Saudi Arabia Specialty Chemical Market

Saudi Arabia Specialty Chemical Market Overview

The specialty chemicals refer to single-chemical entities or formulations that influences the performance and processing of the end product. These are high-value chemicals, which are used for boosting agricultural, construction, food processing, chemical & intermediates processing, coatings & paper trading, transportation, among others.

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Major Saudi Arabia Specialty Chemical Market Drivers

Growing demand for performance chemicals across the end-use industries including oil and gas, paper, construction, water management, food, mining, pharmaceutical, agriculture, and personal care for function specific applications is expected to be drive the growth of the specialty chemicals market in Saudi Arabia. In addition, availability of various formulation chemicals including electronic chemicals, industrial and institutional cleaners, surfactants, and flavours and fragrances is further expected to support the market growth.

Moreover, rising public and private investments in construction and infrastructure development projects in Saudi Arabia is expected to increase the demand for specialized water-proofing compounds, repair and renovation compounds, joint fillers, and tile fixing adhesives. Ongoing development of major projects including Red Sea Islands, Al Faysaliya, King Abdullah’s Economic City, mall of Saudi, Jabal Omar in Saudi Arabia is anticipated to stimulate the market growth for the specialty chemicals market share in Saudi Arabia. Furthermore, according to the U.S.-Saudi Business Council (USSBC), Saudi Arabia represents 71 percent of the GCC Specialty chemical market. This is expected to provide huge growth opportunities to the specialty chemicals market size in Saudi Arabia over the forecast period.

Restraint in the Saudi Arabia Specialty Chemical Market

However, fluctuation in raw material prices is one of the major factors expected to restraint the growth of the specialty chemicals market in the country. Additionally, the outbreak of COVID 19 pandemic has further created a severe economic downturn in 2020, which is likely to hamper the market.

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Product – Segment Analysis

Based on the product, the pharmaceutical additives is expected to hold a notable share in the market. This can be attributed to their use as the key ingredients in intermediate stage and at final stage of drug manufacturing for cardiovascular diseases, skin disorders, and Hughes syndrome, and others.

On the other hand, increasing disposable income coupled with the consumer focus towards personal care is likely to augment the product demand of cosmetic chemicals over the forecast period. Additionally, the rising adoption of rechargeable, miniaturized, and sustainable electronics is expected to augment the demand of electronic chemicals that can help in enhancing the performance of electronic products with lesser maintenance. The rapid growth in the field of mining, oil and gas drilling activities has further boosted the consumption of oilfield and mining chemical products in the oil and gas industry.

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Key Developments: 

• • In 2020, Saudi Arabian Oil Co. (Aramco) acquired 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). This is expected to drive the petrochemicals production, including agri-nutrient and specialty chemical products of the company.

Segments covered in the Report:

The Saudi Arabia Specialty Chemical Market has been segmented on the basis of Type. Based on the Type, the market is segmented into Agrochemicals, Dyes & Pigments, Construction Chemicals, Textile Chemicals, Surfactants, Others.

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