Saudi Arabia Bulk Chemicals Market to Register CAGR of 4.08% until 2028
Saudi Arabia Bulk Chemicals market is increasing owning to demand of
chemicals from construction industry.
According to TechSci Research report, “Saudi Arabia Bulk Chemicals
Market -
By Region, Competition, Forecast & Opportunities, 2028”, the Saudi Arabia Bulk Chemicals Market stood at USD
8535.49 million in 2022 and is expected to register a CAGR of 4.08% during the
forecast period. Bulk chemicals also known as commodity chemicals are a group
of chemicals that are manufactured on a very large scale to satisfy the needs
of various industries. Bulk chemicals acts as a raw material to manufacture
various fine chemicals, hence these chemicals are essential for many
industries. Saudi Arabia is one of the key suppliers of industrial chemicals,
involving polymers and petrochemicals. The presence of large quantities of
hydrocarbon-based raw materials in the country is crucial for chemical
production facilities.
The instable raw material price and harmful effects
caused due to several chemicals on human health are some of the factors
limiting the growth of Saudi Arabia Bulk Chemicals Market. The toxins present in
raw materials and final products can badly impact human life and the
environment. Hence, the government is bringing up different laws to stop the
flow of toxic chemicals into the environment, which can obstruct the market
growth. Apart from this, crude oil is treated to extract bulk chemicals and
adverse effects on the petroleum market, which will directly impact the market
growth of bulk chemicals.
The government of Saudi Arabia is ramping up the chemical
production capacity of the country by building and maintaining the
infrastructure to manufacture fine chemicals. Government initiatives such as Vision
2030, industrial diversification, inexpensive domestic energy and a ready
supply of raw materials encourage investment and are anticipated to increase
demand for bulk chemicals in the area. The Saudi Government
supports industrial alliances or technology licensing to replace imports and
make the industry competitive for export.
Browse over 20 market data Figures and spread through 93 Pages and an in-depth TOC on "Saudi Arabia Bulk Chemicals Market"
The Saudi Arabia Bulk
Chemicals Market segmentation is based on type, end user industry, and regional
distribution.
Based on type, the
market is further divided into inorganic chemicals and organic chemicals. Inorganic chemicals
segment dominated
the market in 2022 with an overall market share of around 65.96%. This can be ascribed to the increasing demand of
chemicals from the construction industry.
Based on end user industry, the
market is further divided into construction, automotive, healthcare, food &
beverages, agriculture, and others. The construction segment
dominated the market in 2022 on account of the widespread use of concrete
admixtures and sealants in the country.
Some of the major companies
operating in the Saudi Arabia Bulk Chemicals Market include:
- Saudi Basic Industries Corporation
- Saudi
Arabian Oil Company
- Saudi Chemical
Holding Company
- Saudi Arabia BASF
- Basic Chemical
Industries Group
- Saudi
Industrial Investment Group
- Saudi Factory For
Chlorine & Alkalies
- Nama
Chemicals
- Advanced Petrochemical
Company
- ADDAR
Chemical Company
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An increase in the demand from construction sector
and chemical industry will drive the market for bulk chemicals owing to the use
of bulk chemicals in manufacturing specialty chemicals for a specific operation.
Moreover, the increased investment on infrastructure of the kingdom will help
in overcoming the concerns, thus making the market grow during the forecast period.
The bulk chemicals market is an example of perfect competition as there are
many number of buyers and suppliers which means pricing of the chemicals is a major
driving force in the market," said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Bulk
Chemicals Market – Industry Size, Share, Trends, Competition, and Forecast and
Opportunities, 2018-2028, Segmented By Type (Inorganic, Organic), By End User
Industry (Construction, Automotive, Healthcare, Food & Beverages,
Agriculture, Others), By Region,” has evaluated the future growth potential of Saudi Arabia Bulk Chemicals
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Bulk Chemicals
Market.
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