure surface and preventing it from harsh weather conditions. The introduction of large-scale projects like Saudi Arabia Vision 2030 is encouraging the demand for paint additives across the building & construction sector.
Apart from this, the increasing construction of commercial buildings like shopping malls, office buildings, retail convenience stores, warehouses, etc.. also fuels the paint additives market growth. Furthermore, Saudi Arabia's major concerns over heat & UV exposure is another crucial aspect expected to boost the usage of paint additives to protect buildings against heat radiations, reveals MarkNtel Advisors in their research report, "Saudi Arabia Paint Additives Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Saudi Arabia Paint Additives Market include AkzoNobel N.V., Arkema SA, Asahi Glass Co. Ltd., Ashland Inc., BASF SE, BYK-Chemie GMBH, Cabot Corp., Cytec Industries Inc., Daikin Industries Ltd., Dynea AS.
Market Segmentation: