Middle East Specialty Chemicals Market Overview:
According to MarkNtel Advisors study the Middle East Specialty Chemicals Market size was valued at around USD 78 billion in 2023 and is estimated to grow at a CAGR of around 4.8% during the forecast period, i.e., 2024-30. The market is growing rapidly due to increasing demand from various industries such as automotive, construction, aerospace, food and beverage, agriculture, electronics, pharmaceutical, textile, and personal care. The expansion of the market is supposed to be uplifted primarily by the various ongoing & upcoming wide-ranging manufacturing activities across different countries in the region, in line with their goal of introducing economic heterogeneity and focusing on improving the agriculture, pharmaceutical, and aerospace i.e., increasing the demand for specialty chemicals.
Key Findings of the Study: Middle East Specialty Chemicals market
Middle East Specialty Chemicals Market Driver:
Growing Demand from End-Use Industries Driving Market Growth – The expansion of different end-use industries, which include construction, electronics, medical, automotive, and packaging is raising the demand for specialty chemicals. Almost every industrial sector consumes specialty chemicals. So, the demand for specialty chemicals is increasing and will increase in the future as well due to increasing consumer-driven industries. The automotive industry is one of the biggest consumers of specialty chemicals. A few automobile parts, including coatings, tires, and adhesives use specialty chemicals in their manufacturing to enhance their durability and performance. As these sectors are continuously innovating and developing the demand for specialty chemicals will keep on increasing in the region.
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Scope of the Middle East Specialty Chemicals Market Report Segmentation
-By Type
· Pharmaceuticals
· By Mining
· By Water & Waste Water Treatment
· By Construction Chemicals
· By Oil Field Chemicals
· By Personal Care
· By Food Additives
· Others
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Geographical analysis:
-By Country
· Saudi Arabia
· UAE
· Qatar
· Kuwait
· Oman
· Others
From all of these, the UAE is expected to remain a prevailing market for Specialty Chemicals during the forecast period. The rapidly growing developments across different industries like construction, oil & gas, water & wastewater treatment sectors, and mining, among others, i.e., excelling the demand for specialty chemicals and expanding the market.
In addition, the growing number of greenfield investments is leading to increased construction of new facilities, thereby driving the demand for construction chemicals such as emulsifiers and corrosion inhibitors, which is having a fruitful impact on market size & volume. Furthermore, the increasing influx of tourism & migrants is expected to play a crucial role in boosting the market growth in the UAE in the coming years.
Middle East Specialty Chemicals Industry Recent Development:
· 2024: Evonik Industries AG signed an MoU at QEF to explore investment opportunities in Qatar. Their common aim is to explore particular investment opportunities focused on balanced solutions for energy transition.
· 2023: Sadara Chemical Company announced to begin supplies to PlasChem Park. It is a joint venture by Saudi Aramco and Dow Chemical Co. This joint venture has announced the full operation of its ethylene oxide and propylene oxide pipeline transportation system.
Current Landscape of Middle East Specialty Chemicals Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Middle East Specialty Chemicals market. The research report profiles major players, including
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· Saudi basic Industry Corporation
· 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.
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