Residential to be the fastest growing segment in the Middle East & Africa Decorative Paints Market during 2020–2028
According to The Insight Partners market research study on “Middle East & Africa Decorative Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Deployment and Application,” is expected to reach 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. The report provides trends prevailing in the Middle East & Africa decorative paints market along with the drivers and restraints pertaining to the market growth. Technological evolution along with new product development, up-surging focus over sustainability, and raising demand of water based paints are the major factor driving the growth of the decorative paints market. However, hap-hazardous effects of lead in paints along with higher cost of raw material hinder the growth of decorative paints market.
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.
Middle East & Africa decorative paints market is segmented based on type and application. The Middle East & Africa decorative paints market based on type is segmented into water based and solvent based. Water based segment accounted for the highest share in the market in 2019 and is expected to be fastest growing during forecast period. Based on application, is segmented into residential and non-residential. Residential segment accounted for the highest share in 2019 and non-residential segment is expected to be the fastest growing during forecast period.
Nippon Paint; Akzo Nobel N.V.; BASF SE; Dow Inc.; Axalta Coating Systems; Asian Paints; PPG Industries Inc.; RPM International Inc.; and Kansai are among some of the leading companies in the Middle East & Africa decorative paints market. The market players focus on new product innovations and developments in order to achieve sustainable growth and to distinguish themselves among competitors present in the highly competitive decorative paints market.
The report segments the Middle East & Africa Decorative Paints Market as follows:
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
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