Market revenue from the MENA corrosion protective coatings and acid proof lining market is estimated to be valued at US$ 1,953.0 Mn by 2016 end, which is expected to increase at a CAGR of 4.9% over the forecast period 2016-2026.
Strategic government initiatives to promote non-oil industries in the Middle East and North Africa in recent years is expected to be one of the major factors driving growth of the MENA corrosion protective coatings and acid proof linings market over the forecast period (2016-2026).
Increasing activities in shipping, offshore repair and shipbuilding in the Middle East & North Africa in recent years are factors anticipated to drive demand for corrosion protective coatings in the region over the forecast period. Also, robust growth in end-user industries such as marine, oil & gas and chemicals in MENA is in turn expected to drive growth of the market in the region. On the other hand, major economies and industries in MENA region are still heavily dependent on crude oil production, export and fiscal revenue generated from it.
Slump in crude oil prices in recent years has heavily affected the growth of major economies as well as industries in MENA region, in turn affecting the demand for corrosion protective coatings and acid proof linings. Slump in crude oil prices in recent years and the near future is anticipated to be the major restraint for growth of the MENA corrosion protective coatings and acid proof linings market.
Key players in the MENA corrosion protective coatings and acid proof linings market focus on developing specialty coatings for rehabilitation of pipelines in order to capitalise on favourable growth opportunities related to the same. This is expected to be a major trend in the market over the next few years.