The Oman paints and coatings market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is growing demand of paints and coatings from decorative and architectural coating. On the flip side, fluctuating automotive industry and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Growing oil and gas industry and infrastructural activities in Oman is forecasted to offer various opportunities for the growth of the market over the forecast period.
- By resin type, acrylics is expected to dominate the market studied over the forecast period.
Key Market Trends
Acrylic Resins to Dominate the Market
- Acrylic resins have properties, such as transparency, high color ability, and UV resistance, in coating solutions. They are used in water-borne systems very often, which result in low VOC emission.
- The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids.
- Application of acrylic coatings is primarily found in the construction industry, for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are high in demand, owing to the environmental concerns, like the negative impact of VOCs affecting the air quality in the environment.
- Some additional applications of acrylic paints and coatings are found in marine vessels and structures, automotive, electrical products, machinery, and various metal product, among others
- Owing to the above mentioned factors demand of acrylic resin is likely to dominate the market studied over the coming years.
Architectural Coatings to Dominate the Market
- Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes, but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used on.
- Paints and coatings are applied on the exterior of the house to not only to give them a new look, but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
- The modern advancements in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
- For the growth of the infrastructure sector, the Sultanate’s government has allocated RO3.7bn for infrastructure development, industrial and services projects in its 2019 budget. There are a total of 2,410 active construction projects in Oman, with a combined value in excess of USD 190 billion.
- Volatility in oil and gas industrial sector and delays in commercial projects due to spread of COVID-19 is likely to hamper the growth of architectural sector. However in the long run market is forecasted to recover at a steady state.
The Oman paints and coatings market is highly consolidated in nature with major players holding lion's share in the market. Some of the major companies are Jotun AS, AkzoNobel, Asian Paints, Khimji Paints, National Paints Factories Co. Ltd among others.
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