Saudi Arabia Specialty Chemical Market
The GMI Research report anticipated that the Saudi Arabia Specialty Chemical Market will exponentially boom over the forecast period. This is because of the accessibility of several formulation chemicals including industrial and flavors.
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Saudi Arabia Specialty Chemical Market Dynamics
The rising demand for better performing chemicals across various end-use industries, including paper, construction, food, mining, pharmaceutical, water management, agriculture, and personal care for functional application, is projected to stimulate the growth of the specialty chemicals market in Saudi Arabia. In addition, the accessibility of several formation chemicals, which include surfactants, electronic chemicals, and industrial and institutional cleaners, will further promote market growth.
Furthermore, the intensified investment by private and public agencies for various infrastructure and construction development projects in Saudi Arabia is projected to raise the demand for joint-fillers, tile fixing cement, special water-proof components, and renovation compounds. The continuous development of crucial projects, which include Al Faysaliya, King Abdullah's Economic City, Red Sea Islands, and mall of Saudi, will supplement the market growth. However, the variation in prices of raw materials is likely to restrain the market size. Additionally, the evolution of the coronavirus pandemic resulted in an economic decline in 2020, which will hamper market growth.
Product Type Segment Drivers
On the basis of product, the pharmaceutical additives segment is projected to seize a remarkable share in the market. This is majorly because of the usage of specialty chemicals as the primary ingredients in the intervening and final stage of drug production for cardiovascular and skin disorders and Hughes problem.
However, the Saudi Arabia Specialty Chemical Market report anticipates that the accelerating disposable income and the growing focus on personal care will expand the demand for cosmetic chemicals over the forecast period. Additionally, the increasing espousal of electrically powered, contracted, and viable electronics has raised the demand for electronic chemicals to improve the performance of electronic items with lower maintenance.
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