Market Overview and Market Insights: Paints and coatings are ornamental treatments that enhance the visual attractiveness of walls, equipment, and metal component surfaces. Along with extending the product’s lifespan, it helps give the surface resistance to corrosion and abrasion. Pigments, curing agents, solvents, dispersants, resins, and additives are the main raw ingredients used in the production of paints and coatings. The construction, timber, automobile, aviation, and transportation industries all make extensive use of these items.
According to SPER Market Research, ‘GCC Paints and Coatings Market Size- By Resin Type, By Technology, By End-User Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the GCC Paints and Coatings Market is predicted to reach USD 5.3 billion by 2033 with a CAGR of 2.75%.
Drivers: Advancements in Technology in the Paint & Coating Industry: Megatrends including globalization, consumer interest, and socio-ecological concerns have influenced the paint and coating industry. As globalization continues, companies are gravitating toward the best paint and coating technology available in terms of both performance and environmental sustainability. Furthermore, the need for more ecologically friendly solutions as well as the stability and reliability of raw materials are driving the technological demands of the paint and coating sector.
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Restraints:
The price fluctuations of crude oil – Over half of the basic materials used in the paint industry are derivatives of crude oil, such as monomers and titanium dioxide. The price of crude oil thus fluctuates constantly due to supply chain, geopolitical, and other variables that hinder the delivery of crude oil to markets. Due to manufacturers’ unpredictable production of paints and coatings as a result of this interruption, major end users of these products in the GCC countries are experiencing a scarcity.
COVID-19 Impact: The COVID-19 epidemic had a huge influence on the GCC paints & coatings industry. During the lockdowns and limitations, construction and automotive production were briefly suspended, resulting in a decrease in coating demand. However, with the progressive removal of limitations and the return of economic activity, the market is showing indications of recovery. The growing emphasis on hygiene and cleanliness has also increased demand for specialist coatings with antibacterial qualities.
Saudi Arabia Will Dominate the Market. Saudi Arabia is the dominant participant in the Middle Eastern building industry. Building activities in Saudi Arabia occurred amid increased development, particularly in the industrial and commercial sectors of the local market, in accordance with the National Transformation Program 2020 and Saudi Vision 2030. Furthermore, Akzo Nobel NV, Jazeera Paints, BASF SE, Beckers Group, Asian Paints Berger, Caparol, Jotun, RPM International Inc, and other significant firms are some of the market leaders.
GCC Paints and Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, GCC Paints and Coatings Market is segmented as; Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others.
By Technology: Based on the Technology, GCC Paints and Coatings Market is segmented as; Water-borne, Solvent-borne, Radiation Cure, and Others.
By End-User Industry: Based on the End-User Industry, GCC Paints and Coatings Market is segmented as; Architectural, Automotive, Wood, Industrial Coatings, Transportation, and Packaging.
By Region: This research also includes data for Saudi Arabia, Qatar, Kuwait, United Arab Emirates, Bahrain and Oman.
For More Information in GCC Paints and Coatings Market, refer to below link –
GCC Paints and Coatings Market Share
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