Report Overview

Saudi Arabia Specialty Chemicals Market - Industry Trends & Forecast Report, 2029

Saudi Arabia specialty chemicals market size was estimated to be worth USD 3.96 billion in 2022. During the forecast period between 2023 and 2029, the Saudi Arabia specialty chemicals market size is projected to grow at a CAGR of 6.16%, reaching a value of USD 5.67 billion by 2029. Major growth factors for the Saudi Arabia specialty chemicals market include its expanding demand across industries including construction, food and beverage, water treatment, and others. The expanding pharmaceutical industry in Saudi Arabia is directly influencing the demand for specialty chemicals in the Kingdom, driving overall market growth.

Saudi Arabia Specialty Chemicals Market – Overview

Specialty chemicals are either single chemical substances or combinations of several chemical components that are created for particular uses and occasionally for particular clients. Typically, they are extremely high purity, low volume, high-value compounds utilized as steps in bio-pharmaceutical or high-tech processes. Specialty chemicals are chemical substances that are utilized as intermediates or raw ingredients at different stages throughout the production of pharmaceuticals. They are materials that are utilized based on their functionality or performance.

Saudi Arabia Specialty Chemicals Market

Growth Drivers

Rising Demand from the FMCG Industry

Specialty chemicals are gaining immense traction in the FMCG industry, which is acting as a catalyst for its market growth in the Kingdom of Saudi Arabia. They are widely used in the food and beverages industry as a food additive. These chemicals are utilized in a variety of ways during the food manufacturing process, including canning, fermenting, freezing, packing in a changed environment, pasteurization, smoking, and others. FMCG firms are increasingly sourcing bio-based specialty chemicals due to the rising demand for natural ingredients, particularly in food and personal care goods.

Restraints

Uncertain and Unpredictable Demand Patterns

Specialty chemicals are either a single chemical or a combination created for a particular use, whereas bulk chemicals are the basic ingredients used to make them. Large amounts of bulk chemicals are created, yet they have little value. Specialty chemicals can be formulations with a composition that significantly affects performance. They are thus only made in modest numbers to fulfill the preorders. Consequently, even a little change in demand patterns might result in significant challenges for producers, limiting their market growth.

Impact of COVID-19 on the Saudi Arabia Specialty Chemicals Market

The COVID-19 pandemic significantly impacted the growth of the Saudi Arabia specialty chemicals market. The restrictions on the manufacturing activities of the end-user industries, along with limitations on cross-border trade, directly influenced the demand and supply chains of specialty chemicals in the Kingdom. The government's persistent efforts, however, were a key component in keeping the market afloat during the epidemic. Large hydrocarbon reserves, which are the fundamental components required to manufacture a range of chemicals, are found across the Kingdom, which played a crucial factor in reviving the Saudi Arabia specialty chemicals market growth in the post-COVID-10 period.

Saudi Arabia Specialty Chemicals Market

Segmental Coverage

Saudi Arabia Specialty Chemicals Market – By Type

Based on type, the Saudi Arabia specialty chemicals market is segmented into agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, surfactants, functional ingredients, water treatment, and others. The surfactants segment accounts for the highest share in the Saudi Arabia specialty chemicals market. Surfactants are employed in a variety of processes, including softening, wetting, and emulsification, in addition to their detergency-related functions. Surfactants are used in a variety of home cleansers, hair conditioners, cosmetic and personal care products, hand and automated dishwashing detergents, and other household items in addition to household detergents.

Competitive Landscape

Major players operating in the Saudi Arabia specialty chemicals market include Saudi Basic Industries Corporation, Saudi Arabian Oil Company, Rabigh Refining & Petrochemical Company, Saudi Kayan Petrochemical Company, Saudi International Petrochemical Company, Gulf Stabilizers Industries, NAMA Chemicals Co., National Industrialization Company, Advanced Petrochemical Company, and Chevron Phillips Chemical Company, LLC.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In June 2023 - Chemanol, a methanol chemical company based in Saudi Arabia, acquired controlling stakes in Global Company of Chemical Industries and Addar Chemicals.  

Scope of the Report

By Type

• Agrochemicals
• Dyes & Pigments
• Construction Chemicals
• Specialty Polymers
• Textile Chemicals
• Surfactants
• Functional Ingredients
• Water Treatment
• Others

1. Research Framework
   1. Research Objective
   2. Resin Service Type Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Specialty Chemicals Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Demand for Personal Care Products
         2. Rising Demand from Food & Beverage Industry
         3. Increasing Usage in Pharmaceutical Industry
      2. Restraints
         1. Dependency on petrochemicals and oil prices
         2. Rapid advancements in technology
      3.  Opportunities
         1. Increasing integration of specialty chemicals production with existing petrochemical
         2. Growing investment in research and innovation
      4. Challenges
         1. Lack of skilled professionals
         2. High dependency on end-use sectors
   3.  Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Specialty Chemicals Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Agrochemicals
         2. Dyes & Pigments
         3. Construction Chemicals
         4. Specialty Polymers
         5. Textile Chemicals
         6. Surfactants
         7. Functional Ingredients
         8. Water Treatment
         9. Others
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. Saudi Arabia Specialty Chemicals Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
6. Impact of Covid-19 on Saudi Arabia Specialty Chemicals Market.
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. Saudi Basic Industries Corporation
   2. Saudi Arabian Oil Company
   3. Rabigh Refining & Petrochemical Company
   4. Saudi Kayan Petrochemical Company
   5. Saudi International Petrochemical Company
   6. Gulf Stabilizers Industries
   7. NAMA Chemicals Co.
   8. National Industrialization Company
   9. Advanced Petrochemical Company
   10. Chevron Phillips Chemical Company, LLC
   11. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Saudi Arabia Specialty Chemicals Segmentation                                 

Figure 2       Saudi Arabia Specialty Chemicals Market Value Chain Analysis   

Figure 3       Company Market Share Analysis, 2022                            

Figure 4       Saudi Arabia Specialty Chemicals Market Size, By Value (USD Billion), 2019–2029

Figure 5       Saudi Arabia Specialty Chemicals Market Share, By Type, By Value, 2019–2029

List of Tables      

Table 1        Saudi Arabia Specialty Chemicals Market Share, By Type, By Value, 2019–2029

Table 2        Saudi Basic Industries Corporation Company Overview

Table 3        Saudi Basic Industries Corporation Financial Overview

Table 4        Saudi Arabian Oil Company Company Overview

Table 5        Saudi Arabian Oil Company Financial Overview

Table 6        Rabigh Refining & Petrochemical Company Company Overview

Table 7        Rabigh Refining & Petrochemical Company Financial Overview

Table 8        Saudi Kayan Petrochemical Company Company Overview

Table 9        Saudi Kayan Petrochemical Company Financial Overview

Table 10      Saudi International Petrochemical Company Company Overview

Table 11      Saudi International Petrochemical Company Financial Overview

Table 12      Gulf Stabilizers Industries Company Overview

Table 13      Gulf Stabilizers Industries Financial Overview

Table 14      NAMA Chemicals Co. Company Overview

Table 15      NAMA Chemicals Co. Financial Overview

Table 16      National Industrialization Company Company Overview

Table 17      National Industrialization Company Financial Overview

Table 18      Advanced Petrochemical Company Company Overview

Table 19      Advanced Petrochemical Company Financial Overview

Table 20      Chevron Phillips Chemical Company, LLC Company Overview

Table 21      Chevron Phillips Chemical Company, LLC Financial Overview