Morocco Paints and Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 403.33 Million |
| Market Size (2029) | USD 525.58 Million |
| CAGR (2024 - 2029) | 5.44 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Morocco Paints and Coatings Market Analysis
The Morocco Paints And Coatings Market size is estimated at USD 403.33 million in 2024, and is expected to reach USD 525.58 million by 2029, at a CAGR of 5.44% during the forecast period (2024-2029).
The Morocco paints and coatings market faced setbacks due to COVID-19. Global lockdowns and stringent government regulations led to widespread shutdowns of production hubs. However, the market rebounded in 2021 and is projected to see significant growth in the upcoming years.
- Over the short term, the growing demand from the construction industry and growth in the wood furniture sector are the major factors driving the demand for the market studied.
- However, stringent regulatory policies and soaring raw material prices are expected to hinder the market's growth.
- Nevertheless, the use of nanotechnology in the paints and coatings industry is expected to create new opportunities for the market studied.
- The architectural segment is expected to account for the largest end-user industry in the market studied and register rapid growth over the forecast period.
Morocco Paints and Coatings Market Trends
Acrylic Resins Segment to Dominate the Market
- Acrylic resins rank among the most prevalent polymers in the paint and coatings sector. The primary variants of acrylics in use are thermoplastic and thermoset.
- Thermoplastic acrylics are divided into two categories: solution acrylics and acrylic latex coatings. In contrast, thermoset acrylics are used in a variety of applications, including finishes for metal furniture, automotive topcoats, maintenance coatings, appliances, and finishes for other original equipment manufacturers.
- Acrylic resins are prized for their transparency, vibrant colorability, and resistance to UV rays. Their affinity for waterborne systems ensures minimal VOC emissions.
- The construction industry predominantly utilizes acrylic coatings for premium finishes on roofs, decks, bridges, and floors. Given environmental concerns, especially regarding VOCs and air quality, there's a rising demand for water-based acrylic coatings.
- Acrylic coatings enhance surface hardness. When applied to walls, decks, and roofing, and combined with specific fluids, they offer elastomeric finishes that bolster UV resistance.
- Morocco's construction sector accounts for about 6% of its GDP. According to the future insights presented by the Minister of Equipment and Water in February 2024, public investment in the country’s construction is set to increase by 56% in 2024 compared to 2023. Moreover, in March 2024, an underwater tunnel costing around GBP 5.1 billion (~USD 6.48 billion) could be built. The project would aim to link Europe and Africa by offering a new direct route between Spain and Morocco. Such developments are poised to elevate the demand for acrylic resins.
- Beyond construction, acrylic paints and coatings see applications in marine vessels, automotive, electrical products, and machinery. For instance, OICA (Organisation Internationale des Constructeurs d'Automobiles) reported a 15% rise in Morocco's automobile production in 2023, totaling 536 thousand units. This uptick is anticipated to drive demand for acrylic paints.
- According to eCommerceDB GmbH, in 2023, ikea.com led Morocco's furniture market with sales of USD 3.6 million. This prominence in the furniture sector hints at a rising demand for acrylic resins.
- Morocco’s Port of Tangier Med, ranked fourth globally in the World Container Port Performance Index (CPPI) for 2023, continues to be a dominant force in both Africa and Europe. Handling 8.6 million containers in 2023, marking a 13.4% rise, and witnessing a 17% increase in vessel transits, the port's revenue surged by 18.3% to USD 1 billion in Q1 2024. Such marine sector growth signals an uptick in demand for acrylic resins.
- Given these dynamics, the demand for acrylic resin-based paints and coatings is set to lead the market in the coming years.
Architectural Segment to Dominate the Market
- Architectural paints, also known as external masonry or exterior wall coatings, are primarily utilized for painting both the exteriors and interiors of buildings. These paints encompass a variety of products, including primers, varnishes, sealers, stains, and both interior and exterior paints.
- These coatings find extensive application in residential, institutional, commercial, and industrial buildings, offering properties such as resistance to mold, algae growth, and crack-bridging capabilities.
- In Morocco, architectural and decorative coatings dominate the market, driven largely by robust residential and commercial construction activities. These decorative paints, used for both aesthetic interior and exterior applications, come in oil- or water-based formulations.
- Despite a moderating economic growth, Morocco's housing market remains subdued. Property prices have stabilized, transaction volumes are low, and the mortgage market is contracting. As of Q1 2024, the nationwide residential real estate price index (REPI) saw a modest uptick of 0.7%. This follows a year-on-year increase of 0.8% in Q4 2023, stagnation in Q3, a 0.5% decline in Q2, and a slight 0.2% growth in Q1, according to data from Bank Al-Maghrib, Morocco's central bank.
- Looking ahead to 2024, public procurement in Morocco's construction sector is projected at MAD 64 billion (~USD 6.4 billion). This marks a significant 56% increase in investments compared to 2023, as reported by the Moroccan Minister of Equipment and Water. The surge in construction and public works investments is attributed to structural programs, notably the general reconstruction and rehabilitation initiative for areas impacted by the Al Haouz earthquake. These areas will see infrastructure enhancements, complemented by an ambitious five-year development program featuring structural projects worth MAD 120 billion (~USD 12 billion).
