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Egypt Decorative Coatings Market - Forecast(2023 - 2028)
Egypt Decorative Coatings Market Overview
The Egypt Decorative Coatings Market size is projected to reach US$950 million by 2027, after
growing at a CAGR of around 6.2% from 2022 to 2027. The decorative coatings are
the paints and coatings that are used to coat the home and buildings for specific
uses such as wall coating, decor paint, remodeling in buildings and
others. The Egypt decorative coatings are used in various construction
applications including enamels, paints, emulsion and sealants for residential
and commercial spaces, thereby offering drive in the Egypt decorative coatings
industry. The flourishing application of Egypt decorative coatings,
majorly waterborne coating formulation across major end-use industries such as
automotive, construction, aerospace, consumer goods and others for protection
and aesthetics will offer major growth opportunities in the market during the
forecast period. The covid-19 outbreak slowed the growth in Egypt decorative
coatings industry in the initial phase of pandemic due to restricted
construction activities. However, with major recovery in building projects and
construction, the decorative coatings market is experiencing major demand and
growth opportunities, thereby contributing to the growing Egypt Decorative Coatings Market size during the forecast period.
Report Coverage
The “Egypt Decorative Coatings Market Report– Forecast
(2022-2027)” by IndustryARC, covers an in-depth analysis of the
following segments in the Egypt Decorative Coatings industry.
Key Takeaways
- The Egypt Decorative Coatings Market size will increase owing to its growing application in consumer goods item, residential and commercial spaces and others during the forecast period.
- The high growth of Egypt for decorative coatings is influenced by flourishing architectural activities, growing construction activities and high demand across major industries during the forecast period.
- The demand of water based decorative coatings is influenced by its low VOC content, eco-friendly features and superior corrosion resistance and durability features.
Figure: Egypt Decorative Coatings Market Revenue Share by End-Use Industry, 2021 (%)
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Egypt Decorative Coatings Market Segment Analysis – by Formulation
By formulation, the water based coatings held a significant Egypt Decorative Coatings Market share in 2021 and is expected to grow with a CAGR of around 8.7% during the forecast period. The high demand of waterborne coatings is influenced by its eco-friendly features, low VOC emissions and resistance to abrasion and heat. The water based decorative coatings are preferred for various application involving emulsions, enamel paint, wall and ceiling coatings and others. Furthermore, the rise in building and construction projects, remodeling activities and renovation work in architectural and constitutional sector is propelling the demand for water based coatings in the market. According to the International Trade Administration, the construction sector in Egypt is projected to grow 9% on average between the years 2020-2024, after a slowdown in covid-19 outbreak. Thus, with low VOC content of waterborne coatings compared to solventborne coating and flourishing application across major industries, the water based coatings will have high demand; thereby will offer major growth in the Egypt Decorative Coatings Market during the forecast period.
Egypt Decorative Coatings Market Segment Analysis – by End-Use Industry
By end-use industry, the construction (residential) segment held the largest Egypt Decorative Coatings Market share in 2021, with a share of over 27%. The flourishing demand of Egypt decorative coatings in the construction sector is influenced by growth in remodeling and building renovation activities, which is propelling the demand for decorative coatings as paints, sealants, emulsions and others for residential applications. The rising application of decorative coatings for interior and exterior residential construction activities is boosting the demand in the market. According to the World Bank, the value added by construction sector was 32% of the GPD in Egypt in 2020. The growth in building and construction projects in Egypt is offering a major drive in the market. Thus, with major application of decorative coatings in construction sector, the demand for Egypt decorative coatings will grow rapidly, as a result of which the Egypt Decorative Coatings Market share will be flourished during the forecast period.
Egypt Decorative Coatings Market– Drivers
Rapid Growth in the Commercial Construction Sector:
The decorative coatings have major demand for commercial building & construction applications in facades, floor coatings and others. The commercial building and construction sector is rapidly growing due to factors such as rising investments for commercial construction projects, development schemes for commercial spaces and urbanization. For instance, the CBRE Group expects growth of 10-15% for office spaces until 2023. According to the Airport Authority of India (AAI), the construction of 100 additional airports by 2024 was announced in 2020. According to Statistics Canada, the investment in commercial construction rose by 1.7% in December 2021 compared to the previous year. With the rise in commercial construction projects for commercial office spaces, airports, hospitals and others, the demand for decorative coatings is rising, which, in turn, is driving the Egypt decorative coatings industry.
Growing Emphasis on Environment Friendly Coatings Application
The rising on the adoption of eco-friendly decorative coatings
for various applications across major and use industry is offering major drive
in the Egypt Decorative Coating market. The regulations implemented by the government on the
volatile organic compound (VOC) in the coatings due to hazardous emission and
threat to environment is boosting the demand for low VOC content decorative
coatings such as waterborne coatings. For instance, according to World Bank blogs, the
Vision 2030 in Greater Cairo, Egypt targets to reduce the small particulate
matter concentrations by 50% by the year 2030, as under INDC in 2021. Thus with
growing emphasis on the adoption of environment friendly coatings for
residential and commercial applications, the Egypt decorative coatings industry
is growing rapidly.
Egypt Decorative Coatings Market– Challenges
Volatility in the Prices of Raw Materials
The rise in
vulnerability and fluctuations in the raw material prices create a major hamper
and challenge in the Egypt Decorative Coatings Market. The materials such as
titanium dioxide, resins, zinc oxide and others are used in the decorative
paints and coatings. The rise in the prices of materials such as titanium
dioxide leads to major hindrance in the production of decorative coatings. For
instance, the Venator Materials, a manufacturer of titanium dioxide pigments
and performance additives, announced the increase in prices of titanium dioxide
pigments, effective from July 2021 with prices at USD 200/t in EMEA region, US$
200/t in Asia Pacific, US$ 0.08/lb. Furthermore, the concerns of environment
threat and emissions also offer challenge in the market. Thus, the Egypt
decorative coatings industry faces slowdown and hamper.
Egypt Decorative Coatings Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Egypt Decorative Coatings Market. The 10 companies in the Egypt Decorative Coatings Market are:
- Akzo Nobel N.V.
- BASF SE
- Sipes Egypt
- Orient Paints
- GLC Paints
- PPG Industries Inc.
- MIDO Coatings
- PACHIN
- Scib Paints
- SIAG Chemicals Group
Recent Developments
- In April 2022, the AkzoNobel completed the acquisition of the Grupo Orbis, a leading paints and coatings producer, with the aim to strengthen the coatings business position in Latin America.
- In June 2021, the PPG Industries completed its acquisition of Tikkurila a leading decorative paints and coatings company in order to boost the portfolio in decorative coating line and growth in the market.
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