Middle East and Africa Decorative Paints Market
The Middle East & Africa region includes countries such as South Africa, Saudi Arabia, the UAE, and the rest of MEA. The rapid urbanization increase in population growth and tourism are expected to boost growth in the building sector, especially in the residential and leisure markets. The government is stepping up investment in KSA’s transport infrastructure, fast-tracking vital projects, and creating new opportunities for the service sector. The region has generated large-scale projects worth USD 800 billion to drive its infrastructure in the coming years. The government has expansive plans for the development of social infrastructure, transportation, and energy and utility construction in the MEA. The regions primary growth in construction has been largely powered by the massive investments done by the government and increased inflow of FDI. The construction industry in the MEA is one of the fastest-growing sectors. The MEA is an evolving market for decorative paints owing to the increased demand in the region. The market for MEA is experiencing rapid development with the growth of markets such as UAE, Qatar, and Saudi Arabia. These markets are expected to expand and stimulate the demand for decorative paints owing to rising investments in the construction industry. Factors such as population growth, affordable housing, and a rise in tourism due to the hosting of mega-events have prompted the government to invest more in construction projects. Adoption of long-term economic diversification plans, such as Abu Dhabi Vision 2030 and Saudi Vision 2030, is further expected to increase investment in infrastructure, thus improving the construction industry.
South Africa has the largest COVID-19 cases in the Middle East and Africa region, and is followed by UAE and Saudi Arabia among others. UAE was the first country in Middle East and Africa to report a confirmed case of coronavirus. The ongoing pandemic has drastically altered the status of the chemical industry and have negatively impacted the growth of the decorative paints market. The COVID-19 outbreak has distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. In addition, decorative paints are majorly utilized in construction applications thus halt in such activities due to COVID-19 has greatly affected the market growth. The disruptive value chain had a negative impact on raw material supply, which, in turn, is impacting the growth of the decorative paints market. However, as the economies are planning to revive their operations, the demand for decorative paints is expected to rise globally. Although the focus over just in time production is another concerning factor hindering market growth. With the growing focus over developing economy in post-pandemic times, the demand for decorative paints is expected to take huge leaps due to expanding application bases. Further, positive measures undertaken by government along with distributed generations and incorporation of advanced technology is, yet another factor expected to bolster market growth.
Strategic insights for the Middle East and Africa Decorative Paints provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 5,704.76 Million |
| Market Size by 2028 | US$ 8,021.11 Million |
| Global CAGR (2020 - 2028) | 4.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa Decorative Paints refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The decorative paints market in Middle East & Africa is expected to grow to US$ 8,021.11 million by 2028 from US$ 5,704.76 million in 2020. The market is estimated to grow at a CAGR of 4.4% from 2020 to 2028. Water-based paints are known to provide better durability, low odor, minimal emission of volatile organic compounds (VOC), and fast dry time. Further, they can be easily applied, safe to clean-up and possess low risk of fire. Water-borne paints are considered as an effective alternative for different types of paints that incorporates the use of volatile organic compounds including the hydrocarbons, which may deteriorate the environment quality. Such paints possess minimal viscosity along with durability and mildew resistance which make them extensively used across various application bases. Further, water-based paints are known to provide high color retention over time and generate limited odors. All such characteristics have made them ideal element to be used across residential and commercial applications. Acrylic and latex are categorized under water-based paints and are significantly used as the film-forming binder ingredient. The demand for water-based paints is high as they are quite environment friendly and extensively used in residential and commercial applications. The growing focus over environment sustainability along with strict government regulations to minimize the use of harmful substances is expected to promote the demand for water-based paints. This has motivated the manufacturers to invest in production of water-based decorative paints. The rise in demand for water-based paints is expected to stimulate the growth of decorative paints market.
Middle East & Africa decorative paints market is segmented based on type and application. The Middle East & Africa decorative paints market based on type is segmented into water based and solvent based. Water based segment accounted for the highest share in the market in 2019 and is expected to be fastest growing during forecast period. Based on application, is segmented into residential and non-residential. Residential segment accounted for the highest share in 2019 and non-residential segment is expected to be the fastest growing during forecast period.
A few major primary and secondary sources referred to for preparing this report on decorative paints market in Middle East & Africa are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Nippon Paint; Akzo Nobel N.V.; BASF SE; Dow Inc.; Axalta Coating Systems; Asian Paints; PPG Industries Inc.; RPM International Inc.; and Kansai among others.
The Middle East and Africa Decorative Paints Market is valued at US$ 5,704.76 Million in 2020, it is projected to reach US$ 8,021.11 Million by 2028.
As per our report Middle East and Africa Decorative Paints Market, the market size is valued at US$ 5,704.76 Million in 2020, projecting it to reach US$ 8,021.11 Million by 2028. This translates to a CAGR of approximately 4.4% during the forecast period.
The Middle East and Africa Decorative Paints Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa Decorative Paints Market report:
The Middle East and Africa Decorative Paints Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Decorative Paints Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Decorative Paints Market value chain can benefit from the information contained in a comprehensive market report.
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