Paints are liquid or semi-liquid materials that are applied to surfaces to provide them a decorative finish, color, or protection. Usually, they include additives, solvents, binders, and pigments. Whether painting interior or exterior walls, furniture, cars, or industrial gear, the type of paint used depends on its intended use. There are many different kinds of paints, each with its own special qualities, such as enamel, water-based (latex), oil-based (alkyd), and more. Conversely, coatings are a more general category that includes paints. Coatings have a variety of uses beyond aesthetics, whereas paints are mostly used to give color and beauty. The purpose of coatings is to shield surfaces from environmental elements such as UV rays, abrasion, and corrosion. They are widely utilized to improve the performance and durability of different substrates in sectors like automotive, aerospace, construction, and marine.
GCC Paints and Coatings Market Driving Factors and Challenges
Driving Factors:
Rapid Development in the Construction Industry:
The desire for inexpensive housing, rising infrastructure development investments, and a fresh wave of planned projects are all contributing to the construction industry's rapid growth in GCC nations like Saudi Arabia and the United Arab Emirates.
Increasing attempts to expand the industrial sector:
The governments of the Gulf nations are working on new infrastructure development and construction projects in an effort to spur industrial growth. Since paints and coatings are mostly employed in these kinds of activities, an increase in the amount of building and development work will result in a greater need for paints and coatings.
Challenges:
The volatility of crude oil prices
Crude oil derivatives, including titanium dioxide and monomers, make up over half of the raw materials used in the paint industry. Thus, geopolitical, supply chain, or other factors that impede the delivery of crude oil to markets cause the price of crude oil to continuously fluctuate. Major paint and coating end customers in the GCC countries face a shortage of these products due to manufacturers' erratic production of paints and coatings as a result of this disruption.
Impact of COVID-19 on GCC Paints and Coatings Market
The Covid-19 pandemic had a major influence on the GCC paints and coatings sector. During the lockdowns and restrictions, building and car production were temporarily suspended, resulting in lower demand for coatings. However, with the progressive relaxation of limitations and the return of economic activity, the market is showing indications of recovery. The increased emphasis on hygiene and cleanliness has fueled demand for specialist coatings with antibacterial characteristics.
GCC Paints and Coatings Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Akzo Nobel NV, Jazeera Paints, BASF SE, Beckers Group, Asian Paints Berger, Caparol, Jotun, RPM International Inc, PPG Industries Inc, Terraco UAE Ltd, Thermalite Middle East, Wacker Chemie AG, National Paints Factories Co. Ltd, Hempel A/S, Premier Paints Company Limited (The Sherwin-Williams Company), Ritver Paints & Coatings.
GCC Paints and Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, GCC Paints and Coatings Market is segmented as; Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others.
By Technology: Based on the Technology, GCC Paints and Coatings Market is segmented as; Water-borne, Solvent-borne, Radiation Cure, and Others.
By End-User Industry: Based on the End-User Industry, GCC Paints and Coatings Market is segmented as; Architectural, Automotive, Wood, Industrial Coatings, Transportation, and Packaging.
By Region: This research also includes data for Saudi Arabia, Qatar, Kuwait, United Arab Emirates, Bahrain, Oman.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.