Explosive Growth Expected: Saudi Arabia Paints & Coatings Market to Expand at 4.4% CAGR Through 2030

In January 2024, The Sherwin-Williams Company Introduced a new water-based wood coating named Sher-wood Environmentally Adaptable Hydroplus. This water-based wood coating provides enhanced adaptability to several environmental conditions without any performance common with water-based coating.

According to MarkNtel Advisors study, The Saudi Arabia Paints & Coatings Market size is estimated at around USD 1.5 billion in 2024 & is expected to grow at a CAGR of around 4.4% during the forecast period, i.e., 2024-30.

The thriving construction sector in Saudi Arabia, fueled by the expansive 'Neom' project worth USD 500 billion and the successful completion of Phase 1 of the Red Sea Project, along with a government-led affordable housing endeavor totaling USD 80 billion, is propelling size & volume within the architectural paints and coatings market. These specialized products meet distinct functional needs such as moisture-resistant bathroom coatings, which are essential for enhancing durability in diverse environments. The country's ever-expanding building industry, coupled with an additional booster package valued at USD 19 billion, will continue to spur demand, resulting in greater sales volumes of these distinctive commodities throughout Saudi Arabia.

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Key Findings in Saudi Arabia Paints & Coatings Market:

Historical Years - 2019-2022

Base Years - 2023

Forecast Years - 2024-2030

Key Report Highlights

· Market Dimensions & Projections

· Pricing Evaluation,

· Recent Strategic Moves by Companies,

· Primary Stakeholders,

· Analysis of Import and Export Trends,

· Competitive Landscape Assessment,

· Emerging Opportunities,

· Market Trends and Indicators

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Saudi Arabia Paints & Coatings Market Key Players:

PPG Industries, AkzoNobel NV, Jazeera Paints, Jotun, Kansai Paint Co. Ltd., National Paints Factory Co. Ltd., Protech Powder Coatings Inc., Sak Coat, The Sherwin-Williams Company, United Coatings Industries, Zamil Industrial Coatings, and others

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Market Segmentation Overview:

By Resin Type

-Acrylic Resin

-Alkyd Resin

-Polyurethane Resin

-Epoxy Resin

-Polyester Resin

-Other Resin Types

The Saudi Arabian paints and coatings industry exhibits a dominant presence of acrylic resin, commanding a significant market share exceeding 70% in waterborne coatings. Acrylic reigns supreme in the architectural coatings industry, as it is widely used as the primary binder. Its versatility makes acrylic resins essential to various formulations such as emulsions, lacquers, enamels, and powders. Water-based acrylic resins are gaining popularity due to their eco-friendliness, simplified formulation processes, excellent performance characteristics, including durability, and quick drying time with minimal odor emissions. The availability of a range of polymers-methyl and butyl methacrylate, coupled with their chemical resistance properties, make acrylic resins cost-effective for different applications like roof coatings and interior/exterior paints while retaining colors, effectively ensuring they remain in demand in years to come. This trend is anticipated to drive the growth trajectory of acrylic resins in the foreseeable future.

By Technology

-Water-based

-Solvent-based

-Powder-based

By End-Use Industry

-Architectural

-Automotive

-Protective Coatings Market

-General Industrial

-Other End-user Industries (Wood Coatings)

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By Region

North and Central
West
East
South

The Saudi Arabia Paints & Coatings Industry Recent Development:

2022: Sigma Coatings (PPG Industries Inc.) launched the latest PPG SIGMA SAILADVANCETM NX coating, the highly acclaimed PPG Sigma Sailadvance series, based on advanced antifouling technology.

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