Modern-day paints are rapidly perishing with the addition of cheap materials. Hence, additives are used in small quantities to prevent paints from flowing across a surface or leaving brush marks on walls. These additives are low-level ingredients that enhance the efficacy & performance of paints. With the increasing environmental pollution, paint manufacturers across Saudi Arabia are constantly working on environment-friendly & easiest-to-manufacture formulations with the minimum number of raw materials.
The GCC Paint Additives Market is anticipated to grow at a CAGR of around 3.5% during the forecast period, i.e., 2021-26. The bolstering consumption of paints across the construction sector and increasing inflow of tourists in GCC nations are the primary factors driving the market. Besides, mounting residential & commercial construction activities, coupled with massive investments in the same, are other crucial aspects leading to the burgeoning production & sales of paints, and, consequently, of paint additives.
Paint additives offer numerous properties like enhanced durability, anti-corrosiveness, and better appearance. Owing to these characteristics, their demand across the GCC region is quite significant. Moreover, the surging environmental concerns are encouraging leading market players to invest massively in research & development activities on developing environment-friendly paint additives, which is another crucial aspect driving the overall market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Country Covered||UAE, GCC, Bahrain, Oman, Qatar, Kuwait|
|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|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 Pandemic on the GCC Paint Additives Market
The Building & Construction industry is the major end-user of paint additives. Hence, the increasing usage of paints to protect materials under extreme weather conditions and the surging number of construction projects across GCC nations are the prime aspects projected to boost the market in the building & construction sector during 2021-26.
Further, paint additives also have a wide range of industrial applications, including machinery & metal equipment coatings. Since many industrial activities can cause abrasion to the equipment, using paint additives helps protect these products from damage.
On the other hand, in the automotive industry, the demand for paint additives is witnessing substantial growth to provide scratch resistance, surface protection, texture enhancement, and corrosion resistance to automotive parts.
Water-based paint additives are environment-friendly surface treatment, in which water accounts for 80% of the solvent used. It makes the paint eco-friendly & easy to apply. It is used majorly in closed areas and does not cause any harmful emissions. The adoption of water-based paints is growing dramatically due to the extensive presence of low Volatile Organic Compounds (VOCs).
Hence, they have a less harmful impact on the environment, humans, & animals and can be applied easily to plastic substrates & wood. Moreover, water-based paint additives have high film density, superior adhesion, and quick dry time. Hence, their demand is significantly growing across the GCC region.
Key Trends in the GCC Paint Additives Market
Among all the GCC nations, Saudi Arabia holds the largest market share since it provides easy access to the regional market & key feedstock. The burgeoning construction of tall & big structures in the country significantly fuels the demand for paints, which, in turn, is propelling the need for paint additives. The paint additive industry is projected to register significant growth in the coming future since the construction sector of Saudi Arabia is poised to experience robust growth in the years to come, thereby accelerating the demand for paint additives.
To keep up with the goals of the National Transformation Program, which intended to establish the necessary infrastructure for enhancing economic growth and growing living standards, Saudi Arabia is on the urge of expanding its construction activities, especially across commercial and industrial sectors, reveals MarkNtel Advisors in their research report, “GCC Paint Additives Market Analysis, 2021.”
Growing Infrastructural Developments and Rapid Economy Growth across GCC Nations to Favor the Market Growth
GCC nations are witnessing a rapid surge in construction activities, which, in turn, is fueling the demand for paints and directly impacting the market growth of paint additives, which could help enhance the paint properties & appearance of the building. Further, rapid economic growth can boost the demand for paint additives from different end-use sectors, thereby providing lucrative opportunities for the market to grow significantly in the coming future.
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:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The GCC Paint Additives Market is expected to grow at a CAGR of around 3.5% during 2021-26.
A. The Building & Construction sector holds the largest share of the GCC Paint Additives Market and is projected to create profitable opportunities for the leading market players.
A. Increasing construction activities across the GCC region and numerous benefits of paint additives are the key factors projected to drive the GCC Paint Additives Market.
A. In the coming years, the Paint Additives Market in the GCC is projected to witness decent growth, mainly due to resumption in construction activities across the region.