GCC Specialty Chemicals Market 2021 Analysis of Key Trend, Industry Dynamics and Future Growth 2027

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The global GCC Specialty Chemicals market size is expected to be worth around US$ 31.0 billion by 2027, according to a new report by Vision Research Reports.

The global GCC Specialty Chemicals market size was valued at US$ 21.7 billion in 2019 and is anticipated to grow at a CAGR of 4.4% during forecast period 2020 to 2027.

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Growth Factors

Growing investments in construction, oil and gas, and the automotive sector is likely to be the primary market growth driver. Grand construction projects in line across the GCC countries such as smart city projects including NEOM are likely to fuel the product demand in the near future. In terms of product type, specialty polymers, oil field chemicals, industrial and institutional cleaners are expected to collectively hold the majority revenue share in the market. Saudi Arabia and UAE with significant proven reserves of oil and major upcoming construction projects are anticipated to pose significant opportunities for growth to the market in the near future.

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.

Report Highlights

The others segment held the largest share of around 40% in 2019 and is anticipated to continue holding the leading revenue share over the forecast period. The rapid growth of construction industry, driven by the intensive oil and gas investments, upcoming infrastructural projects, urban development, and utility is expected to create noteworthy demand for construction and building chemicals.

Expanding population along with increasing rate of urbanization has driven the demand for automobiles. In addition, the expanding consumer base expected to translate into higher demand for vehicles and automotive parts.

The global energy market faces a high degree of uncertainty on account of the COVID-19 outbreak and related containment measures taken. The plunge in demand for oil, tumbling oil prices, decrease in rig count, and investments in oil and gas sector are expected to leave the industry broken and have been a crucial challenge faced by oil and gas manufacturers of GCC.

Saudi Arabia holds a prominent share of oil reserves in the whole of GCC and 17.2% of the global share in 2019. This projects several opportunities for growth to the specialty chemicals from the oil & gas industry of the country. Besides these, the country also projects opportunities from other industries including automotive, personal care and cosmetics, and electrical & electronics among others after the launch of Vision 2030, which aims at diversifying the country’s economy.

The introduction of megaprojects and the execution of Private Sector Stimulus Package (PSSP) are expected to have a positive impact on the country’s industries in 2020. Building and construction is one of the outperforming sectors of Saudi Arabia that witnessed growth of 1.3%, 4.9% and 4.6% y-o-y growth in the first three quarters of 2019.

The growth of specialty chemicals market in other GCC countries namely UAE, Bahrain, Kuwait, Oman, and Qatar is mainly driven by the expansion of oil and gas, construction and automotive industries. Compared to all GCC countries, UAE has the most diversified economy and thus projects lucrative opportunities in terms of application across varied end uses. These opportunities are boosted further by the future construction projects in line, Jumeirah Garden City, Al Maktoum International Airport, and Dubai Creek Harbour to name a few.

Key Players

  • 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

Market Segmentation

  • Product Outlook 
    • 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
  • Country Outlook 
    • Saudi Arabia
    • UAE
    • Kuwait
    • Oman
    • Qatar
    • Bahrain

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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