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A recent report ongoing by Infinium Global Research on performance coating market provides in-depth analysis of segments and sub-segments in the GCC as well as regional performance coating market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional performance coating market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of GCC performance coating market. According to the report, the GCC performance coating market is projected to grow at a significant CAGR over the forecast period of 2021-2027.
Performance coatings are varnishes used to enhance the performance of surfaces and are resistant to high temperatures, corrosion, and abrasion. A performance coating is an affordable option for delivering cosmetically engaging, durable finishes to a product. Performance coatings have a good record of adjusting to surfaces. Its end-use includes application on large and small equipment, components, repair & refurbishment, and in almost all light and heavy industrial segments. Performance coatings can be used on walls, floors, railings, food and beverage facilities, schools, healthcare facilities, occupied or confined spaces, and office buildings. They are compatible with different materials such as wood, aluminum, steel, metal, masonry, drywall, concrete and galvanized metal surfaces, etc.
Growth in the volume of residential and commercial building construction activities, and growing demand for architectural and decorative coatings for consumer and professional uses will propel the market growth in the GCC region. Rising foreign direct investment levels, healthy economic growth, and increasing residential demand in urban areas are projected to enhance the growth of the market within the forecast period. Rising construction activity in UAE, Qatar, and Saudi Arabia will increase the demand for coating within the forecast period. Moreover, high growth in the protective coatings segment due to the entrenched oil and gas sector and infrastructural investments are expected to drive the demand for coating in the GCC region. GCC is focussing on construction to attract tourists at various sites and leisure & rising hospitality construction is the key factor driving the growth of the market. UAE and Saudi Arabia cover nearly half of the whole demand for coating in the Gulf Cooperation Council countries as construction activity in these countries is rapidly increasing. It can be harmful to breathe the smell of performance coatings they require ventilation all the time. This is expected to restrain the growth of the performance coating market in the Gulf Cooperation Council region during the forecast period.
In terms of region, the GCC Performance coating market is segmented into Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, and Oman. Saudi Arabia and Qatar hold a significant market share, because of the rising urbanization, and booming manufacturing sector in the region. Moreover, the rising utilization of coating solutions for defense in Bahrain due to its high durability will drive the growth of the GCC region. The UAE and Saudi Arabia are expected to dominate the market during the forecast period as the countries are the largest markets for coating raw materials. Increasing presence and investment in Research and Development from major players in this sector will enhance the market growth in the GCC region. The rising developments in the marine, protective coatings, oil and gas, automotive refinishes and plastic coating sectors will propel the growth of the market in the GCC region.
The report on GCC performance coating market covers segments such as product, coating technology, and application. On the basis of product, the sub-markets include polyurethane, and others. On the basis of coating technology, the sub-markets include solvent-based coating. On the basis of application, the sub-markets include aerospace & defence, and others.
The report provides profiles of the companies in the market such as AkzoNobel N.V., Wacker Chemie AG, Jotun A/S, National Paints Factory, BASF SE, Jazeera Paints, and Terraco UAE Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of GCC performance coating market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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