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Market Overview
The market for Bahrain paints and coatings is expected to grow at a CAGR of 3.62% during the forecast period of 2019 – 2024. Major factors driving the market studied are rapidly increasing housing construction activities in the country. The rise in Prices of Raw Materials is expected to hinder the growth of the market studied.
- Architectural coatings dominated the market in 2018 is expected to grow during the forecast period owing to the increasing construction activities.
- Growing Oil & gas exploration and production activities in Bahrain are likely to act as an opportunity in the future.
Key Market Trends
Rise in Construction Sector is Likely to Boost the Demand
- The rising construction activities, both, in residential and non-residential sectors in the country are the key driving factors for the paints and coatings market. The increasing residential construction activities are driving the demand for architectural and wood coatings among others.
- To advocate the growing construction industry trend, there is a nationwide royal directive for housing construction in Bahrain to cater the rising housing demand, owing to the population growth, which, in turn, is likely to drive the paints and coatings usage in the country.
- The Northern [Town] project is one of the residential projects by the Government of Bahrain, which was commenced in 2012 and opened in 2018. The project is likely to produce housing for 100,000 people. This had a drastic impact on the architectural coatings market in the country.
- Furthermore, construction activities in Khalifa town is also a positive factor for the consumption of paints and coatings in the country. Almost 1,000 residential units are being built in the country and about 5,000 units are in pipeline in villages of Riyadh Askar and Bar Al-Dur.
- Additionally, the country’s focus on improving infrastructure, primarily, transportation and industrial, is boosting the demand for paints and coatings. Projects, such as the expansion of Bahrain International Airport, power station, and gas plant, are some of the key construction projects under.
- Such aforementioned factors are boosting the demand for paints & coatings in the construction sector.
Protective Coatings Demand to Expand at a Fastest Rate
- The oil and gas industry uses protective coatings for both upstream and downstream segments, for the transportation of oil and gas toward refineries.
- The industry has been trying to find ways to cut capital charges. This, along with the need to adhere to strict environmental regulations, has led to the demand for a coating system (with a long life), which may be effective in the protection of the assets.
- The oil and gas industry uses various types of protective coatings, such as anti-corrosion, heat-resistant, abrasion-resistance, fire-resistance, and others.
- The offshore oil and gas production has some of the most demanding conditions. Therefore, the coating systems used must be equipped likewise.
- With revenues from oil exports accounting for 75% of the government’s income in 2017, the Bahraini government is seeking to diversify the economy and income sources from the other sectors. Some of the major landmark projects underway in downstream hydrocarbons, include:
- Bahrain Petroleum Company (BAPCO) modernization and expansion program.
- Bahrain LNG terminal construction.
- With the substantial growth, especially in the oil and gas and infrastructural projects, the protective coatings market is expected to witness rapid growth during the forecast period.
Competitive Landscape
The Bahrain paints & coatings market is consolidated and top five players account for more than 65%. The major companies include Jotun, Asian Paints Berger, Hempel A/S, Omega Paints, and Sigma Paints.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The market for Bahrain paints and coatings is expected to grow at a CAGR of 3.62% during the forecast period of 2019 – 2024. Major factors driving the market studied are rapidly increasing housing construction activities in the country. The rise in Prices of Raw Materials is expected to hinder the growth of the market studied.
- Architectural coatings dominated the market in 2018 is expected to grow during the forecast period owing to the increasing construction activities.
- Growing Oil & gas exploration and production activities in Bahrain are likely to act as an opportunity in the future.
Key Market Trends
Rise in Construction Sector is Likely to Boost the Demand
- The rising construction activities, both, in residential and non-residential sectors in the country are the key driving factors for the paints and coatings market. The increasing residential construction activities are driving the demand for architectural and wood coatings among others.
- To advocate the growing construction industry trend, there is a nationwide royal directive for housing construction in Bahrain to cater the rising housing demand, owing to the population growth, which, in turn, is likely to drive the paints and coatings usage in the country.
- The Northern [Town] project is one of the residential projects by the Government of Bahrain, which was commenced in 2012 and opened in 2018. The project is likely to produce housing for 100,000 people. This had a drastic impact on the architectural coatings market in the country.
- Furthermore, construction activities in Khalifa town is also a positive factor for the consumption of paints and coatings in the country. Almost 1,000 residential units are being built in the country and about 5,000 units are in pipeline in villages of Riyadh Askar and Bar Al-Dur.
- Additionally, the country’s focus on improving infrastructure, primarily, transportation and industrial, is boosting the demand for paints and coatings. Projects, such as the expansion of Bahrain International Airport, power station, and gas plant, are some of the key construction projects under.
- Such aforementioned factors are boosting the demand for paints & coatings in the construction sector.
Protective Coatings Demand to Expand at a Fastest Rate
- The oil and gas industry uses protective coatings for both upstream and downstream segments, for the transportation of oil and gas toward refineries.
- The industry has been trying to find ways to cut capital charges. This, along with the need to adhere to strict environmental regulations, has led to the demand for a coating system (with a long life), which may be effective in the protection of the assets.
- The oil and gas industry uses various types of protective coatings, such as anti-corrosion, heat-resistant, abrasion-resistance, fire-resistance, and others.
- The offshore oil and gas production has some of the most demanding conditions. Therefore, the coating systems used must be equipped likewise.
- With revenues from oil exports accounting for 75% of the government’s income in 2017, the Bahraini government is seeking to diversify the economy and income sources from the other sectors. Some of the major landmark projects underway in downstream hydrocarbons, include:
- Bahrain Petroleum Company (BAPCO) modernization and expansion program.
- Bahrain LNG terminal construction.
- With the substantial growth, especially in the oil and gas and infrastructural projects, the protective coatings market is expected to witness rapid growth during the forecast period.
Competitive Landscape
The Bahrain paints & coatings market is consolidated and top five players account for more than 65%. The major companies include Jotun, Asian Paints Berger, Hempel A/S, Omega Paints, and Sigma Paints.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
