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The market for Middle East paints & coatings is anticipated to register a CAGR of around 3.60% during the forecast period (2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The market for Middle East paints & coatings is anticipated to register a CAGR of around 3.60% during the forecast period (2019-2024). Paints and coatings are used for various applications in interiors and exteriors of houses for protection from bistering summers, freezing winters, soaking rain, and also from UV radiation.

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- Increase in the construction of hotels and restaurants, re-painting of old hotels and maintenance of architectural and decorative infrastructure (to attract the tourists), are expected to boost the market studied.
- The costs of the commodities are important for paint manufacturers, as more than 50% of the operating costs are allotted to raw materials (pigments, solvents, resins, and additives). Thus, commodity price increments impact the product's final price more severely than other positions in business calculation. This is likely to hinder the market growth.
- The paints and coatings industry is exhibiting its concern over harmful VOCs emissions. The conventional petroleum-based products are constantly coming under the scanner, owing to the increasing efforts to reduce carbon footprints. These very concerns have encouraged the emergence of bio-based paints and coatings, which are eco-friendly in nature, are projected to act as an opportunity for the market in the future.

Key Market Trends
Increasing Demand from the Automotive Industry

- In the automotive sector, paints and coatings are used in interior and exterior parts of the vehicle, to add a pleasant appeal to vehicles. They are also used in metallic parts, plastic vehicle components of both interior and exterior types.
- Automotive coatings are used as protection against sunlight, material corrosiveness, and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand, among others. Over a period of time, various companies have come up with different and new variants in coatings, such as heat and anti-reflective coating, electro-chromatic and smart coatings for windows, self-cleaning top coats, UV curable, powder coating system, iridescent and color changing base coat, and abrasion-resistant coatings for head lamps, among others.
- Surface treatment chemical, cathodic electro deposition (CED), surfacer, top coats, and bumper paints, among others, are also developing eco-friendly products. All these coatings and paints provide different, eco-friendly benefits. The Middle Eastern automotive manufacturing industry has had some periods of decline in the recent years, which has been tempered by periods of strong growth.
- All the aforementioned factors are expected to drive the market during the forecast period.

Saudi Arabia to Dominate the Market

Saudi Arabia, an oil-rich country, has an emerging economy that had slowed down in 2017, due to low crude oil prices and the country's regulatory policy. On a country-by-country basis, Saudi Arabia is by far the largest national market in the Middle East, accounting for nearly half of the total demand for paints and coatings in the region. According to the International Monetary Fund (IMF), the kingdom has announced a bold reform program under its Vision 2030, due to which the growth is expected to be robust over the medium-term, as structural reforms are implemented. The country has generated large-scale projects worth USD 800 billion, to boost 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 country. The country's primary growth in construction has been largely powered by the massive investments done by the government and increased inflow of FDI. Rapid urbanization, and increase in population growth and tourism are expected to drive 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 key projects, and creating new opportunities for the service sector.

Competitive Landscape
The market is fragmented, with the top six players contributing to about 35% of the market share. Key players in the Middle Eastern paints and coatings market include Akzo Nobel NV, Al Jazeera Paints, BASF SE, Berger Paints Emirates Ltd (Asian Paints Ltd), Beckers Group, RPM International Inc., and National Paints, among others.

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