- With Morocco witnessing a 33% surge in tourist arrivals in 2023, totaling approximately 14.5 million, the demand for hotel construction is set to rise, subsequently boosting the market for architectural coatings. This influx in tourism translated to record revenues of MAD 105 billion (USD 10.5 billion), marking a 12% increase from the previous year, as reported by the Moroccan Ministry of Tourism.
- Morocco's ambitious 2030 port strategy, with an investment of nearly USD 7.5 billion, aims to upgrade and expand 27 ports along its Atlantic and Mediterranean coasts. As part of this strategy, Morocco's National Ports Authority (ANP) allocated nearly USD 600 million from 2018-2023, focusing on large-scale infrastructure projects to adapt to evolving maritime transport and trade dynamics. This initiative is poised to bolster demand in the paints and coatings market.
- Given these dynamics, the architectural segment in Morocco is set for growth, driving up the demand for paints and coatings market during the forecast period.
Morocco Paints & Coatings Industry Overview
The Morocco paints and coatings market is consolidated in nature. The major players (not in any particular order) include Colorado, Akzo Nobel N.V., Kansai Paint Co. Ltd., Atlas Peintures, and Nippon Paint Group, among others.
Morocco Paints and Coatings Market Leaders
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Colorado
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Akzo Nobel N.V.
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Kansai Paint Co., Ltd.
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Nippon Paint Group
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Atlas Peintures
*Disclaimer: Major Players sorted in no particular order
Morocco Paints and Coatings Market News
- September 2024: AkzoNobel has unveiled its latest offering, the Interpon D2525 Low-E powder coatings range, emphasizing sustainability and environmental friendliness. This innovative range boasts lower curing temperatures and enhanced durability, appealing to customers keen on minimizing their carbon footprint. Furthermore, the recent product introductions in Morocco's paints and coatings sector are poised to invigorate the industry, broadening customer choices and potentially spurring growth and innovation.
- August 2024: PPG has unveiled its latest offering, the PPG PRIMERON TM Optimal zinc epoxy powder primer, aiming to provide customers with a more sustainable and eco-friendly choice. This newly formulated primer boasts an optimized zinc content, ensuring superior transfer efficiency compared to conventional zinc-rich primers. Additionally, it offers corrosion protection that aligns with stringent ISO C5 corrosivity standards, making it ideal for high humidity and aggressive environments. The introduction of this product in the paints and coatings sector is poised to influence the industry positively, broadening customer choices and potentially spurring growth and innovation.
Morocco Paints & 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 Growing Demand from the Construction Industry
4.1.2 Growth in the Wood Furniture Sector
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Stringent Regulatory Policies
4.2.2 Soaring Raw Material Prices
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 Buyers
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
5.2.3 Powder Coating
5.2.4 UV-Cured Coating
5.3 End-user Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Wood
5.3.4 Industrial
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 Akzo Nobel N.V.
6.4.2 ATLAS Peintures
6.4.3 Bodo Moller Chemie GmbH
6.4.4 Colorado
6.4.5 Durr Aktiengesellschaft
6.4.6 FACOP
6.4.7 Kaizen Paint Middle East FZCO
6.4.8 Kansai Paint Co.,Ltd.
6.4.9 O'DASSIA
6.4.10 Omar Coatings S.A.
6.4.11 PPG Industries, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Nanotechnology in the Paints and Coatings Industry
7.2 Other Opportunties
Morocco Paints and Coatings Industry Segmentation
Paints and coatings, multiphase colloidal systems, are applied to surfaces primarily for aesthetic enhancement and protection. Comprising pigments, binders, liquids, and additives, these mixtures can be effortlessly applied using a spray or brush. Each component is vital in determining the paint's properties and performance, both during and after application. The architectural industry prominently utilizes paints and coatings, especially for decorative and protective purposes.
The Morocco paints and coatings market is segmented by resin, 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, solvent-borne, powder-coating, and UV-cured coating. 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 value (USD).
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-Borne | |
| Powder Coating | |
| UV-Cured Coating |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Industrial | |
| Transportation | |
| Packaging |
Morocco Paints & Coatings Market Research FAQs
How big is the Morocco Paints And Coatings Market?
The Morocco Paints And Coatings Market size is expected to reach USD 403.33 million in 2024 and grow at a CAGR of 5.44% to reach USD 525.58 million by 2029.
What is the current Morocco Paints And Coatings Market size?
In 2024, the Morocco Paints And Coatings Market size is expected to reach USD 403.33 million.
Who are the key players in Morocco Paints And Coatings Market?
Colorado, Akzo Nobel N.V., Kansai Paint Co., Ltd., Nippon Paint Group and Atlas Peintures are the major companies operating in the Morocco Paints And Coatings Market.
What years does this Morocco Paints And Coatings Market cover, and what was the market size in 2023?
In 2023, the Morocco Paints And Coatings Market size was estimated at USD 381.39 million. The report covers the Morocco Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Morocco Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Morocco Paints and Coatings Industry Report
Statistics for the 2024 Morocco Paints and Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Morocco 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.
