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A USD 1.5 Billion Saudi Arabia Paints & Coatings Market to Grow at a CAGR of Around 4.4% During 2024-30

The Saudi Arabia Paints & Coatings Market size is estimated at around USD 1.5 billion in 2024 & is anticipated to grow at a CAGR of around 4.4% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report.

The Saudi Arabian paints and coatings industry is experiencing robust growth, fueled by various factors. The surge in urbanization and continuous construction ventures fuel demand in residential and commercial domains. Furthermore, there's a notable emphasis on enhancing infrastructure aesthetics and protection, propelling the adoption of cutting-edge coatings, and driving market growth. The industry is also witnessing a shift towards green and low-VOC coatings, spurred by stringent environmental policies and a growing attention to sustainability, which resonates with consumers in search of environmentally conscious alternatives. In addition, the inclination toward refurbishing current systems is contributing to market growth & expansion, highlighting the industry's adaptability to evolving customers' demands.

Moreover, by embracing formulations with zero or low volatile organic compound (VOC) content, prominent market players are increasingly adopting this technology to advance nano paints and coatings, thus driving market demand. This trend also opens up diverse investment opportunities within these domains for the powder coatings sector. With the government setting ambitious objectives through the Sakani Program and the Ministry of Housing's efforts to bolster homeownership and increase housing availability in Saudi Arabia, there's a promising outlook for substantial expansion in the paints and coatings industry.

Furthermore, the emergence of nanotechnology has transformed various industries, ushering in fresh possibilities for advancement and expansion. Consequently, the Saudi Arabia Paints & Coatings Sector emerges as a fertile ground for enterprises to seize amidst the burgeoning construction industry and governmental ambitious economic diversification endeavors. Furthermore, breakthroughs such as smart coatings hold the potential to elevate functionality and resilience, solidifying their role as pivotal drivers of growth within the Saudi Arabian paints and coatings market in the foreseeable horizon, further states the research report, Saudi Arabia Paints & Coatings Market Analysis, 2024.”

Saudi Arabia Paints & Coatings Market

Segmentation Analysis

The Acrylic Resin Segment Holds a Major Market Share

Based on the resin type, the market is further bifurcated into Acrylic Resin, Alkyd Resin, Polyurethane Resin, Epoxy Resin, Polyester Resin, and Other Resin Types (Polyether Ether Ketone, Polyether Ketone Resin).

The Saudi Arabian paints & coatings industry prominently features acrylic resin, which holds a commanding share of over 70% in waterborne coatings. Acrylic resin is especially prevalent in architectural coatings, serving as the primary binder type in the sector. Its widespread adoption stems from its flexibility, making it a fundamental component across various formulations such as emulsions, lacquers, enamels, and powders. Of significant note is the rising popularity of water-based acrylic resins due to their environmentally friendly characteristics, simplified formulation processes, and impressive performance attributes like durability, quick drying time, and minimal odor emission.

Moreover, the market benefits from a range of acrylic polymers, including methyl and butyl methacrylate, each offering advantageous properties such as chemical resistance, color retention, and cost-effectiveness. As a result, acrylic resins are anticipated to sustain demand, finding application in diverse sectors, from roof coatings to both interior and exterior paints.

Architectural Industry to Witness Substantial Market Growth

The architectural paints and coatings sector is set to experience a sizeable increase in the coming years, mainly in Saudi Arabia. These coatings, referred to as decorative or constructing paints, are applied in diverse systems, inclusive of commercial, residential, institutional, and industrial buildings. The increasing attention to safety requirements, leading to a greater desire for fireproof and water-proof coatings in construction, is a key driving force behind this growth & development. Additionally, the growing interest in interior design contributes to the demand for architectural paints. Particularly in moisture-prone environments like bathrooms, paints with a higher gloss sheen are preferred for their superior moisture resistance, highlighting their importance in architectural applications. These factors are expected to drive market growth & expansion in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including PPG Industries, AkzoNobel NV, Jazeera Paints, Jotun, Kansai Paint Co. Ltd., National Paints Factory Co. Ltd., Protech Powder Coatings Inc., Sak Coat, The Sherwin-Williams Company, United Coatings Industries, Zamil Industrial Coatings, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Market 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 country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the country?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  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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