The African Paint market size is anticipated to grow at the compound annual growth rate (CAGR) of 4.9% during 2023-2029F.
This was according to Research and Markets (RM) African Paint Report 2023 seen by Nairametrics.
According to the report commercial and Residential Projects are growing in the African region owing to several initiatives such as the African Union’s Agenda 2063 related to housing and urban development, aiming to provide affordable housing for all Africans, West Africa recorded the highest number of projects in the region (153 projects) and others is contributing to the rising demand of Paint.
Large-scale infrastructure projects: Additionally, the report said that the government has announced various large-scale infrastructure projects such as the Kenyan government’s national campaign, Morocco approved a $4.16 billion yearly infrastructure budget till 2030, and housing and infrastructure projects worth $123.1 billion between the years 2021 and 2025 in Nigeria and others are anticipated to upsurge the demand for paint in forecast years.
The report noted that the Africa Paint market was growing steadily on account of rapid growth in infrastructure projects such as 462 under-construction projects with a total project value of $521 billion, a 20% increase from 385 projects in 2020 in Africa, $8.5 billion Egypt’s Oasis Mega Urban Development Project, Algeria Five-Year Investment Plan 2015-2019 and government aim to develop smart infrastructure using emerging technologies.
The outbreak of coronavirus: It added that due to the outbreak of coronavirus in 2020, there was a supply chain disruption and economic slowdown, that resulted in the slow growth of the Africa paint market.
However, with the resumption of the paused projects and the realization of pent-up demand due to rising infrastructure projects, the market has started to show positive growth and it is expected to grow further in the upcoming years.
Architectural Paint: The report said architectural Paint held the highest revenues in the paint market in Africa on the back of their significant demand in the construction and housing sectors.
It added that the development of housing projects such as 2,198 residential units under Fochville Extension 11, 53 four-story building hospital street consisting of 1,056 units, Kwandokuhle Social Housing Project among others, would drive the market for architectural Paint in the coming years.
Market by Countries: The report highlighted that South Africa acquired the majority revenue share in 2022 on the back of residential projects like Ellipse Waterfall, and commercial projects such as Boardwalk Mall, and others. In the years ahead, the same trend is expected to follow owing to the various construction projects that have been proposed such as Durban Iconic Tower, The Vogue, etc.
It noted that around 14 properties are planned to be built across South Africa by the Radisson Hotel Group.
The report said that Egypt accounted for the second-highest revenue share on the back of construction projects such as Nile Tower and Podia Tower.
