New York, July 10, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oman Paints and Coatings Market - Growth Trends and Forecast (2019 - 2024) " - https://www.reportlinker.com/p05865956/?utm_source=GNW
The decorative or architectural coatings form the largest segment of the Oman paints & coatings market. Paints and coatings are applied on the exterior or interior of houses to not only add colors or for decorative purposes, but also to perform a wide range of functions. Their functions vary depending upon the type of environment and room that they are used on.
Major restraint is the construction challenges in the country. The falling oil prices had a considerable effect on the construction industry. There are fewer projects awarded and more delays and cancellations. While there will always be smaller projects and maintenance of existing businesses, margins get squeezed as competition increases.
Key Market Trends
Increasing demand from decorative application
In the recent years, Oman has invested heavily in construction projects, spanning across fields, such as aviation, shipping, logistics, and infrastructure. The Omani construction sector has 1,840 urban construction projects worth USD 61 billion. Due to the sudden decline in oil prices in late-2018, several projects are currently on hold, which has affected the overall Omani economy.
However, a government-driven economic diversification program, which focuses on moving the country away from its dependency on oil-based revenues, is promoting tourism across the country. Large hotel projects are about to commence, and these projects may, somewhat, negate the slump in the construction industry during the forecast period. All the aforementioned factors, in turn, are expected to increase the demand for Paints and Coatings Market in the Decorative segment during the forecast period.
Water-Borne technology to Dominate the Market
Water-borne paints and coatings hold the major share in the overall paints and coatings market. The major reason for their gain over solvent-borne is their environment-friendly nature, as they are generally lower in volatile organic compounds (VOCs), which degrade the environment. Furthermore, other properties, like low odor, more durability, and block resistance, make water-borne paints preferable than solvent-borne. The water-borne segment of the market studied is driven by several factors, such as increasing consumer awareness about VOC emissions and rising environment regulations. Additionally, water-borne coatings are mostly preferred in the Middle East for interior and exterior doors, windows, and door frames. Thus, the favorable properties exhibited by water-borne is expected to drive the market in the region, during the forecast period.
Competitive Landscape
The Oman Paints and Coatings market is highly consolidated in the market with the presence of limited number of companies eyeing for share in the market. The major companies are Jotun AS, AkzoNobel, Asian Paints, National Paints Factories Co. Ltd and Khimji Paints among others.
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Read the full report: https://www.reportlinker.com/p05865956/?utm_source=GNW
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The market for Paints and Coatings is expected to grow at a CAGR of approximately 4.25%
Market Overview The market for Paints and Coatings is expected to grow at a CAGR of approximately 4. 25% in Oman during the forecast period. Major factors driving the market studied is the growing demand from increasing Oil and Gas exploration and production activities.
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