The Middle Eastern countries are one of the fastest growing markets for the construction industry due to the presence of fast-growing economies, which are witnessing increasing spending on residential, commercial as well as institutional construction markets. Consistently growing demand from enduse industries, particularly construction, oil and gas pipelines, and automotive is driving the demand for paints and coatings in the Middle East.
The Middle East paints and coating market is estimated to reach a valuation of US$ 4,690.2 mn in 2022. Sales prospects in the paints and coating are expected to witness a steady growth outlook of magnitude of 4.7% and are expected to top a valuation of US$ 7,447.9 mn by 2032, said Mr Nikhil Kaithwade, Principal Consultant, Future Market Insights (FMI), while speaking at the Gulf Coatings Show 2022 Conference in Sharjah, UAE, recently.
The novel Covid-19 affected this market as well. Due to Covid-19, many end-use industries were affected such as oil and gas, construction, and automotive which directly impacted the paints and coating market.
The large Industrial and protective coatings market being created by the Middle Eastern oil and gas industry is particularly attractive to European, as well as North American and Japanese, coatings manufacturers because it requires global technical standards. In fact, its needs are even tougher because of the region's climate which necessitates resistance against hot temperatures, UV rays, and potential abrasion from sand and dust, noted Mr Kaithwade. "An increase in the demand for paints and coating from the marine industry is also fuelling the market growth in the middle eastern region. Saudi Arabia remains a prominent country in the consumption and production volume of paints and coating."
With $1.1tn investment, Saudi Arabia is set to become the world's biggest construction site
This story is from the December 2022/January 2023 edition of COATINGS AND ANTI CORROSION ENGINEERING REVIEW.
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This story is from the December 2022/January 2023 edition of COATINGS AND ANTI CORROSION ENGINEERING REVIEW.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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