Additives are the most special components of paints since they can greatly enhance their performance & efficacy. Hence, choosing proper additives in the right proportion & time can improve the appearance & durability of paints.
Moreover, they also help improve paint’s production & storage properties. The various types of paint additives available in the market include deformers, wetting & dispersing agents, anti-settling agents, specialty additives, etc. These varieties of paint additives are used accordingly across several end-user industries like automotive, building & construction, furniture & woods, etc.
The Middle East & Africa Paint Additives Market is anticipated to grow at a CAGR of around 6% during the forecast period, i.e., 2021-26. The growth of the market attributes primarily to the increasing demand for paint additives from architectural end-use verticals. Strong economic growth in a few African countries like Nigeria is another crucial aspect providing lucrative growth opportunities for the market.
Besides, the rapid growth in the construction & automotive sector owing to its solvent properties is also contributing to the burgeoning demand for paint additives. Moreover, projects like Saudi Arabia Vision 2030 to reduce Saudi Arabia's dependence on oil, diversify its economy, & develop infrastructure, health, tourism, & educational sectors shall boost the construction industry across the region. It, in turn, shall also drive the paint additives market in the coming years.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||UAE, Saudi Arabia, Iraq, South Africa, Nigeria, Morocco, Algeria, Tunisia, Kenya, Jordon, Uganda, Ivory Coast, Cameroon, Rest of MEA|
|Key Companies Profiled||Akzo Nobel, Arkema S.A, Asahi Glass Co.Ltd., Ashland Inc., BASF S.E., BYK-Chamie GHBH, Cabot Corporation, Cytec Industries, Daikin Industries, Dynaa A.S|
|Unit Denominations||USD Million/Billion|
Paint additives help enhance the chemical properties of coatings, such as wettability, rheology, dispersion, chemical resistance, UV protection, and high-temperature stability. Hence, they are being used widely across different end-users across the Middle East & Africa.
Furthermore, the rising trend of sustainability and mounting demand for materials that can comply with domestic & international norms is also providing a profitable opportunity to the leading market players for developing eco-friendly & no-VOC paint additives. Hence, the aspects cited above are likely to accelerate the growth of the paint additives market over the forecast years.
Impact of Covid-19 pandemic on the Middle East & Africa Paint Additives Market
The Covid-19 pandemic in 2020 catastrophically impacted many industries across the Middle East and Africa. The lockdown imposition to curb the virus spread resulted in the shutdown of manufacturing units and halt in many construction projects, which negatively impacted the production & sales of paint additives. Further, it also led to the disruption in supply chain & trade, which, in turn, affected the imports & exports of paint additives.
Moreover, the pandemic negatively affected the growth of tourism & the construction sector, which also restrained the paint additives market amidst the crisis. Further, the closure of manufacturing units of the automotive industry also resulted in the reduced demand for paint additives.
However, with the upliftment of restrictions, all the suspended projects resumed and fueled the demand for paint additives. Moreover, the reopening of manufacturing units & different end-user sectors is projected to boost the market in the coming years.
Based on end-users, the building & construction sector dominates the Middle East and Africa Paint Additives Market. Paint additives are widely used in the building & construction industry for specific uses like wall paints, deck finishes, or roof coatings. Additionally, they play a vital role in providing aesthetic looks to the structure, improving durability, and providing protection against damages. These additives are used in commercial applications like constructing shopping malls, office buildings, retail convenience stores, warehouses, & residential buildings.
Across the Middle East, the construction industry plays a major role in economic development. Several projects like Saudi Arabia Vision 2030, Dubai Expo, Red Sea Project, Quiddiya Entertainment City, Project NEOM and Diriyah Gate, etc., are promoting infrastructural developments in various countries across the region and, in turn, fueling the demand for paint additives.
Furthermore, the building and construction industry in the Middle East & Africa has a major concern regarding heat & UV exposure. To overcome this issue, the use of additives that could help protect the building from extreme is increasing. Hence, the paint additives market in the Middle East and Africa region is expected to grow significantly in the forecast period.
