Press Release Description
Demand for Emulsion Polymer to Boom Due to the Rising Construction Activities in Saudi Arabia
The Saudi Arabia Emulsion Polymers market is projected to grow at a CAGR of around 6.50% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Saudi Arabia, being an oil-rich country, has been investing in the construction development of roads, malls, hotels, smart cities, and other infrastructure to achieve its goal of Vision 2030. As a result, the construction industry in the country has experienced significant growth in recent years, leading to an upsurge demand for paints & coatings, which, in turn, has driven the demand for emulsion polymers in the country.
Moreover, this rising requirement for polymers from the construction industry attributes to the government's emphasis on the evolution of hotels to boost the tourism & hospitality sector in the country. According to the statistics by Top Hotel Projects, more than 80 hotels are presumed to be completed by 2023. Hence, the rising construction in the hospitality sector would further enhance the demand in the forecast years.
Additionally, the government of Saudi Arabia is encouraging public-private partnerships (PPPs) & stimulating global companies to mark their presence in Saudi Arabia as it would work to advance economic development. These partnerships would help deliver services & emulsion polymers & related products more effectively & efficiently by utilizing the resources & innovation of the private sector.
Further, due to the encouragement from the government, international businesses are working with local businesses to enter the country's market & enhance their potential customer base. Therefore, the emerging opportunities to set up a manufacturing facility in the country would propagate market growth in the forthcoming years., further states the research report, “Saudi Arabia Emulsion Polymers Market Analysis, 2023.”
Extensive Usage of Acrylic Emulsion Polymers in End-user Industry to Escalate Market Growth
Based on the type segment, the market is further bifurcated into, Acrylics, Styrene-butadiene latex, Vinyl Acetate polymers, Polyurethane dispersions, and Others (Styrene-acrylics, Nitriles, etc.). Of them, Acrylic Emulsion held the dominant share in the Saudi Arabia Emulsion Polymer Market owing to the rising usage of this category of polymer in the construction as well as the textile industry. These polymers offer numerous benefits such as adhesion, abrasion resistance, etc., which make them a favorable choice for building matter and construction material. Moreover, the consumption of acrylics in the textile industry for colors and dyes has also increased the market share of Acrylic Polymers in the market. Further, the rising construction activities and the emergence of the textile industry in the county would enhance the demand for acrylic polymers during the forthcoming period.
Rising Construction Activities to Generate the Demand for the Emulsion Polymer in Saudi Arabia
Based on the End User, the market is divided into Building & Construction, Automotive, Textiles & Coatings, Chemicals, and Others (Retail & E-Commerce, etc.). Among them, Building and Construction held the dominant share in the historical period since acrylic polymers offer excellent features such as waterproofing, structural adhesives, etc., in building and construction materials. Hence, the developers use building materials which include emulsion polymers & other chemicals, to strengthen the building structure. Therefore, Building & Construction held the maximum share in the Saudi Arabia Emulsion Polymer Market.
Moreover, these polymers are used in textile industries to impart colors and dyes. Therefore, the plans of the government of Saudi Arabia to encourage the setting up of the textile industry in the country would result in the emergence of the Textile industry as a prominent end user in the market during the forecast period.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Dow Materials Science Saudi Arabia Limited, BASF SE, JIFTEX Polymers, Obegi Chemicals Group Group, Biolab Arabia LTD. Co., Celanese Corporation, Wacker Chemie AG, DIC Corporation, Arkema Group, SNF Group, Others (Synthomer Middle East Company Limited, Asahi Kasei Chemicals, etc.), are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across the country, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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