Middle-East and Africa Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Middle-East and Africa Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Middle-East and Africa Paints and Coatings Market is estimated to register a CAGR of over 3% over the forecast period (2022-2027).

The market was impacted due to the COVID-19 pandemic in 2020. However, the market witnessed growth in 2021, owing to increasing demand for infrastructure in various countries across the region. Construction, automotive and transportation, and the wood sectors all employ paints and coatings. They have a significant application in the building and construction business, where they are used to protect structures from external harm. Furthermore, the market is expected to expand in the coming years as governments focus on boosting public spending to undertake new projects.

Key Highlights

• Over the medium term, a major factor driving the market studied is the increased focus on tourism and construction in the Middle-East.
• On the flip side, the slowdown in the automotive sector is expected to hinder the market's growth.
• Architectural coatings dominated the market, and the segment is expected to grow during the forecast period, owing to the increasing construction activities across the region.
• Rising demand for eco-friendly products and plans for new luxury real estate projects in Qatar are likely to act as an opportunity for the market studied.

Key Market TrendsIncreasing Demand from the Architectural Sector

• ·Architectural paints and coatings make up the vast majority of the paints and coatings market. Architectural coatings are used to protect and embellish the characteristics of a building's exterior. They are used to coat structures and residences.
• Architectural coatings are utilized in various applications, including commercial buildings, warehouses, retail convenience shops, shopping malls, and residential structures. Sealers and specialized products are examples of coatings that can be applied to both the outside and inside surfaces. Interior and exterior coatings are the two basic types of architectural coatings.
• The United Arab Emirates government's strong dedication and resources have resulted in the establishment of several mega-project prospects for construction and engineering firms. For instance, mega construction projects like the redevelopment of Mina Rashid in Dubai and the Dubai International Financial Centre Expansion 2.0 have all recently been announced.
• Massive housing and infrastructure developments in Saudi Arabia and ongoing construction in Qatar, Dubai, and Abu Dhabi are all driving demand for paints and coatings in the region.
• In South Africa, Modderfontein New City is a Chinese-funded USD 8 billion city that is being built in Modderfontein, Johannesburg-South Africa. The project will occupy 1,600-hectare land between OR Tambo International Airport and Sandton. The city will include nine functional zones, the central business district, international conference and exhibition center, silver industry and retirement industry, an entertainment center, international residential community, sports center, education and training center, trade and logistic park, and light industry park. Such projects are likely to drive the demand for paints and coatings in the country.
• Due to the abovementioned factors, the architectural sector is set to boost the region’s demand for paints and coatings.

Egypt to Witness Lucrative Market Growth

• Egypt has the most developed building sector in Africa. In addition, the construction sector is predicted to develop significantly as a result of increased foreign investments in several building projects. Egypt's construction sector has been one of the fastest-growing in the world, rising at a rate of over 9% per year during the last several years. Construction projects in the nation accounted for around 10% of all construction projects in Africa.
• As reported by the Egyptian Ministry of Finance, the country’s building and construction industry represent approximately 16.2% of the country’s GDP. This is boosting the paints and coatings market in the country.
• Egypt is building a massive New Administrative Capital (NAC) about 50 km east of the 1,000-year-old capital Cairo on a tract of the desert the size of Singapore. Building projects in Egypt's New Administrative Capital (NAC) are expected to kick up in 2022, resulting in a construction boom.
• The city is expected to cost over USD 45 billion and has been hailed as a solution to overcrowding in Cairo, which has a population of more than 20 million people.
• All of the aforementioned factors are expected to boost the demand for paints and coatings in the country in the future.

Competitive Landscape

The Middle-East and Africa paints and coatings market is fragmented, with the top five players contributing around 30% of the market share. Key players in the market include (not in any particular order) Akzo Nobel NV, Jazeera Paints, Jotun, PPG Industries Inc., and National Paints Factories Co. Ltd, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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