Saudi Arabia Paints & Coatings Market Outlook – 2027
The Saudi Arabia paints & coatings market was valued at $8.7 billion in 2019, and is projected to reach $13.4 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027.
Paints & coatings are the liquid, solvent, or powder-based products which are applied on various surfaces to give them decorative and protective finishing. Paints & coatings products protect surfaces from corrosion, weathering, mechanical damage, heat, and temperature. Paint products are classified as volatile and non-volatile. Volatile paint products include organic solvents, water, and other agents. Where non-volatile paint products include binders, resins, plasticizers, paint additives, dyes, pigments, and extenders.
For the purpose of analysis, the Saudi Arabia paints & coatings market is segmented on the basis of resin type, technology, and product type. Depending on resin type, the market is categorized into acrylic resin, alkyd resin, polyurethane resin, epoxy resin, polyester resin, and others. On the basis of technology, it is divided into water-based, solvent-based, powder-based, and others. The product types covered in the study include decorative paints & coatings and industrial paints & coatings. The decorative paints & coatings segment is further sub-segmented into emulsions, enamel paints, distemper, and cement paints (acrylic spray plaster & undercoats). The industrial paints & coatings segment is further sub-classified into powder coating, automotive coating, wood furniture & cabinet coating, coil coating, non-wood furniture and fixture (texture coatings), machinery & equipment, paper & films, and others.
The key players operating in the Saudi Arabia paints & coatings market are Akzo Nobel N.V., BASF SE, Jazeera Paints, Jotun A/S, Kansai Paints Co., Ltd., National Paints Factories Co. Ltd., Protech Powder Coatings, Inc., The Sherwin-Williams Company, Zamil Industrial Coatings, and United Coating Industries.
These key players are adopting various strategies such as product launch, service launch, acquisition, business expansion, collaboration, investment, and agreement to stay competitive in the paints & coatings market.
For instance, in December 2020, Akzo Nobel N.V. acquired New Nautical Coatings (Yacht Coating Company). Through this acquisition, Akzo Nobel can expand its operations and position in North America yacht coating market.
In addition, in March 2020, Jazeera Paints opened six new showrooms in Riyadh, Tabuk, and Sharqia. These showrooms are aimed at focusing toward addressing customers from the cities including Riyadh, Tabuk, and Sharqia. This has strengthened the position of the company in the Saudi Arabia paints & coatings market.
Other players operating in the Saudi Arabia paints & coatings market are Sak Coast, Hempel, Saudi Paint Company Limited, Colors Est, PLI, Saleh Saman, and others.
The Saudi Arabia paints & coatings market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2027. The report includes the study of the Saudi Arabia paints & coatings market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Paints & coatings market, by resin type
By resin type, the acrylic resin segment held the largest market share in 2019. This is attributed to rise in demand for acrylic coatings from the construction industry applications such as finishing for roofs, decks, floors, bridges, and other applications. In addition, increase in demand for acrylic paints & coatings from marine & vessels, electrical, machinery & equipment, metals, and other applications is projected to fuel the paints & coatings market growth during the forecast period.
By Resin Type
Acrylic resin is projected as the most lucrative segment.
Paints & coatings market, by technology
On the basis of technology, the solvent-based technology segment dominated the Saudi Arabia paints & coatings market in 2019, in terms of share, owing to increase in demand for solvent-based exterior coating from the applications where weather conditions are varying more frequently. In addition, solvent-based paints & coatings offer several advantages such as durability, strength, resistance to scratches & abrasions, resistance to severe weather conditions, quick drying, and others, which in turn is expected to fuel the demand for this type of paints in the upcoming years.
By Technology
Solvent-Based technology is projected as the most lucrative segment.
Paints & coatings market, by product type
By product type, the decorative paints & coatings segment dominated the highest share in the Saudi Arabia paints & coatings market in 2019, and is expected to maintain the same during the forecast period. This is attributed to increase in demand for paints & coatings products used in the applications such as interior wall painting, floor coating, wood & furniture coating, and other decorative purposes, owing to increase in consumer interest toward renovation of existing & old infrastructure.
