Africa Paint Market size is anticipated to grow at a CAGR of 4.9% during 2023-2029F

The waterborne segment on the basis of technology accounted for the majority of revenue share in the Africa Paint Market – 6Wresearh

By technology, waterborne generated the highest revenues in the Africa owing to wider application and its lower levels of volatile organic compounds which is more environmentally friendly and, expected to grow at the highest rate in the coming due to increasing popularity among manufacturers of automotive vehicles and equipment due to its negligible VOC emissions.

According to 6wresearch, Africa Paint Market size is anticipated to grow at a CAGR of 4.9% during 2023-2029F. Africa paint market grew considerably before the COVID-19 pandemic owing to the growth in the hospitality, construction, and residential sector in African countries such as South Africa, Egypt, Kenya, and others. For Instance, in 2019, the number of under-construction projects in Africa witnessed a significant increase, reaching 452 projects with a combined value of $497 billion which is an increase from 303 projects in 2017. In the coming years, the Africa paint market is expected to grow at a considerable rate on account of ongoing construction projects such as the New Administrative Capital in Egypt, the Premier Hotel Building in South Africa, and The Konza Technopolis in Kenya. Moreover, countries like South Africa have invested around $1.4 billion in infrastructure projects, which would be a major boost for the paint market across the country. Also, the expansion of automotive production in the region is further expected to create the demand for paint material in the coming years. The paint market in Africa would face limitations due to fluctuations in raw material prices and the rising popularity of wall decals, stickers, and digital wall coverings. Furthermore, evolving consumer preferences and advancements in new technologies have influenced the paint industry by introducing unique features and characteristics that would hinder the growth of the paint market in the region.

According to Ravi Bhandari, Research Head, 6Wresearch, architectural applications based on application garnered the major share in the market and there are more chances that a similar segment will propel in the future.

The Africa Paint Market (2023-2029) report provides an in-depth analysis with 40 figures and 24 tables, covered in 114 pages. The report comprehensively covers the market by technology, resin, application, and country. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.