Saudi Arabia’s Bulk Chemicals market is increasing owing to the demand for chemicals from the 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.
The Important Elements of the Saudi Arabia Bulk Chemicals Market
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 act as raw materials 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 unstable raw material price and harmful effects caused due to several chemicals on human health are some of the factors limiting the growth of the 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 market growth. Apart from this, crude oil is treated to extract bulk chemicals, and adverse effects on the petroleum market, 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.
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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. The 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 for chemicals from the construction industry.
Based on the 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’s 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 the 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 in the 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 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’s Bulk Chemicals Market.
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