The Huge Potential of Specialty Chemicals in the Middle East
The Middle East is witnessing a substantially rising population alongside a massive influx of tourists, pilgrims, and migrants across its different countries. While governments are encouraging this inflow to attain greater economic fluidity from tourism and offer job opportunities in order to boost industrial developments, their focus on economic diversification away from oil & gas is also elevating.
As a result, the manufacturing sector is experiencing massive investments, where new products are gaining significant momentum while instigating the need for specialty chemicals. These are also known as performance chemicals that help improve the overall manufacturing process and find expensive applications across sectors like mining, water & wastewater treatment plants, construction, pharmaceuticals, food additives, & personal care, among others.
A recent research report published by MarkNtel Advisors has stated that the Middle East Specialty Chemicals Market is set to register around 5% CAGR during 2022-27. These chemicals have become highly familiar among manufacturers, which is why the leading manufacturers are actively working on increasing their production capacities to meet the burgeoning requirements across different industries.
Key Types & Rising Popularity of Specialty Chemicals in the Middle East
The application of specialty chemicals is extensive and shall widen further with gradual developments in the coming years. Currently, there are numerous varieties of specialty chemicals with expanding applications across different sectors, where the most prominent ones are listed below:
- Pharmaceutical
- Mining
- Water & Waste Water Treatment
- Construction Chemicals
- Oilfield chemicals
- Personal Care
- Food Additives
Since the region has a vast construction industry across different countries and is also viewed as a prominent source of income, the governments are investing substantially in the sector and laying out numerous projects in line with infrastructural development. It, in turn, is directly influencing the demand for specialty construction chemicals in numerous construction activities, like using it to remove large air inclusions on concrete surfaces.
On the other hand, the vast food & beverages industry is another prominent consumer of specialty chemicals like food additives across the Middle East. These additives are substances added to food to sustain the safety, freshness, shelf life, taste, texture, etc. Since the region experiences massive tourism and has an extensive aviation catering business, the demand for food additives is constant. Therefore, the prominent players are instigated to increase their production capacities to cater to the burgeoning needs & stimulate the overall industry expansion.
Future Prospects of Specialty Chemicals Industry
For economic diversification & fluidity, various countries across the Middle East are investing substantially in numerous industries, especially the construction & manufacturing sector, owing to which the demand for specialty chemicals is rising rapidly and showcases massive potential in the years ahead.
While the industry is undergoing significant developments across the region, companies are employing new measures to expand their businesses and bring sustainability to the specialty chemical industry in the coming years. Hence, these aspects suggest that the Middle East Specialty Chemicals Market is likely to witness a significant growth pace and generate lucrative opportunities for the leading players in the industry to expand their product portfolio, business visibility, & customer base in the years ahead.