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Nigeria Protective Coatings Market Size (2024 - 2029)

The market size of Nigeria's Protective Coatings industry is anticipated to grow steadily over the forecast period, driven by increased infrastructure activities supported by the government. Although the market faced challenges due to the COVID-19 pandemic, leading to a temporary decline in demand, recovery has been observed as end-user sectors rebound. However, growth may be constrained by regulations on VOC emissions. Despite these challenges, the potential for powder coatings to replace traditional options presents an opportunity for market expansion.

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Market Size of Nigeria Protective Coatings Industry

Nigeria Protective Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 4.00 %
Market Concentration Medium

Major Players

Nigeria Protective Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Nigeria Protective Coatings Market Analysis

Nigeria's Protective Coatings Market is expected to register a CAGR of over 4% during the forecast period.

The COVID-19 pandemic negatively impacted the market in 2021. Due to COVID-19, the supply and production of major end-user segments were harmed, which decreased the consumption of protective coatings in Nigeria. However, as the lockdowns were lifted, these end-user sectors started to snowball to reach the pre-COVID level, which is expected to enhance demand for the market studied through the years to come.

  • Over the short term, growing infrastructure activities with government support will likely drive the market's growth.
  • On the flip side, regulations related to VOC emissions are expected to restrain the growth of the protective coatings market in Nigeria during the forecast period.
  • Potential replacement by powder coatings is likely to act as an opportunity for the market over the forecast period.

Nigeria Protective Coatings Industry Segmentation

A protective coating is a layer of material applied to another material's surface to inhibit or prevent corrosion. Protective coatings include anti-corrosion, chemical-resistant, and heat-resistant coatings used on bridges and tunnels. The Nigerian protective coatings market is segmented by product type, technology, and end-user industry. By product type, the market is segmented into epoxy resin, polyurethane resin, vinyl ester resin, polyester resin, and other product types (Phenolic, PTFE, Phosphate). By technology, the market is segmented into water-based, solvent-based, and powder-based. By end-user industry, the market is segmented into oil and gas, mining, power, infrastructure, and other end-user industries (waste treatment and pulp & paper). For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Product Type
Epoxy Resin
Polyurethane Resin
Polyester Resin
Vinyl Ester Resin
Other Product Types (Phenolic, PTFE, Phosphate)
Technology
Water-based
Solvent-based
Powder-based
End-user Industry
Oil and Gas
Mining
Power
Infrastructure
Other End-user Industries (Waste treatment, Pulp and Paper)
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Nigeria Protective Coatings Market Size Summary

The paint and protective coatings industry in Nigeria is poised for growth, driven by increasing infrastructure activities and significant investments in the oil and gas sector. The market, which experienced a downturn due to the COVID-19 pandemic, is expected to recover as end-user sectors regain momentum. Government support for infrastructure development is anticipated to further bolster market expansion. However, regulatory challenges related to VOC emissions may pose constraints, while the potential shift towards powder coatings presents new opportunities. The oil and gas industry, a major consumer of protective coatings, relies on these products for chemical resistance and corrosion protection in high-temperature and damp environments. Nigeria's status as a leading oil producer in Africa, coupled with substantial investments in LNG and gas processing facilities, underscores the critical role of protective coatings in supporting this vital sector of the economy.

Epoxy resin-based protective coatings are gaining traction due to their durability, chemical resistance, and ability to protect against various environmental factors. These coatings are extensively used in the oil and gas industry, infrastructure projects, and mining sector, contributing to their growing demand. The Nigerian government's ambitious infrastructure plan, aimed at significantly increasing the country's infrastructure stock, further supports the market's expansion. The protective coatings market in Nigeria is characterized by fragmentation, with key players such as Akzo Nobel NV, PCMN PLC, PPG Industries Inc., Meyer PLC, and CAP Plc. Recent strategic moves, such as AkzoNobel's acquisition of Kansai Paint's activities in Africa and CAP Plc's merger with Portland Paints & Products Nigeria Plc, are expected to strengthen the competitive landscape and enhance market dynamics.

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Nigeria Protective Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Infrastructure Activities with Government Support

      2. 1.1.2 Increase in off-shore oil drilling activities

    2. 1.2 Restraints

      1. 1.2.1 Regulations Related to the VOC Emissions

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter Five Forces

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Epoxy Resin

      2. 2.1.2 Polyurethane Resin

      3. 2.1.3 Polyester Resin

      4. 2.1.4 Vinyl Ester Resin

      5. 2.1.5 Other Product Types (Phenolic, PTFE, Phosphate)

    2. 2.2 Technology

      1. 2.2.1 Water-based

      2. 2.2.2 Solvent-based

      3. 2.2.3 Powder-based

    3. 2.3 End-user Industry

      1. 2.3.1 Oil and Gas

      2. 2.3.2 Mining

      3. 2.3.3 Power

      4. 2.3.4 Infrastructure

      5. 2.3.5 Other End-user Industries (Waste treatment, Pulp and Paper)

Nigeria Protective Coatings Market Size FAQs

The Nigeria Protective Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

PCMN PLC, PPG Industries, Meyer PLC, Akzo Nobel NV and CAP Plc. are the major companies operating in the Nigeria Protective Coatings Market.

Nigeria Protective Coatings Market Report Snapshots

Paint and Protective Coatings Industry in Nigeria Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)