In Africa, the construction industry in Nigeria is expanding at a decent pace. Although, the demand for paints additives in construction activities across Africa declined for the short term due to the Covid-19 pandemic. However, presently, the industry is picking up its growth steadily.
Here, Rheology modifiers are projected to attain the largest share in the Middle East and Africa Paint Additive Market. Rheology modifiers are the most important additives induced in the majority of paints to alter the rheological characteristics. Apart from achieving desired viscosity, rheological modifiers help control paint shelf stability and facilitate ease of application. It is vital to have better control over the flow of paints for their production, storage, & application. The soaring demand for rheological modifiers in the construction, automotive, & industrial sectors and wood application is expected to propel the overall market growth.
On the other hand, the demand for wetting & dispersing agents is experiencing the fastest growth. These agents help in the proper & even dispersion of paints on the surface, which helps decrease the viscosity of paints and guarantee the stabilization of dispersed particles over time.
Key Trends in the Middle East & Africa Paint Additives Market
Mounting Demand for Water-based Paints
Compared to solvent & powder-based paint additives, preferences for water-based paint additives are increasing since they are less toxic. Other types of paint additives are responsible for VOC (Volatile Organic Compounds) emissions & other hazardous air pollutants, which form smog & affect the atmosphere. Hence, many end-user industries are inclining toward water-based paint additives, which would propel the overall market growth in the coming years.
Of them all, Saudi Arabia holds the largest share in the Middle East and Africa Paint Additives Market, mainly due to the burgeoning construction activities, mounting government support toward infrastructural developments, and increasing tourism industry in the country. In addition, an increasing number of residential & commercial projects in Saudi Arabia is also likely to contribute to the overall market growth.
Some projects that have resulted in the rapid growth of the construction industry in Saudi Arabia include the Red Sea Project – Phase 1, which is likely to be completed by 2022, and the futuristic mega-city ‘Neom’ project. These projects will eventually boost the demand for Paint Additives. The rapid developments in the construction sector are primarily due to the country's robust economic growth.
Furthermore, the Covid-19 pandemic in 2020 led to the delay or suspension of most construction projects, which has negatively impacted the paint additives market. However, the industry is projected to pick up pace in the coming future, which, in turn, would also boost the paint additives market.
Key Driver: Mounting Demand for Paint Additives for Industrial Uses
The demand for paint additives is increasing dramatically in the industrial sector of the Middle East & Africa, owing to the excellent properties they exhibit. It is used as thickeners, curing catalysts, leveling agents, etc., for many industrial applications since the industrial sector comprises many expensive & huge machinery that require proper maintenance. Applying paints with additives helps protect the surface from corrosion & other damage. Hence, its extensive usage in the industrial sector fuels the overall market growth.
Possible Challenge: Adverse Environmental Impact of Paint Additives
Paint additives are responsible for releasing Volatile Organic Compounds (VOCs) while applying & drying process. These VOCs result in forming ozone. On reacting with oxygen, they create toxic pollutants like smog, which can cause severe health conditions like asthmatic reactions, skin & eyes irritation, allergies, & headaches. They also impact the heart & lung tissues. As a result, keeping environmental & health issues in mind, some norms & regulations have been enforced to limit the usage of paint additives. Hence, these aspects might hamper the growth of the MEA Paint Additive Market in the coming future.
According to MarkNtel Advisors, the major leading players in the Middle East & Africa Paint Additives market are Akzo Nobel, Arkema S.A, Asahi Glass Co.Ltd., Ashland Inc., BASF S.E., BYK-Chamie GHBH, Cabot Corporation, Cytec Industries, Daikin Industries, and Dynaa A.S.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Middle East & Africa Paint Additives Market is forecast to grow at a CAGR of around 6% during 2021-26.
A. The Building & Construction sector holds the largest share in the Middle East & Africa Paint Additives Market, which would create remunerative growth opportunities for the leading market players in the coming years.
A. The mounting demand for paint additives in the construction & automotive industry is the key factor projected to drive the Middle East & Africa Paint Additives Market during 2021-26.
A. In the coming years, the Middle East & Africa Paint Additives Market is expecting steady growth owing to the resumption of construction projects, which would fuel the demand for paint additives.