This opportunity entails localizing the entire value chain for coatings.
In KSA, decorative coatings account for the majority of the coatings market (68%) followed by industrial coatings (24%), automotive coatings (6%) and finally maritime coatings (3%).
Currently, consumption for coatings in KSA is 1,115 KTPA with imports accounting for 230 KTPA (21%).
Coatings consumption in KSA and rest of GCC is expected to rise significantly over the next couple of years from 2,611 KTPA in 2018 to 4,651 KTPA in 2030 driven mainly by the growth in industrial activities
The overall demand for coatings is expected to increase to 2,233 KTPA in KSA and 2,419 KTPA in other GCC countries by 2030.
The increase in local and regional demand for coatings, the high reliance on imports for industrial coatings and the limited presence of local players coupled with the Governments push for localization presents a great opportunity for the private sector to invest in establishing manufacturing plants for coatings, especially for industrial and fusion based epoxy, in Saudi Arabia.
Beyond the local manufacturing of coatings, other opportunities exist across the value chain including:
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