Nigeria set to be a lucrative market for industrial paints and coatings manufacturers

The increase in infrastructure and maintenance spending by the private and public sector in South Africa, Nigeria and Kenya is lending momentum to the industrial paints and coatings market in these countries.

Nigeria presents the most opportunities due to the Government’s success in stimulating private and public involvement in development projects, such as the landlord management model, introduced in 2006, to enable private companies to handle operations at Nigeria’s ports. With the expected rollout of several new development projects by the Government, as well as private players, the local production capacity utilisation of paints and coatings in Nigeria will increase significantly from its 2010 level of 35-40%.

New analysis from Frost & Sullivan, ‘Analysis of the Industrial Paints and Coatings Market for South Africa, Nigeria and Kenya’ (soon to be released), finds that the sales volume of industrial paints and coatings across the three countries stood at 101.2M lit in 2012. This is estimated to reach 142.1M lit in 2017. The study covers wood, powder, can and coil, marine and industrial protective coatings. Powder, marine and industrial protective coatings represent key growth areas within the market. "New projects announced in the oil and gas sector and allied industries in South Africa, Nigeria and Kenya are fuelling the demand for industrial paints and coatings products,” said Frost & Sullivan Chemicals, Materials & Food Industry Analyst Anthony Lawrence.