GCC Specialty Chemicals Market

GCC Specialty Chemicals Market Size, Share, Growth Analysis, By Application(Paint & Coatings, Antioxidants), By Type(Specialty Polymers, Textile Chemicals) - Industry Forecast 2024-2031

Report ID: SQMIR15E2390 | Region: Regional | Published Date: February, 2024
Pages: 242 | Tables: 66 | Figures: 75

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GCC Specialty Chemicals Market size was valued at USD 799.4 billion in 2019 and is poised to grow from USD 832.97 billion in 2023 to USD 1157.64 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The GCC Specialty Chemicals Market is fairly competitive with the presence of some big and medium size players across the world. Increasing research & developments, adoption of new technologies, cost effective products, and acquisition are some of the major strategies opting from several market players. For example, in July 2021, Rossari Biotech Ltd., a specialty chemicals manufacturer, announced the acquisition of Tristar Intermediates at an enterprise value of 120 crore. 'Saudi Basic Industries Corporation (SABIC)', 'Gulf Petrochemicals and Chemicals Association (GPCA)', 'Dow Chemical Company', 'Arkema Group', 'BASF SE', 'Solvay SA', 'Akzo Nobel NV', 'Clariant AG', 'Huntsman Corporation', 'Henkel AG & Co. KGaA', 'Evonik Industries AG', 'Momentive Performance Materials Inc.', 'Ecolab Inc.', 'Air Products and Chemicals, Inc.', 'Lubrizol Corporation', 'Ashland Holdings Inc.', 'Wacker Chemie AG', 'Innospec Inc.', 'Chemtura Corporation', 'Kraton Corporation'

The expanding numbers of development and construction projects across the globe will drive the growth and demand in the GCC Specialty Chemicals Market. Some of the most important elements of a construction process include chemicals used for surface treatment, foaming agents, and coatings. They therefore made up a large piece of this market.

Major market participants are looking to expand their businesses and to create a unique blend of novel specialty chemicals manufacturing facilities. For instance, in January 2021, Huntsman announced that they have agreed to acquire Gabriel Performance Products, a North American manufacturing company that deals with epoxy curing agents and additives, to their product portfolio.

Globally, the Asia Pacific region dominated the market with a value of USD 291.2 billion in 2021, and is expected to continue its dominance throughout the forecast period. This can be attributable to the large chemical production base concentrated in China and India. China has emerged as the hub for the production of specialty chemicals owing to easy availability of raw materials and cheap labor cost. By 2020, one half of the construction spending was from APAC countries with China, Indonesia, Japan, South Korea, and Malaysia exhibiting the highest growth potential. These factors are likely to increase demand in the GCC Specialty Chemicals Market in the coming years.

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