Increasing Industrialization and Infrastructure Development Fuel Growth in GCC Specialty Chemicals Market
SkyQuest projects that the GCC specialty chemicals market will attain a value of USD 1157.64 billion by 2030, with a CAGR of 4.2% over the forecast period (2023-2030). The primary driver of the global market is projected to be the increase in investments in the oil, gas and automotive industries. In addition, the market is expected to be driven by large building projects across several countries, including NEOM and smart city initiatives. It is anticipated that the increasing consideration governments in the GCC region are paying to economic diversification to lessen their reliance on oil revenue would open up a wide range of prospects for other sectors, including personal care & cosmetics, industrial cleaners, textile chemicals and food additives.
Westford, USA, June 12, 2023 (GLOBE NEWSWIRE) — According to the SkyQuest, the need for GCC Specialty Chemicals has been fueled by the expanding population and the speed of urbanization. Additionally, a more extensive consumer base is anticipated to increase demand for automobiles and automotive components. The demand for specialty chemicals from polymers, catalysts and CASE is therefore anticipated to rise positively in the market throughout the forecast period.
Get sample copy of this report:
https://www.skyquestt.com/sample-request/gcc-specialty-chemicals-market
Browse in-depth TOC on “GCC Specialty Chemicals Market”
- Pages – 242
- Tables – 66
- Figures – 75
The demand for automobiles has been fueled by the growing urban population as well as the rate of urbanization. A larger consumer base is anticipated to increase demand for automobiles and automotive components. Additionally, a more affordable and widespread adoption of automobiles results from a favourable tax structure that excludes special consumption tax, luxury tax and value-added tax, as well as the availability of fuel at cheap costs.
Prominent Players in GCC Specialty Chemicals Market
- Arkema Chemicals Saudi Arabia
- EVONIK GLUF FZE
- Fayfa Chemical Factory (L.L.C.)
- Halliburton
- Horizon Chemicals
- Huntsman (UAE) FZE
- Professional Specialty Chemicals Factory
- SABIC
- Sadara Chemical Company
- Sika Group
- Tricom LLC
Agrochemicals Segment is Anticipated to Grow in the Market Due to World’s Expanding Population
The agrochemicals segment led the market and it is anticipated that it will continue during the forecast period. Agrochemicals are being used more frequently to protect and boost crop productivity due to the world’s expanding population and rising food demand. The market is also expanding due to farmers’ growing knowledge of the advantages and characteristics of agrochemicals.
North America is dominating the market. Biocides, cosmetic compounds, corrosion inhibitors, institutional cleaners and synthetic lubricants are all widely used in North America. The growing U.S. and Canadian demand for building chemicals. North America’s continuous market expansion has also been made possible by increased investments in infrastructural projects. For instance, the GPCA research estimates that building chemicals would account for 0.9-1.0 MMT by 2028, up from 0.8 MMT in 2021.
Browse summary of the report and Complete Table of Contents (ToC):
https://www.skyquestt.com/report/gcc-specialty-chemicals-market
Antioxidant Segment is Anticipated to Grow Due to Increasing Demand for Food and Pharmaceutical Packaging
The antioxidant segment is expected to have considerable expansion during the forecast period due to declining costs, rising investment and regulatory agency product approval. For instance, in January 2019, BASF SE officially opened its brand-new manufacturing plant for antioxidant compounds in Shanghai, China, with an approximate 42,000-ton annual capacity.
Asia Pacific dominated the market, and it is anticipated that this dominance will last the entire forecast period. This is explained by the significant chemical production base that is concentrated in China and India. China has become a significant producer of specialized chemicals due to the low labour cost and easy access to raw materials. By 2020, APAC countries accounted for 50% of the world’s construction investment, with China, Indonesia, Japan, South Korea, and Malaysia having the most significant potential for expansion. In the upcoming years, these factors will probably lead to an increase in demand for GCC specialty chemicals globally.
A comprehensive analysis of the major players in the GCC Specialty Chemicals market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in GCC Specialty Chemicals Market
- Platinum Equity announced it had paid USD 5.25 billion for the maker of specialty chemicals Solenis from Clayton, Dubilier & Rice and BASF in 2021. Solenis was then combined with Sigura Water. With the help of this combination, Sigura were able to increase the supply of its water-treatment products and other chemical types to fulfil market demand.
- Canlak Inc., a Canadian coatings company, and Valentus Specialty Chemicals, a United States-based company, were both purchased by SK Capital in 2021. SK Capital is a private investment organization that primarily focuses on the specialty chemicals and pharmaceutical industries.
Speak to Analyst for your custom requirements:
https://www.skyquestt.com/speak-with-analyst/gcc-specialty-chemicals-market
Key Questions Answered in GCC Specialty Chemicals Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Thermal Interface Materials Market
Global Sodium Bicarbonate Market
Global Anti-reflective Coatings Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
