Iran Paints and Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.89 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Iran Paints and Coatings Market Analysis
The Iran paints and coatings market size is expected to grow from USD 460.30 million in 2023 to USD 530.77 million by 2028, at a CAGR of 2.89% during the forecast period.
- The COVID-19 pandemic had a negative impact on the Iran paints and coatings sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and has risen significantly in the coming years.
- Government measures to boost construction activities for the middle-class population and increased exports of Iranian furniture are likely to drive market growth.
- However, the conflict between the United States and Iran and stringent regulations regarding VOCs are likely to hinder market growth during the forecast period.
- The growing ship-building industry in Iran is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Paints and coatings from the architectural application are likely to dominate the market owing to the rise in the development of the construction sector in Iran.
Iran Paints and Coatings Market Trends
Acrylic Resins to Dominate the Market
- Acrylic resins have properties, such as transparency, high color ability, and UV resistance, in coating solutions. They are used in water-borne systems very often, which results in low VOC emissions.
- The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface if employed with some fluids.
- The application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are in high demand owing to environmental concerns, like the negative impact of VOCs affecting the air quality in the environment.
- Some additional applications of acrylic paints and coatings are found in marine vessels and structures, automotive, electrical products, machinery, and various metal product, among others.
- In October 2022, six memorandums of understanding (MoU) were signed between Iran Khodro Industrial Group and Saipa Automobile Group. Through this agreement, the companies will supply and purchase raw materials and parts and establish joint engineering and research and development centers for manufacturing vehicles in the country.
- According to European Automobile Manufacturers' Association (French: L'Association des Constructeurs Européens d'Automobiles (ACEA)), in terms of car manufacturing growth in 2022, Iran ranked 11th in the world with a total production of 1.064 million vehicles in 2022, while in 2021, it was 894,000 units.
- Owing to the above-mentioned factors, demand for acrylic resin type is likely to dominate the market studied over the coming years.
Architectural Coatings to Dominate the Market
- Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used in.
- Paints and coatings are applied on the exterior of the house not only to give them a new look but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
- The construction activities in the country witnessed continuous growth in the past few years. National action plan for the production and supply of housing, the government aims to construct around 400,000 small and medium-sized apartments, with focusing areas being Shahr-e Jadid-e Parand and Pardis.
- In August 2022, the Transport and Urban Development Department of the country announced that 4,000 units of the National Housing Movement plan are under construction in West Azerbaijan province.
- Further, under the National Housing Movement plan, the construction of 209,212 residential units started in the month of February 2022.
- Hence, such trends and market scenarios will boost the demand for architectural paints and coatings in the country.
Iran Paints and Coatings Industry Overview
The Iran paints and coatings market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies (not in any particular order) are Jotun, Rangsazi Iran Company, Pars Pamchal Company, Ronass Chemical Producing Co., and Saba Shimi Arya, among others.
Iran Paints and Coatings Market Leaders
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Jotun
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Rangsazi Iran Company
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Pars Pamchal Company
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Ronass Chemical Producing Co.
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Saba Shimi Arya
*Disclaimer: Major Players sorted in no particular order
Iran Paints and Coatings Market News
There are no recent developments pertaining to this market.
Iran Paints and Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Government Measures to Boost Construction Activities for the Middle-class Population
4.1.2 Increasing Exports of Iranian Furniture
4.1.3 Other Drivers
4.2 Restraints
4.2.1 The Conflict between the United States and Iran
4.2.2 Stringent Environmental Regulations Related to VOCs
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.3 End-user Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Wood
5.3.4 Industrial Coatings
5.3.5 Transportation
5.3.6 Packaging
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alvan Paint Co.
6.4.2 Jotun
6.4.3 Pars Pamchal Company
6.4.4 Peka Chemie
6.4.5 Rangsazi Iran Company
6.4.6 Ranguin Co.
6.4.7 Ronass Chemical Producing Co.
6.4.8 Saba Shimi Arya
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. Growing Ship-building Industry
9. Other Opportunities
Iran Paints and Coatings Industry Segmentation
Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to make a thin layer of the solid film once polymerization or evaporation occurs. Paint and Coatings are used in office buildings, warehouses, retail convenience stores, automotive bodies, interiors, and in various other industries.
Iran's paints and coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne and solvent-borne. By end-user industry, the market is segmented into architectural, automotive, wood, industrial coatings, transportation, and packaging.
For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Industrial Coatings | |
| Transportation | |
| Packaging |
Iran Paints and Coatings Market Research FAQs
What is the current Iran Paints and Coatings Market size?
The Iran Paints and Coatings Market is projected to register a CAGR of 2.89% during the forecast period (2024-2029)
Who are the key players in Iran Paints and Coatings Market?
Jotun, Rangsazi Iran Company, Pars Pamchal Company, Ronass Chemical Producing Co. and Saba Shimi Arya are the major companies operating in the Iran Paints and Coatings Market.
What years does this Iran Paints and Coatings Market cover?
The report covers the Iran Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Iran Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Iran Paints and Coatings Industry Report
Statistics for the 2024 Iran Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Iran Paints and Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Iran Paints and Coatings Market Report Snapshots
