BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia specialty chemicals market size at USD 3.96 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia specialty chemicals market size to grow at a CAGR of 6.16% reaching a value of USD 5.67 billion by 2029. The growing demand for specialty chemicals in a variety of sectors, such as construction, food & beverages, and water treatment, is one of the market’s major growth factors in Saudi Arabia. The growing Saudi pharmaceutical sector is impacting the demand for specialized chemicals in the Kingdom and propelling the market expansion.
Saudi Arabia Specialty Chemicals Market – Overview
Specialty chemicals are either single chemical substances or combinations of several chemical components that are created for particular uses and occasionally for particular clients. Typically, they are extremely high purity, low volume, high-value compounds utilized as steps in bio-pharmaceutical or high-tech processes. Specialty chemicals are chemical substances that are utilized as intermediates or raw ingredients at different stages throughout the production of pharmaceuticals. They are materials that are utilized based on their functionality or performance.
Saudi Arabia Specialty Chemicals Market
Saudi Arabia Specialty Chemicals Market – By Type
Based on type, the Saudi Arabia specialty chemicals market is segmented into agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, surfactants, functional ingredients, water treatment, and others. The surfactants segment accounts for the highest share in the Saudi Arabia specialty chemicals market. Surfactants are employed in a variety of processes, including softening, wetting, and emulsification, in addition to their detergency-related functions. Surfactants are used in a variety of home cleansers, hair conditioners, cosmetic and personal care products, hand and automated dishwashing detergents, and other household items in addition to household detergents.
Impact of COVID-19 on the Saudi Arabia Specialty Chemicals Market
The COVID-19 pandemic significantly impacted the growth of the Saudi Arabia specialty chemicals market. The restrictions on the manufacturing activities of the end-user industries, along with limitations on cross-border trade, directly influenced the demand and supply chains of specialty chemicals in the Kingdom. The government’s persistent efforts, however, were a key component in keeping the market afloat during the epidemic. Large hydrocarbon reserves, which are the fundamental components required to manufacture a range of chemicals, are found across the Kingdom, which played a crucial factor in reviving the Saudi Arabia specialty chemicals market growth in the post-COVID-10 period.
Major players operating in the Saudi Arabia specialty chemicals market include Saudi Basic Industries Corporation, Saudi Arabian Oil Company, Rabigh Refining & Petrochemical Company, Saudi Kayan Petrochemical Company, Saudi International Petrochemical Company, Gulf Stabilizers Industries, NAMA Chemicals Co., National Industrialization Company, Advanced Petrochemical Company, and Chevron Phillips Chemical Company, LLC
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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