United Arab Emirates Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

United Arab Emirates Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

By the end of the year, the protective coatings market in the United Arab Emirates was worth USD 63 million. The market is projected to register a CAGR of 3.5% during the forecast period. The COVID-19 pandemic has harmed the current study market. However, post-pandemic, the rising implementation of infrastructural projects has revived the country's protective coatings market.

• Growing infrastructure and industrialization are expected to drive the country’s protective coatings market.
• Fluctuations in the prices of raw materials are expected to hamper the market's growth.
• During the forecast period, the growing demand for powder coatings is likely to give the market a number of chances to grow.
• The market for protective coatings in the country is expected to be led by the infrastructure coatings segment in the end-user segment.

• Protective coatings offer excellent corrosion resistance, water resistance, and fire resistance. In the oil and gas industry, protective coatings used for chemical resistance and safety protocols play vital roles in avoiding risks related to damage, accidents, and workers' health.
• The United Arab Emirates (UAE) is among the world’s ten largest oil producers. About 96% of the country’s roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking it sixth worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids daily.
• In November 2020, the Supreme Petroleum Council (SPC) of the United Arab Emirates announced that 22 billion barrels of unconventional oil had been found in Abu Dhabi. This was in addition to the 2 billion barrels of conventional oil that had already been found there.This is likely to make it easier for new oil and gas upstream projects in the country to get started.
• Through its subsidiary JODCO Exploration Limited (JEL), INPEX Corporation announced in December 2021 that it had found a number of conventional oil, condensate, and gas columns at Onshore Block 4 in Abu Dhabi in the United Arab Emirates (UAE).
• In March 2022, ADNOC awarded framework agreements worth USD 658 million to further expand drilling operations and crude oil production capacity. In May of 2022, ADNOC announced three oil discoveries, including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day (bpd).
• All the aforementioned factors are expected to drive the country's protective coatings market.

• The backbone of modern cities is the protective coatings that are put on steel, which is often used for public buildings, stadiums, and transportation hubs.Steel bridges need to be protected from corrosion so that they can keep working well and looking nice over time. Protective coatings are the most common way to do this.
• At a cost of USD 2.7 billion, the UAE Ministry of Infrastructure Development launched 36 projects. These projects included federal road and maintenance projects as well as improvements in security, education, health, and services.
• The projects, which include the construction and maintenance of federal roads, will be carried out under a budget of USD 920.3 million. The implementation and maintenance of the government buildings will be done at a cost of USD 1.8 billion, while the budget allocated for four road implementation projects is USD 212.3 million.
• In 2021, the Roads and Transport Authority (RTA) started a 13-kilometer-long road network along Sheikh Rashid, Al Mina, Al Khaleej, and Cairo Streets. The project has been broken up into five different stages, and it will be finished in 2027 after an investment of $1.37 billion.

Taking all of these things into account, it seems likely that the demand for protective coatings will rise during the forecast period.

The United Arab Emirates protective coatings market is fragmented in nature. Some of the market's major players (not in any particular order) include Akzo Nobel N.V., Jotun, Nippon Paint Holdings Co., Ltd., Sigma Paints, and The Sherwin-Williams Company.

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