Middle East & Africa Paints and Coatings Market - Segmented by Application, Technology, Product Type, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Middle East & Africa paints and coatings market has been estimated at USD 8,806.6 million in 2017. The market is expected to register a CAGR of 4.68% during the forecast period, 2018 to 2023. One of the major factors driving the growth of the market is the growing demand from construction, automotive, marine, and oil & gas industry.
INCREASING INVESTMENTS IN THE REGION
The construction industry in Saudi Arabia contributes around 8% to the country’s GDP and is the largest construction market in the Middle East. The country has generated large-scale projects worth USD 800 billion to boost its infrastructure in the coming years. The government also has expansive plans for the development of social infrastructure, transportation, and energy & utility construction in the country. Also, The South African construction industry has a positive outlook, despite the decline in the market. The rise in demand for housing and growth in new residents in urban areas have increased; the government’s national infrastructural plan is supporting this growth with new projects in the coming future.
Automotive is another industry that is growing in the region, owing to rise in sale and production levels, which are expected to increase in the coming years, offering scope for the growth of the paints & coatings market, over the forecast period.
Rest of Middle East & Africa Dominates the Market
Rest of Middle East & Africa has the highest share in the market, accounting for nearly 61% of the market share in 2017. Rest of Middle East & Africa includes countries, such as Kuwait, Qatar, Egypt, Jordan, Nigeria, Iran, Oman, Bahrain, Morocco, and Algeria, among others. The Nigerian paints & coatings market is growing rapidly, with the increasing government spending on construction and infrastructure. In addition, the FDI inflow into the sector and private investment has increased, which is expected to augment the country’s paints & coatings market. In Jordan, upcoming infrastructure and few other residential constructions, along with growth in the automotive sector, is expected to augment the growth of the Jordan paints & coatings market. In addition, automotive is another major industry that is expected to grow in countries, such as Morocco and Algeria, owing to the presence of many multinational OEM manufacturers who are keen to invest and start their production plants in these countries. Therefore, the rest of Middle East & Africa paints & coatings market holds growth potential for the forecast period.
Key Developments in the market
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