GCC Paint Additives Market Research Report: Forecast (2021-2026)
By Formulation (Water, Solvent, Powder Based, Others), By End-User (Automobiles & Transportation, Industrial, Furniture & Woods, Building & Construction), By Product (Rheology Modifiers, Biocides, Ant Read more
By Formulation (Water, Solvent, Powder Based, Others), By End-User (Automobiles & Transportation, Industrial, Furniture & Woods, Building & Construction), By Product (Rheology Modifiers, Biocides, Anti-Foamers, Wetting & dispersing agents, Others), By Country (UAE, GCC, Bahrain, Oman, Qatar, Kuwait), By Competitors (Akzo Nobel., Arkema SA, Asahi Glass Co.Ltd., Ashland Inc., BASF SE, Cabot Corp., Daikin Industries Ltd., Dynaa A.S, Dow, Evonik Industries AG)
Paint additives added to paints help enhance their properties, such as efficiency, performance, and functionality. They offer better leveling and resistance from external factors like UV light, dust, & rain, etc.
According to MarkNtel Advisors’ research report, “GCC Paint Additives Market Analysis, 2021,” the market is likely to grow at a CAGR of around 3.5% during 2021-26. The major contributor to the market growth is the rising focus on tourism leading to a surging number of construction activities. Moreover, a large number of upcoming & ongoing construction projects is another crucial aspect fueling the demand for paints and coatings, which, in turn, boost the demand for paint additives, thereby boosting the market growth across GCC nations.
Historical Data: 2016-20
Base Year: 2020
Forecast Period: 2021-26
Key Companies Profiled
Akzo Nobel., Arkema SA, Asahi Glass Co.Ltd., Ashland Inc., BASF SE, Cabot Corp., Daikin Industries Ltd., Dynaa A.S, Dow, Evonik Industries AG
COVID-19 Pandemic Negatively Impacted the Market Growth
The growth of the GCC Paint Additives Market witnessed a steep downfall due to the sudden outbreak of the COVID-19 pandemic. It owes prominently to the direct correlation of the paint industry with the construction sector, which is driven primarily by crude revenues. Additionally, the temporary shutdown of manufacturing units and disruption in the supply chain further affected the growth of the GCC Paint Additives Market.
However, as the government has started relaxing its restrictions and the lockdown is lifted to resume business activities, the construction industry is recovering steadily; hence, the demand for paint additives is also likely to increase rapidly in the forecast period.
Building and Construction Attained the Highest Market Share
Based on End-Users, the market bifurcates into Automobiles & Transportation, Industrial, Furniture & Woods, and Building & Construction. Of them all, the Building & Construction sector dominated the GCC Paint Additives Market in the previous few years and is likely to maintain its leading position in the market during the forecast period, too.
The segment growth owes to the high economic output leading to the rapid architectural development and surging construction activities, thereby boosting the demand for paint additives. Additionally, the increasing oil revenue is likely to fuel construction activities and thus propel the growth of the paint additives market in the forecast period, cites MarkNtel Advisors in their research report, “GCC Paint Additives Market Analysis, 2021.”
Water-Based Accounted for the Largest Market Share
Based on Formulation, the market segments into Water, Solvent, and Powder-Based Paint Additives. Among these segments, Water-Based Formulations acquired the largest share in the GCC Paint Additives Market in the previous few years. These additives contain less volatile organic compounds, thereby having less harmful effects on health and the environment. Additionally, they pose properties like superior adhesion, high film density, and quick dry time. Thus, demand for water-based paint additives is significantly higher than other formulations.
UAE Dominated the Market
Country-wise, UAE attained the largest share in the GCC Paint Additive Market in the previous few years. The paint industry was at its peak in Q1 2014, but later, its decline continued till Q4 of 2015. With a minor recovery in 2016, it again got declined in 2017. Later, in 2018 & 2019, the demand for paint additives from UAE witnessed a slow recovery due to increasing crude prices.
Rising Economic Growth to Boost the Market Growth
Economic growth has a direct impact on paints and their additives. Therefore, increasing economic output would mean better market conditions for paints & coatings providers. However, slow economic growth translates into lesser opportunities.
Strict Regulations to Reduce VOC Emissions
Paint additives consist of hazardous volatile organic compounds, making them environmentally unfriendly products and resulting in environmental degradation. Hence, the enforcement of stringent regulations to curb the pollution caused by dangerous emissions are likely to hinder the GCC Paint Additives Market growth.
According to MarkNtel Advisors, the major leading 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, and Evonik Industries AG.
Key Questions Answered in the Market Research Report:
What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the GCC Paint Additives Market?
What are the region-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the GCC Paint Additives Market?
Who are the key competitors, their key strengths & weaknesses, and how they perform in the GCC Paint Additives Market based on a competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during the GCC Paint Additives Market study?
A. The GCC Paint Additives Market is forecast to grow at a CAGR of 3.5% during 2021-26
A. Akzo Nobel., Arkema SA, Asahi Glass Co.Ltd., Ashland Inc., BASF SE, Cabot Corp., Daikin Industries Ltd., Dynaa A.S, Dow, and Evonik Industries AG are a few of the leading players in the GCC Paint Additives Market.
A. The Water-Based segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Increasing demand for paint additives from various end-user sectors, including architectural, industrial, automotive industries due to their properties, is the prime factor fueling the market growth.
A. Due to the sudden outbreak of the COVID-19 pandemic, the GCC Paint Additives Market has been adversely affected, owing to the lockdown imposition, which halted most construction activities. The spread of the pandemic has also resulted in the temporary ban on export & import and disruption in the supply chain, thereby negatively impacting the market growth.