Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia Bulk Chemicals Market, By Type, By End User Industry, By Region, Competition, Forecast & Opportunities, 2028” under Chemical & Materials Market Research Reports category. The Bulk Chemicals Market in Saudi Arabia is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
Saudi Arabia Bulk Chemicals Market Research Report 2028
Saudi Arabia Bulk Chemicals market was valued at USD 8535.49 million in 2022 and is expected to register robust growth during the forecast period with a CAGR of 4.08%, owing to rapidly increasing infrastructural investments by the government of Saudi Arabia.
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 often act as a raw material for a major number of specialty chemicals which are manufactured for a specific application in various industries.
Increasing Demand from Infrastructure Sector is Driving Market Growth :
Saudi Arabia’s construction industry remains a leading industry in the Middle Eastern region despite macroeconomic conditions affecting the sector globally. Construction output growth is expected to grow by approximately 3.5% in Saudi Arabia in the year 2022. Construction chemicals are primarily used for increasing the speed of the work in construction projects that are under development or in new projects to add strength and stability to the constructions. Bulk chemicals are important elements for building complex constructions and have truly transformed the concept of construction industry. Government project such as King Salman Park, Neom City, Red Sea Project, Jabal and other infrastructure projects are increasing the demand for products made from petrochemical or bulk chemical such as adhesive, tiles and others, thereby supporting the growth of Saudi Arabia bulk chemical market.
Rising Demand from Chemical Industries :
Saudi Arabian chemical industry is on recovery path after the COVID-19 pandemic and witnessed a rebound growth in 2022. As the bulk chemical market have varied applications, the market is controlled by prominent players with developed portfolios having refined and modern management approach. Saudi Arabia leads the world in the manufacturing of several essential chemicals, such as polyethylene, ethylene, glycol, and methyl tert-butyl ether (MTBE). Saudi Arabia is one of the most efficient country in the world at producing ethylene, which has permitted Saudi Arabia to take 10% of the total global trade of bulk chemicals.
Favorable Government Policies Driving Market Growth :
Industrial growth is powered by the government policies for various end user industries which brings investments in the country. Government programs such as Public Investment Fund Program and National investment strategy is bringing huge amount of money in the kingdom. Government policies such as Vision 2030, low domestic energy costs, and a ready supply of raw materials create favorable circumstances for investment and are likely to improve the demand of bulk chemicals in the region.
Recent Developments :
•In January 2023, Kingdom of Saudi Arabia signed a USD 1 billion agreement with an Indian company UPL Limited to produce agricultural chemicals which will manufacture agrochemicals and the company also offers crop protection solutions.
•In December 2022, Saudi Basic Chemical Industries (SABIC) announced an opening of new unit, Saudi Industrial Chemicals factory situated in Jeddah. This new factory helps SABIC in producing dioctyl terephthalate from ethyl hexanol.
•In September 2022, SABIC introduced LNP THERMOCOMP AM compound, which is a carbon fiber-reinforced, flame-retardant compound most suitable for pellet-fed additive manufacturing.
Market Segmentation :
The Saudi Arabia Bulk Chemicals market is segmented based on type, end user industry, region, and company. Based on type, the market is further bifurcated into inorganic and organic . Moreover, segmentation of the market on grounds of the end-user industry is done into construction, automotive, healthcare, food & beverages, agriculture, and others. On the basis of region, the market is further divided into Northern & Central Saudi Arabia, Eastern Saudi Arabia , Western Saudi Arabia and Southern Saudi Arabia.
Company Profiles :
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, and ADDAR Chemical Company are some of the key market players in the industry.
In this report, Saudi Arabia Bulk Chemicals market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
•Saudi Arabia Bulk Chemicals Market, By Type:
•Saudi Arabia Bulk Chemicals Market, By End User Industry:
Food & Beverages
•Saudi Arabia Bulk Chemicals Market, By Region:
Northern & Central Saudi Arabia
Eastern Saudi Arabia
Western Saudi Arabia
Southern Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Bulk Chemicals market.
With the given market data,offers customizations according to a company’s specific needs. The following customization options are available for the report:
•Detailed analysis and profiling of additional market players (up to five).
Browse our full report with Table of Contents:
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