The Middle East is one of the fastest growing markets for the global paints and coatings industry. This is largely attributed to the promising construction and industrial growth with Saudi Arabia emerging as the clear market leader, with close to 65% of market share and paint demand touching 900,000t in the kingdom alone.
Egypt is emerging as a promising avenue for the global paints and coatings companies to explore due to a large potential, yet untapped. A population of approximately 79 million but paint consumption of only 23,000t stands testimony to this. The paints and coatings industry depends largely on the growth of the construction industry in the GCC. With major investments made by governments of the GCC States, the paints and coatings sector is expected to pick up and steadily grow from the lows experienced during the global economic slowdown.
The governments of GCC states are investing heavily on basic infrastructure and projects that were put on hold during the recession; these are now being actively executed. This proves a major boost to paints and coatings manufacturers.