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Saudi Arabia industrial coatings market was valued at 114.17 kilo metric ton by volume and USD 508.03 million by revenue, in 2017 and is expected to register a CAGR of 3.52% in terms of revenue during the forecast period, 2018 to 2023. Increasing private investment participation along with growing oil & gas sector are expected to drive the market in the forecast period.
Growing Oil & Gas Sector is Driving the Market
The Kingdom of Saudi Arabia has the second-largest oil reserves in the world, accounting for almost 266 billion barrels. According to Saudi Aramco, in 2015, it discovered three new oilfields and two non-associated gas fields, which had a production capacity of 12 million barrels per day, and is, expected to maintain the capacity through 2020. In 2016, the company produced 10.5 million barrels of crude oil and at the same time, the total petroleum and natural gas hydrocarbon production rose by over 3%.
Solvent-Borne Technology – The Dominant Technology Type
Solvent borne coatings dominates the technology sector and accounted for about 60% of the overall industrial coatings market in 2017. Solvent-borne coatings are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps speed-up the reaction, thereby, reducing the drying time. The growing application of solvent-borne coating, as wood coating for doors, cabinet, and furniture, along with other applications, such as metal doors and railings, industrial equipment, and the maintenance of steel structures, is boosting the market for solvent-based coatings.
Major Players: National Paints Factories Co. Ltd, Al-Jazeera Factory for Paints Co., and Jotun, amongst others.
Reasons to Purchase this Report
Analyze how the growing automotive production & sales will drive the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The product type that is expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Growing Oil & Gas Sector is Driving the Market
The Kingdom of Saudi Arabia has the second-largest oil reserves in the world, accounting for almost 266 billion barrels. According to Saudi Aramco, in 2015, it discovered three new oilfields and two non-associated gas fields, which had a production capacity of 12 million barrels per day, and is, expected to maintain the capacity through 2020. In 2016, the company produced 10.5 million barrels of crude oil and at the same time, the total petroleum and natural gas hydrocarbon production rose by over 3%.
Solvent-Borne Technology – The Dominant Technology Type
Solvent borne coatings dominates the technology sector and accounted for about 60% of the overall industrial coatings market in 2017. Solvent-borne coatings are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps speed-up the reaction, thereby, reducing the drying time. The growing application of solvent-borne coating, as wood coating for doors, cabinet, and furniture, along with other applications, such as metal doors and railings, industrial equipment, and the maintenance of steel structures, is boosting the market for solvent-based coatings.
Major Players: National Paints Factories Co. Ltd, Al-Jazeera Factory for Paints Co., and Jotun, amongst others.
Reasons to Purchase this Report
Analyze how the growing automotive production & sales will drive the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The product type that is expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
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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- By Technology
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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.
