The market for Wood Coatings in Middle-East and Africa is expected to grow at a CAGR of over 2% during the forecast period. Major factors driving the market studied are increasing applications in furniture and growing construction industry in the middle eastern region. On the flipside, stringent environmental regulations and unfavourable conditions arising due to COVID-19 outbreak, are the major restraints, which are expected to hinder the growth of market.
– Increasing demand for UV-cured coatings and shift toward water-borne coatings, are expected to offer various lucrative opportunities for the growth of market.
– By application, furniture and fixtures segment is expected to account for the largest share.
– By Country, Saudi Arabia is expected to dominate the market during the forecast period.
Key Market Trends
Growing Demand from the Furniture & Fixtures Segment
– Wood coatings, due to their excellent adhesion, anti-corrosive properties, increased durability on woods, and esthetic properties, are becoming an integral part of various commercial sectors.
– Wood coatings are mainly used in furniture and fixtures. These coatings help in protecting the furniture and cabinets from termites and fungal infection. Additionally, they also protect them from moisture and mold formation. These coatings are UV-curable and powder technology-based. They enhance the appearance of furniture and also extend their lifetime.
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– The demand for furniture is increasing owing to the increasing level of income of middle-class people, in turn, propelling the demand for wood coatings for home furniture products, in recent times. The furniture and fixture application segment accounted for more than 50% of the wood coatings market in 2019, and it is expected to increase its revenue share during the forecast period.
– Furthermore, increasing office space usage in countries, like the United Arab Emirates and Saudi Arabia, is also propelling the demand for furniture, which further increases the application of the market studied.
– Vision 2030 and the emphasis on diversification from oil-reliance have led Saudi Arabia to plan and invest in billions on hospitality, commercial, and other construction projects that demand the full range of interior and fit-out products. The country is considered as a home to the Middle East’s construction market, with an interior market value of more than USD 3.5 billion. Major construction projects in Saudi Arabia include the King Abdullah Security Compounds (Phase 5), and the Grand Mosque (Holy Haram Mosque expansion), among few others.
– Moreover in 2019, a total of USD 73.1 billion worth of projects were completed in the United Arab Emirates, which increased by almost 9% from the last year. With many Dubai Expo-related projects nearing completion, other sectors, such as infrastructure and utility projects, are expected to remain strong activity for the growing construction sector in UAE.
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