According to MarkNtel Advisors, the GCC Construction Chemicals Market is projected to witness around 15% CAGR during 2021-26. The market is driven principally by the increasing investments by the governments of GCC countries in various construction activities, coupled with upcoming smart city projects. It, in turn, is propelling the demand for construction chemicals & generating numerous growth opportunities for the leading market players, especially across Saudi Arabia & UAE.
Besides, various initiatives toward economic diversification and reducing the dependencies on oil are anticipated to remain a critical factor in augmenting the overall market growth. Moreover, with the growing concerns related to the harmful effects of conventional buildings entwined with the changing government policies to build sustainable & environment-friendly buildings, the number of construction projects in the region is significantly increasing and soaring the demand for construction chemicals.
Furthermore, the mounting focus of several leading players in the construction industry on underground structure protection using sustainable materials is playing a crucial role toward sustainability and driving the market, further states the research report, "GCC Construction Chemicals Market Analysis, 2021."
Key Questions Answered in the Study
Concrete Admixtures Experience Maximum Demand across UAE & Saudi Arabia
Amongst various types of construction chemicals, Concrete Admixtures dominated the market with the largest share. It owes to their increasing demand due to their capabilities of enhancing the concrete properties to bind materials in construction.
Besides, benefits like low cement-water ratio, reduced segregation, better setting time, etc., are other prominent aspects propelling the demand for concrete admixtures. With the increasing number of construction activities in the GCC region, especially across UAE & Saudi Arabia, the high demand for concrete admixtures has backed the market growth substantially & shall prevail the same trend in the coming years.
Rise of Green Buildings in Saudi Arabia to Contribute Significantly to the Market Growth
With the mounting demand for construction chemicals for projects associated with infrastructure development and the construction of green buildings & smart cities, Saudi Arabia is significantly contributing to the construction chemicals market. Besides, several initiatives by the Saudi government toward reducing economic dependence on oil are leading to the increasing focus on the construction sector, thereby driving the market.
Moreover, the availability of numerous projects like the construction of airports, buildings, highways, roads, bridges, & hotels, among various others, is another crucial aspect fueling the demand for construction chemicals and bolstering the market growth in Saudi Arabia, reveals MarkNtel Advisors in their research report, "GCC Construction Chemicals Market Analysis, 2021."
According to MarkNtel Advisors, the major leading players in the GCC Construction Chemicals Market are BASF Middle East LLC, Middle East Fosroc, Sika GCC, DOW Menat, Chryso Gulf, Saudi Basic Industries Corporation (SABIC), GCP Applied Technologies Inc., Henkel Arabia, Jotun Saudia Co. Ltd., and DOW Menat.