Saudi Arabia Construction Chemicals Market size is projected to reach $ 1,091.8 million by 2027

According to a new report published by Report Ocean titled, “Saudi Arabia Construction Chemicals Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” The Saudi Arabia construction chemicals market was valued at $741.1 million in 2019, and is projected to reach $ 1,091.8 million by 2027, growing at a CAGR of 6.9% from 2020 to 2027.

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Construction chemicals are specialty chemical compounds used to speed up construction activities or improve durability of existing structures. The expansion of the infrastructure sector, coupled with the growing number of repair operations in the country, has necessitated the use of sophisticated technologies in construction activities, owing to the steady growth in demand for building chemicals in recent years.

The construction chemicals market in Saudi Arabia is projected to grow at a CAGR of over 6.9% during 2020-2027; due to increase in government spending on construction projects coupled with rise in participation by private players in the real estate sector. Additionally, the demand for construction chemicals in Saudi Arabia is expected to be driven by rise in demand for new residential complexes and commercial structures.

Trends in industrialization and urbanization drive the demand for customer-driven construction and infrastructure operations and increase the demand for investments in highways, bridges, ports, power transmission, and water utilities. For instance, by increasing the share of the private sector from 40% of the country's GDP to 65% by 2030 and rising foreign direct investment from 3.8% to the international level of 5.7% of GDP, the government plans to make Saudi Arabia a global trade center.

Depending on product type, the concrete admixtures chemicals segment held the highest market share of around 25.7% in 2019, and is expected to maintain its dominance during the forecast period. Concrete admixtures chemicals dominate the Saudi Arabia construction chemicals market, on account of their increasing use in residential as well as commercial structures.

On the basis of application, the residential segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 7.0%. Saudi Arabia is supporting the ongoing trend toward modernization of construction through renovation projects, new construction projects and other civil projects to strengthen the size of its construction and residential sector.

The Saudi Arabia construction chemicals market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Arkema S.A., Ashland Inc., BASF SE, Construction Material Chemical Industries, Don Construction Products Ltd., Fosroc International Ltd, Meister Co., Polywed Construction Chemicals, SAAK Construction Chemicals, SABIC, Sika Ag, and The Dow Chemical Company.

Key Findings Of The Study:

Based on product type, the concrete admixture segment is anticipated to witness highest growth rate of 25.7%, in terms of revenue, during the forecast period.
Based on application, the residential segment is anticipated to witness highest growth rate of 47.1%, in terms of revenue, during the forecast period.
Impact Of Covid-19 On The Saudi Arabia Construction Chemicals Market

The outbreak of COVID-19 has negatively impacted various industries and countries. Owing to the lockdown imposed, decrease in the growth rate of the industries such as construction & building, transportation, oil & gas, and energy sectors has been witnessed.
This has further declined the need for construction chemicals, which, in turn, is expected to hamper the growth of the Saudi Arabia construction chemicals market in the next one year.
The demand supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the building & construction industry during the COVID-19 pandemic.
As the lockdown prevails in most of the virus spreading countries, due to its inability to supply, the supply of domestic building materials availability has increased at the end of the suppliers. At the same time, there were also problems with the import of raw materials that had a major effect on the overall price of building materials. This has result in the unpredictable mix of price fluctuations.

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This release was published on openPR.