MARKET OUTLOOK
Triton Market Research's report on the Middle East and Africa paints & coatings market states that it is expected to rise with a CAGR of 4.88% in terms of revenue and a CAGR of 4.47% in terms of volume over the forecasting years of 2019-2027.
Saudi Arabia, Turkey, the UAE, South Africa and countries in rest of the Middle East & Africa together constitute the paints & coatings market in the MEA region. The rising environmental concerns, combined with growing health & safety considerations, are encouraging the majority of the current technological developments in the paints & coatings industry. Majority of the present paints & coating production techniques have been identified as the main sources of VOC emissions. As a result, the manufacturers are shifting towards the adoption of sustainable products, namely two categories - eco-friendly organic paints & coatings and eco-friendly conversion paints & coatings.
The manufacturers, however, are shifting their focus towards the development and adoption of more environment-friendly conversion painting & coating techniques and bases to be used. This is because of the growing environmental concerns and the toxic nature of chromium. Manufacturers have developed new pretreatment techniques that require the application of zirconium oxide on a metal surface by either sol-gel method or rinsing with a hexafluorozirconic acid solution. This shift towards the adoption of sustainable products provides immense opportunities for the growth of the paints & coatings market.
COMPETITIVE OUTLOOK
Notable players in the market are RPM International, Inc., Beckers Group, AkzoNobel N.V., Valspar Corporation, The Sherwin-Williams, Asian Paints Limited, Kelly-Moore Paints, Jotun A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Axalta Coating System LLC, Berger Paints Limited, BASF Coatings, PPG Industries and Indigo Paints Pvt. Ltd.