By Product Type
Decorative Paints & Coatings segment holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
In addition, decorative paints & coatings provide various advantages such as excellent performance, less maintenance needs, resistance to stains, insulations, light absorption, and others, which is expected to drive the demand for paints & coatings products in the upcoming years.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of the COVID-19 pandemic has resulted in temporary ban on the import and export; thereby, disrupting the supply chain and hampering the paints & coatings market growth in the second and third quarter of 2020. However, the market is expected to recover in the late year or by the first quarter of 2021 as the demand and production of paints & coatings products restarts.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
- A comprehensive analysis of the factors that drive and restrict the growth of the Saudi Arabia paints & coatings market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the Saudi Arabia paints & coatings market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current Saudi Arabia paints & coatings market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.
The Saudi Arabia Paints & Coatings Market Report Highlights
| Aspects | Details |
 By Resin Type |
|
 By Technology |
|
 By Product Type |
|
 Key Market Players | UNITED COATING INDUSTRIES, JAZEERA PAINTS, THE SHERWIN-WILLIAMS COMPANY, JOTUN A/S, KANSAI PAINTS CO. LTD., NATIONAL PAINTS FACTORIES CO., LTD., PROTECH POWDER COATINGS, INC., BASF SE, ZAMIL INDUSTRIAL COATINGS, AKZO NOBEL N.V. |
Analyst Review
The Saudi Arabia paints & coatings market is witnessing a significant growth in response to significant paints & coatings products from automotive, aerospace, marine, wood & furniture, and other applications across the country. Rapid growth in the residential & commercial construction activities to fulfil the aim toward vision 2030 with increase in investment toward private & public sector projects is expected to fuel the market growth in Saudi Arabia. Moreover, diversification of economic growth dependence toward non-oil driven sectors such as automotive, packaging, food & beverages, defense, and others is expected to boost the demand for paints & coatings products in the upcoming years. However, fluctuation in prices of raw materials used in the production of paint & coatings products is expected to hamper the market growth from 2020 to 2027.
Renowned market leaders such as Akzo Nobel N.V., BASF SE, the Sherwin-Williams Company, Kansai Paints Co., Ltd, and Jotun A/S are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on product launch, acquisition, agreement, investment, collaboration, and business expansion to cater to the increasing demand for paints & coatings products.
In terms of revenue growth, the CAGR of the Saudi Arabia paints & coatings market is 7.3% by 2027.
Rise in residential & commercial construction activities along with rise in investment in the construction sector and rapid growth of end-use industries such as automotive, food & beverages, manufacturing, packaging and others are expected to be the key trends in the Saudi Arabia paints & coatings market.
The potential customers of the Saudi Arabia paints & coatings market are building & construction, automotive, food & beverages, packaging, aerospace & defense, oil & gas, and others.
On the basis of resin type, acrylic segment will drive the Saudi Arabia paints & coatings market growth during the forecast period. By technology, solvent-based technology will fuel the Saudi Arabia paints & coatings market growth. On the basis of product type, decorative paints & coatings segment will drive the growth of the Saudi Arabia paints & coatings market.
The applications of the Saudi Arabia paints & coatings market are in automotive coating, interior & exterior coating in buildings, wood & furniture coating, coil coating, and others.
Top players in the Saudi Arabia paints & coatings market are Akzo Nobel N.V., BASF SE, Jazeera Paints, Jotun A/S, Kansai Paints Co., Ltd., National Paints Factories Co. Ltd., Protech Powder Coatings, Inc., The Sherwin-Williams Company, Zamil Industrial Coatings, and United Coating Industries.
In terms of revenue, the market size of the Saudi Arabia paints & coatings market is anticipated to reach $13.4 billion by 2027, growing at CAGR of 7.3% from 2020 to 2027.
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