Middle East and Africa Decorative Paints Market to Grow at a CAGR of 4.4% to reach US$ 8,021.11 Mn Million from 2021 to 2028

The decorative paints market in Middle East & Africa is expected to grow to US$ 8,021.11 million by 2028 from US$ 5,704.76 million in 2020. The market is estimated to grow at a CAGR of 4.4% from 2020 to 2028.

Sustainability has become significant parameter in the advanced manufacturing set-up industry. The increased focus towards environment along with introduction of improved and sustainable form of materials has often been associated with the growth of the market. In paints industry, the potential use of sustainable and environment friendly form of paints is rising tremendously. This has a positive impact on the demand for decorative paints. The use of lead free and minimal Volatile Emission Control based decorative or architectural paints is rising for commercial and residential application bases. To embrace the rising concept, several manufacturers have entered into eco-friendly polymers which can be used in production of decorative paints business. For instance, manufacturers such as Croda International Plc is involved in providing sustainable ingredients to be deployed in decorative paints so as to promote the trend towards more environmentally friendliness, supported by legislation and consumers. The demand for ecofriendly paints is rising ubiquitously with the growing focus upon enhancing the indoor air quality along with strong durability. The surge in demand for low VOC paints in architectural and decorative paints industry is promoted by rising investment in residential and commercial construction activities with stringent government regulations. Besides low and zero VOC based paints, focus is made to develop paints using natural raw materials such as water, plant based oils, raisins, dyes and essential oils which do not impact environment and human health. Thus, all such trends are expected to promote the growth of the market in region.

South Africa has the largest COVID-19 cases in the Middle East and Africa region, and is followed by UAE and Saudi Arabia among others. UAE was the first country in Middle East and Africa to report a confirmed case of coronavirus. The ongoing pandemic has drastically altered the status of the chemical industry and have negatively impacted the growth of the decorative paints market. The COVID-19 outbreak has distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. In addition, decorative paints are majorly utilized in construction applications thus halt in such activities due to COVID-19 has greatly affected the market growth. The disruptive value chain had a negative impact on raw material supply, which, in turn, is impacting the growth of the decorative paints market. However, as the economies are planning to revive their operations, the demand for decorative paints is expected to rise globally. Although the focus over just in time production is another concerning factor hindering market growth. With the growing focus over developing economy in post-pandemic times, the demand for decorative paints is expected to take huge leaps due to expanding application bases. Further, positive measures undertaken by government along with distributed generations and incorporation of advanced technology is, yet another factor expected to bolster market growth.

With the new features and technologies, companies can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the decorative paints market. The Middle East & Africa decorative paints market is expected to grow at a good CAGR during the forecast period.

 

Middle East & Africa Decorative Paints Market Segmentation

Middle East & Africa Decorative Paints Market – By Type

• Water based
• Solvent based

Middle East & Africa Decorative Paints Market – By Application

• Residential
• Non-Residential

Middle East & Africa Decorative Paints Market – By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Middle East & Africa Decorative Paints Market – Companies Mentioned

• Akzo Nobel N.V.                                                     
• BASF SE                                                                     
• Dow Inc.                                                                    
• PPG Industries, Inc.                                                 
• RPM International, Inc.                                          
• Axalta Coatings Systems                                        
• Kansai      
• Nippon Paint                                                             
• Asian Paints                                                                                                                                

Middle East and Africa Decorative Paints Report Scope