Saudi Arabia Industrial Coatings Market - Segmented by Type, Technology, and Resin - Growth, Trends, and Forecast (2018 - 2023)
Saudi Arabia industrial coatings market was valued at 114.17 kilo metric ton by volume and USD 508.03 million by revenue, in 2017 and is expected to register a CAGR of 3.52% in terms of revenue during the forecast period, 2018 to 2023. Increasing private investment participation along with growing oil & gas sector are expected to drive the market in the forecast period.
Growing Oil & Gas Sector is Driving the Market
The Kingdom of Saudi Arabia has the second-largest oil reserves in the world, accounting for almost 266 billion barrels. According to Saudi Aramco, in 2015, it discovered three new oilfields and two non-associated gas fields, which had a production capacity of 12 million barrels per day, and is, expected to maintain the capacity through 2020. In 2016, the company produced 10.5 million barrels of crude oil and at the same time, the total petroleum and natural gas hydrocarbon production rose by over 3%.
Solvent-Borne Technology – The Dominant Technology Type
Solvent borne coatings dominates the technology sector and accounted for about 60% of the overall industrial coatings market in 2017. Solvent-borne coatings are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps speed-up the reaction, thereby, reducing the drying time. The growing application of solvent-borne coating, as wood coating for doors, cabinet, and furniture, along with other applications, such as metal doors and railings, industrial equipment, and the maintenance of steel structures, is boosting the market for solvent-based coatings.
Major Players: National Paints Factories Co. Ltd, Al-Jazeera Factory for Paints Co., and Jotun, amongst others.
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