Report Code : A09390
The adoption of strict government regulations, rising investment in the construction industry, and the growing urbanization and industrialization of major developing nations are all predicted to fuel the need for construction chemicals in Saudi Arabia. Additionally, investing in significant infrastructure projects is one of Saudi Arabia's primary methods for promoting economic growth. Construction spending is predicted to rise as a result of the government's attempts to improve the nation's infrastructure in order to sustain growth in the manufacturing sector and increase municipal services. The country's requirement for improved construction facilities and the development of road infrastructure is predicted to rise in response to rising personal income levels, household expansion, and population movement from rural to urban areas.
Eswara Prasad
Manager, Materials & Chemicals at Allied Market Research
According to a new report published by Allied Market Research titled, “Saudi Arabia Construction Chemicals Market by Product Type, External Insulation & Finish Systems, and Application: Opportunity Analysis and Industry Forecast, 2023–2032,” the Saudi Arabia Construction chemicals market size was valued at $1.5 billion in 2022 and is anticipated to generate $2.7 billion by 2032. The market is projected to experience growth at a CAGR of 5.9% from 2023 to 2032.
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 experiencing growth due to increase in government spending on construction projects coupled with rise in participation by private players in the real estate sector. In addition, 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, the government plans to make Saudi Arabia a global trade center by increasing the share of the private sector from 40% of the country's GDP to 65% by 2032 and rising foreign direct investment from 3.8% to the international level of 5.7% of GDP.
The building sector is expanding at a rapid pace, which is good news for the concrete surface retarders market. Nonetheless, people in industrialized nations are undoubtedly less aware of these retarders or their benefits. Most nations currently employ less expensive substitutes. For instance, the methods utilized in flatwork only entail rolling and spreading pea gravel or a sugar-water mixture onto the surfaces of recently poured concrete. End users favor these options because they have a decorative finish. Examples of these consumers are those in the ready-mix concrete, precast concrete, concrete cast stone, and concrete goods industries.
Thus, it is critical to the development of this industry to educate customers about the benefits and features of using concrete surface retarders on both vertical and horizontal concrete surfaces. Commercials, trade exhibits, and events will undoubtedly contribute to increasing awareness and promoting the usage of concrete surface retarders in industrialized nations.
The factors driving the market for construction chemicals include growth in demand for such chemicals from the cement industry and foreign investors entering the market in Saudi Arabia. The country also focuses on growing transport infrastructure, such as metro, rail, airport, and road construction projects, to improve connectivity in the country, and has comprehensive plans to develop social infrastructure, transport, and energy & utility building in the country.
Increase in government spending in local infrastructure funding, such as power plants, water treatment plants, and aviation academies, create a huge opportunity for Saudi Arabia's cement admixtures industry. Furthermore, construction of the kingdom's alumina refinery's 1.8 million metric tons per year capacity has improved the availability of essential raw materials for cement additives in Saudi Arabia. The demand for building chemicals is expected to increase at a significant rate, given the increasing urban population and the growth of industries.
Depending on product type, the concrete admixture segment held the highest market share of around 47.4% in 2022 and is expected to maintain its dominance during the forecast period. The concrete admixtures segment dominates the Saudi Arabia construction chemicals market, owing to its increasing use in residential as well as commercial structures. Depending on external insulation & finishing, the insulation material segment held the highest market share of around 55% in 2022 and is expected to maintain its dominance during the forecast period.
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 6.1%. 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 Fosroc International Ltd., SABIC, Arkema, Don Construction Products Ltd., Construction Material Chemical Industries, Saak Construction Chemicals, Polywed Construction Chemicals, Meister Co., 3M Company, and Sika AG.
Key findings of the study
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Saudi Arabia Construction Chemicals Market by Product Type (Concrete Admixtures, Surface Treatment, Repair & Rehabilitation, Waterproofing, Flooring & Coating, Adhesives & Sealants, Coatings, and Others), External Insulation & Finish Systems (Insulation Material, Components, and Usage), and Application (Residential, Commercial, Infrastructure, and Industrial): Opportunity Analysis and Industry Forecast, 2023–2032
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