Saudi Arabia Paint & Coating Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.45 Billion |
| Market Size (2029) | USD 1.71 Billion |
| CAGR (2024 - 2029) | 3.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Paint & Coating Market Analysis
The Saudi Arabia Paints and Coatings Market size is estimated at USD 1.45 billion in 2024, and is expected to reach USD 1.71 billion by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2021. The pandemic halted all manufacturing and construction activities, thus negatively impacting the demand in the paints and coatings market. However, the condition is expected to recover in 2022, restoring the market's growth trajectory.
- Over the short term, increasing residential construction activities with government support and increasing tourism in the country will likely drive the market's growth.
- On the flip side, the fluctuations in raw material prices are expected to hinder the market's growth.
Saudi Arabia Paint & Coating Market Trends
This section covers the major market trends shaping the Saudi Arabia Paints & Coatings Market according to our research experts:
Acrylic Resin Dominating the Market
- Acrylic resins are the most widely used polymers in the paint and coatings industry. Most acrylic paints are water-based or solvent-based and are available as emulsions (latices), lacquers (lower volume solids), enamels (higher volume solids), and powders (100% solids).
- Water-based acrylic resins are effective as solvent-based ones but have a low environmental impact. These resins are used increasingly due to their sustainable nature, easy formulation processes, excellent durability, quick-drying times, and low odor emissions.
- Common acrylic polymers come in various types and combinations, such as methyl and butyl methacrylate. Polyvinyl acetate is primarily used in the case of inexpensive paints.
- Acrylic resins have good chemical and photochemical resistance, colors, and gloss retention properties. They are also easy to handle, cost-efficient, and exhibit superior performance in roof coating, wall coating, interior and exterior paints, and other applications.
- The primary binder type in the Saudi Arabian paints and coatings market is acrylic, with a total share of more than 70% of all waterborne coatings. Acrylic is widely used in architectural coatings.
- These factors will likely boost the demand for acrylic resins over the forecast period.
Increasing Demand from the Architecture Industry
- Paints and coatings are used in the interiors of houses to add colors or decorative purposes and perform a wide range of functions. Their functions vary depending on the environment and room type.
- For example, the bathroom walls need wipe-ability to keep them clean because of moisture. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for water to penetrate. Thus, these types of colors are used in the bathroom.
- Saudi Arabia is embarking on many residential and commercial projects, which are expected to increase the construction activities in the Kingdom. Some such projects include a USD 500 billion futuristic mega-city 'Neom' project and the Red Sea Project - Phase 1, which was supposed to get completed in 2022.
- The Saudi government recently announced a national housing strategy to build more than 1.5 million new homes worth USD 80 billion to address the affordable housing shortage for Saudi citizens. Housing and small business are significant beneficiaries of the Saudi government's USD 19-billion stimulus package. Thus, construction sector growth is likely to boost demand for architectural paints and coatings.
- These factors are boosting the architectural paints and coatings market growth in Saudi Arabia.
Saudi Arabia Paint & Coating Industry Overview
The Saudi Arabian paints and coatings market is fragmented. Major companies (not in any particular order) include Jazeera Paints, Jotun, Akzo Nobel NV, Sigma Coatings (PPG Industries Inc.), and National Paints Factories Co. Ltd.
Saudi Arabia Paint & Coating Market Leaders
Jotun
Jajeera Paints
AkzoNobel NV
Sigma Coatings (PPG Industries Inc.)
National Paints Factories Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Paint & Coating Market News
- November 2021: Jazeera Paints, a significant paint producer, announced the debut of Jazeera Green Silk Flexy, an all-in-one solution appropriate, including all sorts of ceiling finishes in the Middle East and North African markets.
- March 2021: AkzoNobel invested in coatings application technology from Qlayers. The coating technology offers a fully automated solution that is safer, more consistent, and faster than the manual coating processes used in the industry.
Saudi Arabia Paint & Coating 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 Increasing Residential Construction Activities with Government Support
4.1.2 Increasing Investment in the Oil and Gas Industry
4.2 Restraints
4.2.1 Fluctuation in Raw Material Prices
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 by Value)
5.1 Resin Type
5.1.1 Acrylic Resin
5.1.2 Alkyd Resin
5.1.3 Polyurethane Resin
5.1.4 Epoxy Resin
5.1.5 Polyester Resin
5.1.6 Other Resin Types (Polyether Ether Ketone, Polyether Ketone Resin)
5.2 Technology
5.2.1 Water-based
5.2.2 Solvent-based
5.2.3 Powder-based
5.3 End-user Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Protective Coatings Market
5.3.4 General Industrial
5.3.5 Other End-user Industries (Wood Coatings)
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 AkzoNobel NV
6.4.2 BASF SE
6.4.3 Jazeera Paints
6.4.4 Jotun
6.4.5 Kansai Paint Co. Ltd
6.4.6 National Paints Factory Co. Ltd
6.4.7 Protech Powder Coatings Inc.
6.4.8 Sigma Coatings (PPG Industries Inc.)
6.4.9 Sak Coat
6.4.10 The Sherwin Williams Company
6.4.11 United Coatings Industries
6.4.12 Zamil Industrial
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Bio-based and Eco-friendly Products
Saudi Arabia Paint & Coating Industry Segmentation
Paints and coatings can be defined as a liquid material that, when spread over a surface as a relatively thin film, subsequently dries to form a solid, cohesive, adhesive, decorative, and protective layer. Paints and coatings find applications in the architectural industry as decorative and protective coatings. Saudi Arabia, Paints and Coatings Market is segmented by resin type (acrylic resin, alkyd resin, polyurethane resin, epoxy resin, polyester resin, and other resin types (polyether ether ketone and polyether ketone resin)), technology (water-based, solvent-based, and powder-based), and end-user industry (architectural, automotive, protective coatings, general industrial, and other end-user industries (wood coatings)). The report offers market size and forecast in volume (kiloton) and revenue (USD million) for the above segments.
| Resin Type | |
| Acrylic Resin | |
| Alkyd Resin | |
| Polyurethane Resin | |
| Epoxy Resin | |
| Polyester Resin | |
| Other Resin Types (Polyether Ether Ketone, Polyether Ketone Resin) |
| Technology | |
| Water-based | |
| Solvent-based | |
| Powder-based |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Protective Coatings Market | |
| General Industrial | |
| Other End-user Industries (Wood Coatings) |
Saudi Arabia Paint & Coating Market Research FAQs
How big is the Saudi Arabia Paints and Coatings Market?
The Saudi Arabia Paints and Coatings Market size is expected to reach USD 1.45 billion in 2024 and grow at a CAGR of 3.38% to reach USD 1.71 billion by 2029.
What is the current Saudi Arabia Paints and Coatings Market size?
In 2024, the Saudi Arabia Paints and Coatings Market size is expected to reach USD 1.45 billion.
Who are the key players in Saudi Arabia Paints and Coatings Market?
Jotun, Jajeera Paints, AkzoNobel NV, Sigma Coatings (PPG Industries Inc.) and National Paints Factories Co. Ltd are the major companies operating in the Saudi Arabia Paints and Coatings Market.
What years does this Saudi Arabia Paints and Coatings Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Paints and Coatings Market size was estimated at USD 1.40 billion. The report covers the Saudi Arabia Paints and Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Paints and Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Paint and Coating in Saudi Arabia Industry Report
Statistics for the 2024 Paint and Coating in Saudi Arabia market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Paint and Coating in Saudi Arabia analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
