South Africa: Paint sector looks to innovation as it fights off impact of COVID-19 and devastating riots

The annual value of South Africa’s paints and coatings market will nudge US$2.1bn (South African Rand ZAR33.3bn) by 2026 after growing at a compound annual growth rate (CAGR) of 5.6% between 2021 and 2026. These predictions from market researcher IndustryARC came in May (2021) as the industry battled the continued impact of the global COVID-19 pandemic. They also were released just before the week-long riots in July that state insurance company Sasria estimated caused US$1.7bn (ZAR25bn) in damage to the entire South African economy. Violence erupted in KwaZulu-Natal (KZN) and Gauteng due to the imprisonment of former President Jacob Zuma, with KZN’s Durban and Pietermaritzburg being the hardest hit – Zuma is a Zulu, who make up around 77% of the province’s population. According to the ‘South Africa paints and coatings market’ report by research company IndustryARC, rising construction is boosting the demand for paints and coatings, a demand factor that may grow as the riots’ damage is repaired.

By Nicola Jenvey in Durban

Read the full report here: South Africa 2022