The Saudi Arabia paints and coatings market was valued at USD 1.36 Billion in 2022 and is likely to reach USD 1.83 Billion by 2031, expanding at a CAGR of 3.38% during the forecast period, 2023–2031. The growth of the market is attributed to increased government assistance.
Paints and coatings are described as a liquid substance that dries to create a solid, cohesive, adhesive, ornamental, and protective layer when applied as a thin film over a surface. Paints and coatings are widely used as ornamental and protective coatings in the architectural sector. Paints and coatings are liquid, solvent, or powder-based materials that are used to impart aesthetic and protective finishes to various surfaces.
Surfaces are protected by paints and coatings against corrosion, weathering, mechanical damage, heat, and temperature. There are two types of paint: volatile and non-volatile. Organic solvents, water, and other age-related paint compounds are examples of volatile paint products. Binders, resins, plasticizers, paint additives, dyes, pigments, and extenders are examples of non-volatile paint materials.
COVID-19 had a negative influence on the market in 2020. Because of the epidemic, the country was put under lockdown, which suspended all industrial and building operations, lowering demand for paints and coatings. However, it is predicted that the situation would improve in 2021, resuming the market's growth trajectory.
Paints And Coatings Market Trends, Drivers, Restraints, and Opportunities
Increased residential building activities with government assistance is expected to fuel market growth in the coming years.
Growing tourism in the country is estimated to spur market growth during the forecast period.
Suspension of oil and gas production for an indefinite duration is anticipated to hinder market expansion.
Scope of the Paints And Coatings Market Report
The report on the Saudi Arabia paints and coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Paints and Coatings Market - Saudi Arabia Industry Analysis, Growth, Share, Size, Trends, and Forecast
Resin Types (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types) and End-user Industries (Architectural, Automotive, Protective Coatings Market, General Industrial, Transportation, and Other End-user Industries)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
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
Paints And Coatings Market Segment Insights
Acrylic segment is projected to account for a large market share
On the basis of resin types, the Saudi Arabia paints and coatings market is bifurcated into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. The acrylic segment is expected to account for a key share of the market in the coming years owing to its widespread use in the painting and coatings market. Acrylic resins also develop characteristics in coating solutions such as transparency, excellent colourability, and UV resistance.
They are frequently utilized in waterborne systems, resulting in minimal VOC emissions. Acrylic coatings produce a high level of surface hardness. Acrylic coatings give elastomeric finishes to increase the UV resistance of the surface when used with certain fluids in certain applications, such as walls, decks, and roofs.
Acrylic paints are available in a variety of forms, including emulsions (latices), lacquers (lower volume solids), enamels (greater volume solids), and powders (100 per cent solids). Acrylic polymers, such as methyl and butyl methacrylate, come in a wide range of types and combinations. Polyvinyl acetate is the most common material used in low-cost paints. The thermoplastic and thermoset types of acrylics are the most common.
Acrylic resins for thermoplastics are synthetic resins made by polymerizing various acrylic monomers. Thermosets are cured by interacting with other polymers at high temperatures. Solution acrylics and acrylic latex coatings are two kinds of thermoplastic acrylic resins. Acrylic is the most used binder in Saudi Arabia's paints and coatings sector, accounting for more than 70% of all aqueous coatings. Architectural coatings commonly utilize acrylic.
Architectural segment is expected to grow at a robust pace
In terms of end-user industries, the Saudi Arabia paints and coatings market is segmented into architectural, automotive, protective coatings market, general industrial, transportation, and other end-user industries. The architectural segment is expected to account for a key share of the market during the forecast period owing to increasing demand for interiors.
Because of the wetness, bathroom walls, for example, must be wipeable to keep them clean. Paints with a higher gloss sheen have a tighter molecular structure than flat paints, making moisture penetration more difficult. As a result, these paints are utilized in bathrooms.
The Saudi Arabia paints and coatings market has been segmented on the basis of
- Other Resin Types
- Protective Coatings Market
- General Industrial
- Other End-user Industries
- 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
- United Coating Industries
Key players competing in the Saudi Arabia paints and coatings market include 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.