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    Breaking News

    The ChemQuest Group, Inc. Awarded Study of Paints and Coatings in Saudi Arabia

    ...

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    07.25.16
    Celebrating its 40th anniversary in 2016, the ChemQuest Group, Inc., a business strategy firm in specialty chemicals, announces its successful bid to assist the Saudi Arabian General Investment Authority (SAGIA) representing the Kingdom of Saudi Arabia (KSA), with its historic initiative to drive sustained economic development to KSA through a technical and market study of paints and coatings within Saudi Arabia. ChemQuest’s recommendations, which will be developed on the basis of competitive criteria from other model countries such as the U.S., Germany, and China, must conform to the Kingdom of Saudi Arabia’s Vision 2030, endorsed by the Cabinet on April 25, 2016.

    In its role, the ChemQuest Group, Inc. will define a profitable, organic-growth-oriented business investment case for the production of paints and coatings products in Saudi Arabia to meet growing regional demand in the Middle East, amid persistent import gaps.  ChemQuest will develop critical benchmark requirements for best investment practices within the global paint and coatings industry. ChemQuest’s multiphase research and analysis will culminate in a best-in-class financial investment model for SAGIA that will outline the short- and long-term competitive advantages (and investment attractiveness) of producing paints and coatings within Saudi Arabia, with a special focus on identifying and overcoming barriers to sustained growth and profitability, or otherwise limiting foreign and local investments. 

    Saudi Arabia’s Vision 2030 objectives (designed to deliver sustained economic growth to the region in multiple phases) will be implemented through 2030, with robust improvements underway now through 2020.

    Driven by low oil prices since late 2014, Vision 2030 intends to provide better opportunities for partnerships with the private sector through three pillars: Saudi Arabia’s position as the heart of the Arab and Islamic worlds; becoming an investment powerhouse; and its strategic geographical position. Each pillar is intended to support improvements to the business environment, enabling the economy to grow and driving healthier employment opportunities for citizens and long-term economic stability.

    All pillars – two and three in particular - are vital to Saudi Arabia’s emergence as the “Center for the Paints and Coatings Supply Chain” vis-à-vis its “Vision for Paints and Coatings”.  Global coatings represent a $140 billion industry, growing at a 5% CAGR rate from 2015 to 2020.  Saudi Arabia has access to key feedstocks within the Middle East, and is well positioned to serve Africa to its west, which is growing at 5% CAGR, and India and SE Asia, to its east, growing at 7% CAGR. 

    In 2015, paint and coatings demand, primarily driven by decorative and architectural coatings used by the KSA in construction, was 1,200 kilotons by volume valued at $1.75 billion USD, growing at a 5-year CAGR rate of 4.9% (2015-2020). Other drivers included industrial durable goods production and small business growth driving its use of Industrial OEM paints as well as asset protection driving Special Purpose coatings use in the region. 

    KSA’s basic chemical industry has prospered due to its ports that are designed for bulk trade; KSA’s plan to leverage low cost oil production will further develop local downstream intermediate feedstocks and end-user industries.  For select molecules, KSA will support investments required to become the low cost producer of intermediates. To achieve economies of scale, it will expand not only the addressable market beyond the Middle East to include Africa, India, China and SE Asia, but also the end-market scope beyond paints and coatings to include other markets that use the same intermediates, such as adhesives, sealants, inks, textiles, nonwovens, plastics, and personal care- and home-care products. While the paint and coatings industry in the Middle East, Africa, India, China and SE Asia, is currently underdeveloped, the region is emerging rapidly.

    Moreover, KSA competes effectively with China by offering financial incentives for market players such as tax reduction, reduced tariffs, easier access to funding, reduced prices on land, and government subsidies. 

    Dan Murad, president/CEO of the ChemQuest Group, Inc., is “extremely honored by the confidence KSA has placed in ChemQuest having selected us for the Study of Paints and Coatings in Saudi Arabia. ChemQuest is looking forward to laying out the business fundamentals and the ‘Path to Success’ for ensuring SAGIA’s clear understanding of how to address distinctly different coatings sectors and mitigate risks associated with external business uncertainties. ChemQuest’s deliverable will include a financial snapshot of each future year. SAGIA is eager to implement ChemQuest’s comprehensive recommendations to fulfill its profitable vision of building state-of-the-art factories to produce paints and coatings for protecting and beautifying Saudi Arabian assets.”

    Acting Governor of SAGIA, His Royal Highness Prince Saud Bin Khalid Al Faisal said “We warmly welcome our partnership with ChemQuest Group, Inc. as they work closely with SAGIA to understand how Saudi Arabia’s strengths can be used to create a robust paint and coatings sector. The rapid growth of the paint and coatings sector in the Kingdom, and our large basic petrochemical industry is a strong foundation upon which the sector can be built. ChemQuest’s expertise and recommendations will enable us to fill the path to success we seek in paints and coatings, which will in turn, bring us closer to achieving Saudi Arabia’s Vision 2030 goals.”
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