Market Size of Oman Paints and Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oman Paints & Coatings Market Analysis
The paints and coatings market in Oman is expected to grow at a CAGR of over 4% during the forecast period.
The outbreak of the COVID-19 pandemic severely affected the building & construction industry, with many projects being delayed indefinitely and some projects being completely shut down owing to bankruptcy. The demand for paints & coatings was greatly affected during this period, with a slowdown in automobile production further weakening market demand. However, with the lifting of restrictions imposed in the wake of the pandemic, demand for the paints & coatings industry is anticipated to strengthen with the recovery of the building & construction and automotive industries.
- In the medium term, the growing demand for decorative and architectural coatings is anticipated to be the major factor driving the demand for the paints and coatings industry.
- On the flip side, with a high dependency on crude oil as a raw material, fluctuations in oil prices are anticipated to hinder market growth during the forecast period. The dip in automotive production in the country is expected to further weaken the demand.
- However, the continued growth of the oil and gas industry and the development of infrastructure associated with the industry in Oman are forecasted to offer various opportunities for the growth of the paints and coatings market in the future.
Oman Paints & Coatings Industry Segmentation
Paints or coatings are various multiphase colloidal systems that are applied onto a surface in a continuous manner, fundamentally applying principles of colloids and interface surfaces. The application of paints or coatings is done in a bid to provide protection to the surface or serve decorative purposes. Oman'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, packaging, and other end-user industries. For each segment, market sizing and forecasts have been done on the basis of volume (kilotons) and value (USD million).
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types | |
| Mining | |
| Rubber Processing | |
| Agrochemicals | |
| Other Applications |
| Technology | |
| Water-borne | |
| Solvent-borne |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Industrial Coatings | |
| Transportation | |
| Packaging | |
| Other End-user Industries |
Oman Paints and Coatings Market Size Summary
The Oman paints and coatings market is poised for growth, driven by the recovery of the building and construction, as well as the automotive industries, following the disruptions caused by the COVID-19 pandemic. The demand for decorative and architectural coatings is expected to be a significant growth driver in the medium term. However, the market faces challenges due to its high dependency on crude oil as a raw material, which makes it susceptible to fluctuations in oil prices. Despite these challenges, the ongoing expansion of the oil and gas sector, along with infrastructure developments, presents promising opportunities for the paints and coatings industry in Oman.
The market is characterized by a high level of consolidation, with major players like Jotun AS, AkzoNobel, Asian Paints, Hempel A/S, and National Paints Factories Co. Ltd dominating the landscape. The architectural coatings segment is anticipated to lead the market, supported by substantial investments in infrastructure and construction projects across the country. Strategic moves, such as Hempel A/S's acquisition of Khimji Paints LLC and Nippon Paints' collaboration with Karwa Motors, highlight the industry's focus on expanding its presence and capabilities in the region. These developments, coupled with the robust growth in the oil and gas industry, are expected to drive the demand for paints and coatings in Oman over the forecast period.
Oman Paints and Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Decorative and Architectural Coatings
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Fluctuations in Crude Oil Prices
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1.2.2 Slowdown in Automotive Industry
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1.3 Industry Value-Chain Analysis
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1.4 Porter Five Forces
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume and Value)
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2.1 Resin Type
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2.1.1 Acrylic
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2.1.2 Alkyd
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2.1.3 Polyurethane
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2.1.4 Epoxy
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2.1.5 Polyester
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2.1.6 Other Resin Types
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2.1.7 Mining
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2.1.8 Rubber Processing
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2.1.9 Agrochemicals
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2.1.10 Other Applications
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2.2 Technology
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2.2.1 Water-borne
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2.2.2 Solvent-borne
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2.3 End-user Industry
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2.3.1 Architectural
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2.3.2 Automotive
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2.3.3 Wood
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2.3.4 Industrial Coatings
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2.3.5 Transportation
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2.3.6 Packaging
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2.3.7 Other End-user Industries
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Oman Paints and Coatings Market Size FAQs
What is the current Oman Paints and Coatings Market size?
The Oman Paints and Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Oman Paints and Coatings Market?
AkzoNobel, Asian Paints, Jotun AS, National Paints Factories Co. Ltd and Hempel A/S are the major companies operating in the Oman Paints and Coatings Market.
