Latest News- Paint And Coatings Market in Middle East and Africa: Architecture is expected to lead the Application segment during 2024-2028
The Paint And Coatings Market in Middle East and Africa is being driven by Growth in real estate and construction industry
The Paint And Coatings Market in Middle East and Africa is expected to grow at a CAGR of 3.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2376.4 million. In the Middle East and Africa (MEA) region, the heat island effect caused by sun rays striking buildings and compounded by smog, asphalt, and a lack of vegetation, significantly increases interior temperatures and electricity costs for cooling. To mitigate this issue, paint and coatings manufacturers have shifted their focus towards solar reflective coatings, which effectively reflect infrared radiations and absorb visible light. Acrylic coatings, in particular, exhibit superior solar radiation reflective properties, contributing to their growing adoption. The extended lifespan of these coatings further enhances their appeal, making them a promising solution for reducing energy consumption and supporting the expansion of the paint and coatings market in MEA.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Architecture, Packaging, Wood, Transport, Others) Geography (Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Paint And Coatings Market in Middle East and Africa Research Report
Find out which segment is leading the market by accessing the free PDF report
The Paint and Coatings market in the Middle East and Africa is driven by sectors like Oil and Gas and Construction. Durability, color retention, and gloss retention are key factors for consumers in this region. Weather resistance, industrial and protective coatings, and smart technology are also in demand. Sustainable structures, climate resistance, and eco-friendly products are becoming increasingly important due to environmental regulations and concerns over Volatile Organic Compounds. Infrastructural developments, public investments, hotels and restaurants, and historic hotels are major end-users. Residential and non-residential construction, building permits, and sustainable buildings are also significant markets. The GDP from construction, motor vehicle sales, and Original Equipment Manufacturers contribute to the growth of the market.
The Paint and Coatings segment within the Middle East and Africa specialty chemicals market is experiencing significant growth, driven by increasing demand from the Oil and Gas, Construction, and Industrial sectors. This growth is attributed to the need for high-performance coatings with superior durability, color retention, gloss retention, weather resistance, and protective properties. Technavio's market analysis indicates that the market's expansion will be fueled by the rising usage of specialty coatings in infrastructure development, as well as the increasing focus on sustainability and energy efficiency in the region. The shift towards advanced technologies, such as powder coatings and waterborne coatings, will further boost market growth. The specialty chemicals industry in the Middle East and Africa is expected to witness substantial growth due to the increasing demand for high-value-added chemicals used in the manufacturing of various products, including specialty paints and coatings, adhesives, and sealants. Technavio's market research identifies the growing demand for specialty adhesives and sealants as a key growth driver for the specialty chemicals market in the region during the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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