GCC Specialty Chemicals Market Segmented On The Basis Of Product ,Country And Forecast 2027

07/ago/2020 13:10:27 Grand View Research Contatta l'autore

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GCC Specialty Chemicals Market

San Francisco, 7 Aug 2020: The Report GCC Specialty Chemicals Market Size, Share & Trends Analysis Report By Product (Construction Chemicals, Industrial & Institutional Cleaners, Oilfield Chemicals, Specialty Polymers), And Segment Forecasts, 2020 – 2027

The GCC specialty chemicals market size is expected to surpass USD 31.0 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period, as per a new report by Grand View Research Inc. Expanding oil and gas, and construction and building industries along with the lucratively growing industries such as automotive, textiles and water treatment among others, in the region are the major factors driving the market growth.

Prominence of oil and gas sector in GCC countries including Saudi Arabia, UAE, Qatar, Oman, and Kuwait has driven the growth of oilfield chemicals such as corrosion inhibitors, demulsifiers, and other high-performance function-based products. Furthermore, government initiatives in line with Vision 2030 focused on economic diversification and reducing their revenue dependence on oil owing to the vulnerabilities of price fluctuations and declining demand in oil & gas sector, is likely to create demand for products from other booming industries in the region. These industries include construction and building, textiles, automotive, and personal care and cosmetics among others. Therefore, the demand for textile additives, polymers, coatings, adhesives, sealants, cosmetic additives, and plastic additives is expected to rise in the forthcoming years.

Rapid growth of construction and building industry of GCC with several upcoming construction projects such as smart cities—NEOM and King Abdullah Economic City—are expected to create a significant demand from construction end use for products such as corrosion inhibitors, waterproofing and wear and tear protection additives among others. Saudi Arabia and UAE that account for 17.2% and 5.7% of the global proved oil reserves are expected to be major markets for oilfield chemicals. Rising sales of cars driven by a few macroeconomic factors including population growth, urbanization, and income growth has driven the demand of automobiles in the region. In addition, new projects of automotive hub development in Saudi Arabia is likely to extend the demand for specialty polymers, coatings, and catalysts. COVID-19 pandemic which has impacted the economies across the geographies, especially U.S., Italy, China, France, Germany, and Spain among others has disrupted the supply chain and resulted in a sharp decline in oil demand owing to industrial shutdowns. This is likely to indirectly restrict the regional market growth.

Government support and new projects coming up in the region have attracted significant players into the GCC market in order to tap such growth opportunities. International players are entering into the market via acquisition, collaboration or alliance with the players of GCC players, for instance the joint venture between The Dow Chemical Company and Saudi Arabian Oil Co. for the formation of Sadara Chemical Company. This is likely to expand the market in region and drive intense competition amongst domestic as well as global players.

Access Research Report of GCC Specialty Chemicals Market https://www.grandviewresearch.com/industry-analysis/gcc-specialty-chemicals-market

GCC Specialty Chemicals Market Report Highlights

  • Oilfield chemicals, construction chemicals and specialty polymers collectively held more than 25% of the market value in 2019
  • Construction chemicals and specialty polymers are expected to witness prominent growth over the forecast period while expanding at CAGRs of more than 5.0% during the forecast period
  • Personal care and cosmetic ingredients and industrial & institutional cleaners are expected to witness lucrative growth between 2020 and 2027
  • Saudi Arabia is likely to hold a dominant market value share, accounting for more than 50% in the whole of GCC region in 2019
  • Strategic alliance with other players in order to increase market penetration and profit margins are likely to be witnessed more during the forecast period

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/specialty-bio-based-and-water-soluble-polymers

Grand View Research has segmented the GCC specialty chemicals market on the basis of product and country:

GCC Specialty Chemicals Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Specialty Polymers
  • Specialty Gases
  • Institutional & Industrial Cleaners
  • Electronic Chemicals
  • Rubber Processing Chemicals
  • Flavors & Fragrances
  • Construction Chemicals
  • Food & Feed Additives
  • Cosmetic Chemicals
  • Oilfield Chemicals
  • Mining Chemicals
  • Pharmaceutical & Nutraceutical Additives
  • Plastic Additives
  • Printing Inks
  • CASE (Coatings, Adhesives, Sealants & Elastomers)
  • Specialty Pulp & Paper Chemicals
  • Specialty Textile Chemicals
  • Catalysts
  • Water Treatment Chemicals
  • Corrosion Inhibitors
  • Flame Retardants
  • Others

GCC Specialty Chemicals Country Outlook (Revenue, USD Million, 2016 - 2027)

  • Saudi Arabia
  • UAE
  • Kuwait
  • Oman
  • Qatar
  • Bahrain

List of Key Players Operating in the GCC Specialty Chemicals Market

  • Arkema Chemicals Saudi Arabia
  • EVONIK GULF FZE
  • Fayfa Chemical Factory (L.L.C.)
  • Halliburton
  • Horizon Chemicals
  • Huntsman (UAE) FZE
  • Professional Specialty Chemicals Factory (Ahmad Al Amoudi Group)
  • SABIC
  • Sadara Chemical Company
  • Sika Group
  • Tricom LLC

Access Press Release of GCC Specialty Chemicals Market @ https://www.grandviewresearch.com/press-release/gcc-specialty-chemicals-market-analysis

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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