Paint & Coating Industry is developing in the past few years due to the glossy and decorative finishes trends in GCC countries which enhances the aesthetic appearances of the surface of the metal component, equipment, walls, or others. The paint & coating material is made up of pigments, solvent, resin, additive, curing agent, and dispersant. Architectural/decorative, industrial wood coatings, protective coatings, marine coatings, automotive OEM coatings, automotive refinishes, powder coatings, general industrial coatings, and plastic coatings are the major categories of paint and coating market. Paint & coating used to protect surfaces for rusting and abrasion and helping in product surface durability enhancement.
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Growth in volume of residential and commercial building construction activities, growing demand for architectural and decorative coatings for consumer and professional uses, robust economic growth, rising foreign direct investment (FDI) levels, increasing residential demand due to healthy economic growth, increasing residential demand in urban areas are expected to driving the growth of the market. Increasing construction activity in Saudi Arabia, Qatar, and UAE will increase the demand for paint and coating during the forecast period. Furthermore, high growth in the protective coatings segment due to well-established oil and gas sector and infrastructural investments are expected to boost the demand for paint & coating in the region. Government initiative to establish Specialized industry zones for downstream P&C supply chain and coatings producers also support the overall demand for paints and coatings during the forecast period. — however, price constraints can impede market growth during the forecast period.
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GCC countries are anticipated to creates an excellent opportunity for paints and coatings market due to large scale infrastructure projects and strong demand for residential building construction due to their strong economic growth and rapid urbanization. GCC is focussing on the construction of numerous tourist attractions sites and leisure & hospitality construction apart from oil and oil-related business activities which have a positive impact on the paints and coatings industry. Saudi Arabia and UAE cover nearly half of the total demand for paint & coating in the GCC countries as construction activity in these countries is increasing, especially new residential buildings and commercial buildings constructions. Major companies are planning to open local production facilities to cater to regional demand.
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Various notable players operating in the market, include Akzo Nobel NV, Al Jazeera Paints, BASF SE, Beckers Group, Berger Paints Emirates Ltd, Caparol, Jotun A/S, RPM International Inc., PPG Industries Inc.,Terraco UAE Ltd, among others.
Key questions answered in this research report:
At what pace is Paint & Coating market growing? What will be the GCC Paint & Coating market forecast?
What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in Paint & Coating and GCC Paint & Coating market size?
GCC Paint & Coating market outlook, application areas and how they are poised to grow?
GCC Paint & Coating market overview, industry analysis and scope of study?
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