Market Definition
Paint additives are used mainly for imparting additional characteristics & qualities to paints. Adding an adequate amount of additives in the appropriate order & at the right time can yield significant changes in the paint properties like better appearance & durability of coatings and help eliminate all problems associated with the paint application. Paint Additives offer a wide range of benefits like limited growth of mildew, better sticking, improved flow characteristics, and enhanced smell & antibacterial properties of paints.
Market insights
The Saudi Arabia Paint Additives Market is anticipated to grow at a CAGR of around 3.91% during the forecast period, i.e., 2021-26. Paint additives enhance the aesthetics of buildings and protect them from extreme weather conditions & dangerous UV radiations. The most prominent factors contributing to the growth of the Saudi Arabia Paint Additives Market are the booming construction industry and various government initiatives for infrastructural developments in Saudi Arabia.
In addition, the flourishing tourism sector and projects like Saudi Vision 2030, coupled with the construction of megacity Neom, are fueling the construction of more commercial buildings in Saudi Arabia, which, in turn, is driving the production & sales of paint additives.
Furthermore, the rapidly increasing population & growing urbanization are augmenting the demand for new residential buildings, which is another crucial aspect propelling the growth of the paint additives market. Moreover, soaring initiatives by the Saudi government to shift its source of income from the oil industry to other industries like the construction sector are also encouraging the growth of the paint additives market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 3.91% |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Impact of Covid-19 on the Saudi Arabia Paint Additives Market
In 2020, the Covid-19 pandemic has adversely impacted the majority of businesses and the economy of Saudi Arabia. The lockdown imposed in the wake of the pandemic led to the shutdown of manufacturing units and supply chain disruptions of companies operating in the paint additives industry.
Moreover, the imposition of lockdown also caused delays & suspension of major construction projects, which negatively influenced the growth of the paint additives market. Additionally, with disruptions in the global trade system, the pandemic also impacted the import & export of paint additives across Saudi Arabia. However, with the upliftment of lockdown, all construction projects resumed, and manufacturing units have reopened with safety measures, which shall propel the Saudi Arabia Paint Additives Market in the coming years.
