Saudi Arabia Paints And Coatings Market Size (2024 - 2029)

Saudi Arabia Paints And Coatings Market Analysis

The Saudi Arabia Paints And Coatings Market size is estimated at USD 1.49 billion in 2024, and is expected to reach USD 1.8 billion by 2029, growing at a CAGR of 3.79% during the forecast period (2024-2029).

The COVID-19 crisis in 2020 and 2021 led to a sharp shrinkage in demand for the product. Capacity shutdowns and cancellation of major projects in several key end-user industries continue to create pressure on this market’s value chain. The country’s real estate market was severely affected by the COVID-19 pandemic. Residential real estate was the worst hit as strict lockdown measures across major cities resulted in suspending home registrations. Moreover, the pandemic halted all manufacturing and industrial activities, thus negatively impacting the demand in the paints and coatings market. However, the sector has been recovering well since restrictions were lifted. Over the last two years, increased house sales, increasing demand for new office and commercial spaces, and a booming oil and gas industry market have led to market recovery.

• Over the short term, increasing demand from residential and commercial construction activities and rising demand from the oil and gas industry are expected to drive the market’s growth.

• On the flip side, the impact of raw material prices is expected to hinder the market's growth.

• The developing automotive sector in the country offers various opportunities for the growth of the market studied.

Saudi Arabia Paints And Coatings Industry Segmentation

Paints and coatings are homogeneous mixtures of pigments, binders, additives, and various other components. Upon application on a substrate, these paints and coating make a thin layer of the solid film through polymerization or evaporation. Paints and coatings are widely used to improve aesthetics and protect the substrate from deterrents like corrosion and other types of deterioration. 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), technology (water-borne coatings, solvent-borne coatings, powder coatings, and other technologies), and end-user industry (architectural, automotive coatings, protective coatings, general industrial coatings, transportation coatings, and packaging coatings). The report offers market size and forecasts revenue (USD million) for the above segments.