MarkNtel Advisors – Leading Market Research Company found GCC Water-based Paints Market is expected to reach 3.8% CAGR Growth By 2028.
This report provides a comprehensive analysis of the GCC Water-based Paints Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the GCC Water-based Paints Market
Base Year: 2022
Forecast Years: 2023-2028
Historical Years: 2018-2021
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Scope of the GCC Water-based Paints Market Report:
The GCC Water-based Paints Market size is estimated to grow at a CAGR of around 3.8% during the forecast period, i.e., 2023-28. The market for water-based paints in the Gulf Cooperation Council (GCC) region has experienced notable growth and transformation in recent years, largely due to the eco-friendly characteristics, low toxicity, and ease of application associated with these paints.
Additionally, the growing real estate sector in the region, coupled with increased government investments in construction activities, presents a promising opportunity for manufacturers of water-based paints. This is largely in line with the surging initiative of the governments of GCC countries to boost sustainability in the non-oil sectors which includes the development of energy, road, and hospitality infrastructure among others. As the construction of these infrastructures would require the use of paints for better aesthetics, durability, etc., the demand for water-based paints is increasing steadily, aligned with the regional sustainability initiatives.
Furthermore, the increasing use of environmentally friendly paints in the automotive industry in the GCC region has resulted in a rise in demand for water-based paints. Leading automotive manufacturers such as BMW and Audi are actively adopting sustainable paint solutions to minimize their carbon emissions. Thus, these factors are fueling the market growth of water-based paint and are projected to continue driving its market in the coming years as well.
Which prominent factor is expected to drive the GCC Water-based Paints Market during 2023-28?
Rising Demand for Water-based Paints in Wooden Furniture- The increasing demand for Water-based paints in the market is primarily driven by its rising utilization in wooden furniture. This preference can be attributed to the reduced odor and quick-drying properties of these paints, making them favorable for furniture manufacturers. Additionally, the governments of the GCC countries are focussing on increasing their economic sustainability with the development of the service sector and industrial facilities. This is leading to a rise in the development of a large number of office spaces in the region, which in turn is widely augmenting the need for wooden furniture.
Additionally, with the continued development of residential and hospitality spaces, the need for beds, tables, and other home furniture products is rising substantially. As a result, several furniture producers, including Pan Emirates, OC Home, and others, are expanding in the region to strengthen their presence and enhance income potential. This is widely supporting the demand for water-based paints to provide better aesthetics to furniture products among furniture manufacturers.
What are the different Segment Available in the GCC Water-based Paints Market?
By Type
- Natural Water-based Paints- Market Size & Forecast 2018-2028, Thousand Tons
- Synthetic Water-based Paints- Market Size & Forecast 2018-2028, Thousand Tons
By End User
- Construction- Market Size & Forecast 2018-2028, Thousand Tons
- Residential- Market Size & Forecast 2018-2028, Thousand Tons
- Commercial- Market Size & Forecast 2018-2028, Thousand Tons
- Automotive- Market Size & Forecast 2018-2028, Thousand Tons
- Furniture- Market Size & Forecast 2018-2028, Thousand Tons
- Other (Electronics, Marine, etc.)- Market Size & Forecast 2018-2028, Thousand Tons
By Country
- The UAE
- Saudi Arabia
- Bahrain
- Oman
- Qatar
- Kuwait.
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Leading GCC Water-based Paints companies operating in the Market
- Akzo Nobel N. V
- Jazeera Paint
- Asian Paints
- Terraco
- Fenzi S.p.A.
- National Paints Factories Co. Ltd.
- Kansai Paints
- Ritver Paint & Coating
- Sigma Paints
- United Paints & Coatings
- Others.
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