Saudi Arabia Paints & Coatings Market - Segmented by End-user Industry, Technology, and Resin Type - Growth, Trends and Forecast (2018 - 2023)
The Saudi Arabia paints & coatings market is estimated to register a growth rate of 4.08% during the forecast period (2018 - 2023). Saudi Arabia is estimated to lead the market due to the ongoing growth in the industrial and architectural sectors in the country. Water-based coatings are expected to be the fastest-growing type, by technology.
Increasing Private investment Participation
The Saudi government has played a key role in increasing private investment participation. The government helps investors by providing them – support during cross border trade in order to access new markets; establishing cities or zones, which specialize in manufacturing of coatings, and hence, maintaining high level of attractiveness to potential investors; facilitating the provision of joint benefit services and facilities; the creation of attractive, profitable, and tangible investment opportunities; and enhancing competition locally and internationally. In response to the market potential and the changes in the Kingdom, 13 local and foreign investors have agreed to sign non-binding statements of intent (SOI) with Saudi Arabian General Investment Authority (SAGIA) to further discuss future investments in the Kingdom. Dow became the first company to obtain trading license from Government of Saudi Arabia, permitting full ownership in the trading sector. The Saudi government’s joint ventures include collaborating with various international market leaders, which is leading to an increase in their production base. In May 2017, the Dow Chemical Company finalized an agreement with Saudi Aramco’s JV partner in the Sadara Petrochemicals complex, to increase innovation and strategic agenda in the KSA. Based on the agreement, Dow has invested USD 100 million to construct manufacturing facility, to produce a range of polymers for coatings. The company has also signed a memorandum of understanding to conduct a feasibility study for a proposed investment in one of the company’s performance silicone franchises. The coating facility, located in PlasChem Park in Jubail, will address the needs of the Saudi market, with an innovative range of acrylic-based polymers for water-treatment, industrial, and architectural coating applications. These factors are expected to increase the private investments in construction sector, which, in turn, is likely to increase the usage of paints and coatings.
Water-borne Technology - The Fastest Growing Type by Technology
The VOCs released from solvent-borne coatings is the core reason for the manufacturers switching to water-borne coatings. Also, other properties like low odor, more durability, and more block resistance make waterborne coatings more preferable. There are many regulations from several governments which supports water-based coatings. These are usually used in several applications, which includes transportation, building and construction, and industrial applications. In recent times there has been a propensity to seek coatings with high usability, and water clean-up characteristics among the users, water-borne coatings meet the requirements, and also facilitate low viscosity, without the addition of low-molecular weight monomers.
Notable Developments in the Market
June 2017: The Sherwin-Williams Company completed the acquisition of The Valspar Corporation and created a global leader in paints & coatings industry
Major Players: AkzoNobel, National Paints Factory, Jotun A/S, Al Jazeera Paints Co., Hempel A/S, and PPG, amongst others.
Reasons to Purchase the Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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