GCC Construction Chemicals Market Set To Cross SAR 4.5 Billion ($1.2 Bn) by 2018
High infrastructural developments, active participation of private players in construction sector, will positively influence demand for construction chemicals in GCC region
Growth in construction industry, being the sole end user industry of construction chemicals, determines the growth of construction chemicals in the Middle East region. In the GCC (Gulf Cooperation Council) countries like UAE, Saudi Arabia, global recession had led to cancellation of a large number of construction projects during 2008-09, this had led to a decrease in demand for high performance construction chemicals. However, during the process of revival of economy, GCC countries have focussed on diversifying their economies and not be solely dependent on hydrocarbon reserves. In view of this, government is actively involved in developing infrastructure of their countries and is encouraging private players to invest into construction projects for both infrastructure and real estate segments.
According to recently published report by TechSci Research “GCC Construction Chemicals Market Forecast and Opportunities, 2018”, the GCC construction chemicals market is expected to witness CAGR of 4.8 % over 2013-18 , in terms of value. The major share of the market is held by BASF for construction chemicals. The GCC market for specialty carbon black is highly consolidated and is majorly held by few players, like BASF, SIKA, FOSROC and DOW. However, it is expected that players in individual segments will move up the value chain and enter market for construction chemicals by 2018.
Construction chemicals are specialty chemicals used for improving the quality of construction process. Major types of construction chemicals are: Admixtures, Waterproofing compounds, Flood hardeners and Adhesives & Sealants. Construction chemicals hold a minor share in total chemicals market all over the world and in GCC region, but with increasing innovative products such as environment friendly adhesives and sealants made from biopolymer etc. are positively affecting their growth.
UAE and Saudi Arabia lead in the construction chemicals consumption among the GCC countries, followed by Qatar. With the winning of bid for World Expo 2020, Dubai, UAE is expected to witness a fast pace construction and expansion of hotels, airports and railways network. Similarly Qatar will be hosting FIFA World Cup 2022 and had USD 222 Billion worth of projects planned or underway by 2013, according to MEED report, a firm involved in tracking projects in Middle East and Africa. In Qatar, major focus is being given to development of Doha metro and international airport.
“Government of GCC countries like UAE, Saudi Arabia, Qatar are focussing on sustainable development in construction. High value construction projects are announced in these countries for the next few years and preference is given to construction chemicals for improving the quality and performance of construction. These innovative construction chemicals include light reflecting protective coatings, improved admixtures for underground construction works, protective coatings and resins enhanced with the use of nanotechnology,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“GCC Construction Chemicals Market Forecast and Opportunities, 2018” has evaluated the future growth potential of Construction Chemicals market and provides statistics and information on market structure, industry behaviour trends. The report includes construction chemicals market projections and demand forecasting in the GCC region. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in GCC Construction chemicals market.
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