A USD 78 Billion the Middle East Specialty Chemicals Market to Accelerate at a CAGR of Around 4.8% During 2024-30

• Overview
• Table of Content
• Research Methodology
• Download Free Sample

The Middle East Specialty Chemicals Market size was valued at around USD 78 billion in 2023 and is anticipated to grow at a CAGR of around 4.8% during 2024-30, cites MarkNtel Advisors in their recent research report. The specialty chemicals industry has a huge demand in different types of industries, for instance, in pharmaceuticals these are used as active pharmaceutical ingredients (APIs), solvents, and reagents, in mining as frothers, flocculants, collectors, and grinding aids, in construction chemicals as concrete admixtures, waterproofing, adhesive and sealant, protective coating, in personal care as inactive ingredients and active ingredients, etc.

Various ongoing and upcoming wide-ranging manufacturing activities across different countries in the region are expanding the market basically to achieve their different goals related to agriculture, aerospace, and pharmaceutical.  The growth opportunities for the big players are being created by huge investments in infrastructural development in the countries like the UAE, Qatar, and Saudi Arabia. Also, the Middle East is an emerging state, owing to a less flourished market compared to the global stage, has the immense potential to grow significantly, and has different investment options available. 

Moreover, the rising influx of foreign direct investments in the industry, and the growing number of construction initiatives, owing to the increasing presence of international organizations & corporations, rising tourism, and well-established brands, are projected to have a meaningful impact on the growth & expansion of the market in the coming years. Along with the opportunities and driving factors there are some challenges related to the raw material costs, which are unpredictable and generally increasing due to rising inflation, so the uncertainty of the production value from suppliers, and the scarcity of raw materials, becoming a restraint in proper function of supply chain in the market.

Further, the increasing need for specialty chemicals across the gas & oil industry to improve overall efficiency & simplify the extraction process in an environment-friendly manner is another aspect expected to fuel the demand for specialty chemicals across the region, further states the research report, “the Middle East Specialty Chemicals Market Analysis, 2024.”

Segmentation Analysis

Construction Chemicals Segment Holds the Largest Market Share

Based on the type, the market is further bifurcated into pharmaceuticals, mining, water & waste water treatment, construction chemicals, oilfield chemicals, personal care, food additives, and others. The construction chemicals segment has held the largest share of the Middle East Specialty Chemicals Market in recent times and is also expected to hold the same in the forecast period. The growing demand to restrict significant air inclusions within the building and construction industry on the surface of the concrete is the main reason behind construction chemicals being the key growth driver. Moreover, the expansion in the presence of international corporations, well-known brands, and the growing tourism sector is projected to augment the size & volume of this segment in the coming years as well. 

 The UAE to Lead the Specialty Chemicals Industry

The biggest share over the forecast period is expected to be held by the UAE in the Specialty Chemicals Industry in the Middle East. The developments in the region across the varied industries, including construction, oil & gas, water & wastewater treatment sector, and mining are raising the demand for specialty chemicals. Along with it, the rising number of greenfield investments led to the expansion of new facilities driving the demand for specialty chemicals in the region. The growing demand for specialty chemicals in the region is the result of an attempt to improve working efficiency, this is also driving the market growth in the UAE.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Saudi Basic Industry Corporation(SABIC), Sadara Chemical Company, Saudi Specialty Chemical Industries Co Ltd., Thebe Unico, AECI Ltd., Clariant AG, AkzoNobel N.V., Evonik Industries AG, BASF SE, DowDuPont Inc., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various countries?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?