Middle East Paints & Coatings Market - Segmented by Resin Type, End-user Industry, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Middle East Paints & Coatings market is expected to register CAGRs of 3.24% and 3.71%, by volume and value respectively through the forecast period, 2018 to 2023. Continuously growing construction industry in countries, such as Saudi Arabia, Iran, Qatar, and UAE, and increased focus on tourism in the Middle Eastern region is expected to drive the market growth through the forecast period.
Increased Focus on Tourism and Construction in the Middle Eastern Region to Drive the Market
The Middle Eastern countries are known for their high-rise buildings and architecture. The regional market has bolstered constructional activities for hotel buildings and infrastructural activities for tourism. With the increase in construction of hotels and restaurants, re-paints of old hotels and maintenance of architectural and decorative infrastructure (to attract the tourists), the market studied is expected to grow.
Architectural -The Fastest End-User Industry
Architectural segment dominated the Middle East paints & coatings market in 2017 and is also expected to register the fastest growth amongst other industries through the forecast period. Paints and coatings are used in the exterior and the interior of houses, offices, and buildings to give them an aesthetic look, and also to protect the walls and the fundamental structures. Growing construction sector in the Middle East has contributed to the growing paints & coatings use in the architectural sector and will continue to do so through the forecast period.
Saudi Arabia to Dominate the Regional Market
On a country-by-country basis, Saudi Arabia is by far the largest national market, accounting for nearly half of the total demand for paints and coatings in the Middle East region. The country has generated large-scale projects worth USD 800 billion to boost its infrastructure in the coming years. The government has expansive plans for the development of social infrastructure, transportation, and energy & utility construction in the country. Additionally, Saudi is focusing on establishing itself as the new automotive hub in the Middle East. Though the country is a large importer of vehicles and auto parts, it is now trying to attract original equipment manufacturers (OEMs) to open their production plants in the country to develop the domestic auto industry. Such factors is expected to drive the Saudi Arabia paints & coatings market.
The Major Players include: Jotun A/S, National Paints Factories Co. Ltd, Al-Jazeera Factory for Paints Co., Akzo Nobel NV, PPG Industries, Inc., and Hempel A/S among others
Paints & Coatings Market Report Summary
Jotun A/S, National Paints Factories Co. Ltd, Al-Jazeera Factory for Paints Co., Akzo Nobel NV, PPG Industries, Inc., and Hempel A/S amongst others
Middle East Paints & Coatings Market offers latest trends, growth prospects, industry competitiveness, major players, value chain, market share, country market analysis, and forecast to 2023
Reasons to Purchase this Report
Identify the current and future prospects of the Middle East paints & coatings market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information about the growth of the various segments that are expected to dominate the market
Identify the latest developments, market shares, and strategies employed by the major market players
3 months of analyst support, along with the Market Estimate sheet (in Excel)
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