MENA Corrosion Protective Coatings and Acid Proof Linings Market Will hit at a CAGR of 4.9% from 2016 to 2024
Demand for corrosion protective coatings and acid proof linings in the Middle East and North Africa (MENA) is estimated to increase at 3.2% Y-o-Y by 2016 end. Saudi Arabia is expected to remain the largest consumer ofcorrosion protective coatings and acid proof linings in MENA, accounting for revenue share of 32.5% by 2016 end. Strategic government initiatives to diversify the country’s economy as well as growing public and private sector investments in various end-use industries are factors expected to drive market growth in the near future.
Robust growth of marine industry as well as increasing maritime activities, such as shipping, offshore repair and shipbuilding are factors anticipated to drive growth of the corrosion protective coatings and acid proof linings market. However, the ongoing oil-crisis in the Middle East can negatively impact market growth.
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By product type, polymer coatings will remain the preferred material in MENA corrosion protective coatings market, accounting for a revenue share of 64.6% by 2016 end. Epoxy and polyurethane will remain the sought-after polymer coatings, owing to their technical superiority and multi-functionality. Thermoplastic lining will remain the highest selling acid proof lining product, ramping up US$ 155.8 Mn in revenues by 2016 end.
Major market participants such as Cape RB Hilton Saudi Arabia Ltd., Hertel OTC, StonCor Middle East LLC, Kaefer LLC. REMA TIP TOP AG, KCC Corrosion Control Co., StonCor Middle East LLC, Anticorrosion Protective Systems L.L.C., Al Gurg Paints LLC., Ineco Limited, Global Suhaimi and Ocean Rubber Factory LLC are actively focussing on capacity expansion as well as industry-specific new product development in the region. Furthermore, mid-level market participants are focussing on strengthening distribution and geographical expansion in order to capitalise on growth potential of the MENA corrosion protective caoatings and acid proof linings market.
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Long-term Outlook: Revenue from the corrosion protective coatings and acid proof linings in the Middle East and North Africa is expected to reach US$ 3,163.8 Mn by 2026 end, expanding at a CAGR of 4.9% over the forecast period 2016–2024. Saudi Arabia is anticipated to dominate the corrosion protective coatings and acid proof linings market over the forecast period, with market share of 32.5% in overall sales by the end of 2026.