TAGS: Acrylic Coatings Wood Coatings Powder Coatings
Allied Market Research anticipates that the Saudi Arabia paints & coatings market which was valued at $8.7 billion in 2019, and is projected to reach $13.4 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027 during the forecast period. Paints & coatings products are applied on various surfaces, equipment, & other areas in interior & exterior applications of all types of residential, commercial, industrial, and institutional premises.
Paints & coatings products are used in various decorative applications, including emulsions, enamel paints, distemper, cement paints, and others. It is also used in industrial applications, including powder coating, coil coating, wood & furniture coating, machinery & equipment, and others. These products provide benefits including high performance, protection, durability, abrasion resistance, weather resistance, extended life of equipment, corrosion resistance, and others.
Acrylic Resin Segment: Highest Market Share
Depending on resin type, the acrylic resin segment held the highest market share of around 31.2% in 2019 and is expected to maintain its dominance during the forecast period. This is owing to rise in demand for acrylic coatings from the construction industry applications such as finishing for roofs, decks, floors, bridges, and other applications. In addition, increase in demand for acrylic paints & coatings from marine & vessels, electrical, machinery & equipment, metals, and other applications is projected to fuel the paints & coatings market growth during the analyzed time frame.
On the basis of technology, the solvent-based technology segment holds the largest market share, in terms of revenue and volume, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for solvent-based exterior coating from the applications where weather conditions are varying more frequently. In addition, solvent-based paints & coatings offer several advantages such as durability, strength, resistance to scratches & abrasions, resistance to severe weather conditions, quick drying, and others, which in turn is expected to fuel the demand for this type of paints in the upcoming years.
Decorative Paints & Coatings Segment: Largest Market Share
On the basis of product type, the decorative paints & coatings segment holds the largest share, in terms of revenue and volume, and is expected to grow at a CAGR of 7.3%. This is owing to rise in demand for paints & coatings products used in the applications such as interior wall painting, floor coating, wood & furniture coating, and other decorative purposes, owing to increase in consumer interest toward renovation of existing & old infrastructure.
In addition, decorative paints & coatings provide various advantages such as excellent performance, less maintenance needs, resistance to stains, insulations, light absorption, and others, which is expected to drive the demand for paints & coatings products in the upcoming years.
Source: Allied Market Research