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Industrial Diversification & Expansions in Regional Manufacturing Capabilities to Fuel Growth of Chemical Industry in the ME Says Frost & Sullivan - Petrochemicals and Fertilisers to be the fastest growing segments, followed by Paints and Coatings - Frost.com
Industrial Diversification & Expansions in Regional Manufacturing Capabilities to Fuel Growth of Chemical Industry in the ME Says Frost & Sullivan

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2014/11/06 - Petrochemicals and Fertilisers to be the fastest growing segments, followed by Paints and Coatings - Frost.com.

   
 
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Middle East (comprising Kingdom of Saudi Arabia (KSA), Qatar, Oman, Bahrain, Kuwait, Yemen, Lebanon, Iran, Iraq, and Syria and the United Arab Emirates (UAE)), is known to account for close to half of world’s known crude-oil reserves, and over one-third of natural gas reserves. Investments in excess of USD 770 Billion are planned in the Middle East from 2011 to 2020. About 53 per cent of the total investment is projected to be in the GCC member nations, while the rest is predominantly being shared by Iran and Iraq. Oil and gas production, and allied industries including petrochemicals, refining and midstream operations are estimated to account for over 65 per cent of the total outlay.

According to Frost & Sullivan estimates, Chemical industry in the Middle East was valued at USD 160 billion in 2013. Petrochemicals and polymers, followed by fertilisers represented the largest segments, together accounting for over 60 per cent of the market. Other major segments included paints and coatings, water treatment chemicals, construction chemicals, etc. Middle East chemical industry is projected to grow at a faster pace than the global growth from 2013 to 2020. Petrochemicals and fertilisers would be the fastest growing segments, with projected Compound Annual Growth Rate (CAGR) of 8.3 per cent and 6.7 per cent, respectively. Also, these two segments are estimated to account for over 75 per cent of the market in 2020.

According to Aparajith Balan, Program Manager- Chemicals and Materials, Middle East and North Africa, Frost & Sullivan said,"Middle East, particularly the GCC is diversifying into the production of value added chemicals, extending beyond its traditional forte of bulk chemicals and petrochemicals. Large projects are underway for the production of specialty chemicals, including performance polymers, specialty chemicals and intermediates."

Driven by the various mega projects in the region, the demand growth for construction chemicals and materials, which include paints and coatings, concrete admixtures, flooring compounds, waterproofing compounds, and adhesives and sealants, etc. is expected to be ahead of the regional GDP growth up to 2020. "While Middle East has access to most of the essential industrial resources like raw materials, utilities and human resources, it falls short of the advanced technologies that are required to make manufacturing possible", noted Balan.

However, growth prospects remain bright for the regional chemicals industry as well. Value added petrochemicals and downstream plastic conversion sectors are likely to be the key growth drivers; both are positioned to benefit from large-scale investments and incentives from the market participants and the local governments.

Word-scale plants and integrated chemical complexes are being set up at the newly developed industrial cities, mostly in the KSA and Qatar. Feedstock advantage in the Middle East, in addition to its strategic location bridging the emerging eastern markets and developed western markets, are attracting the key global players to establish their manufacturing assets in the Middle East. Supporting this trend is an increase in collaboration efforts between the local and the international chemical companies. All these factors depict accelerating growth for the Chemicals Industry in the Middle East

If you are interested in more information on Middle East Chemicals Industry, please send an email to Tanu Chopra / Paroma Bhattacharya, Corporate Communications at tanu.chopra[.]frost.com / paromab[.]frost.com with your full name, company name, job title, telephone number, company email address, company website, city, state, and country.

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Industrial Diversification & Expansions in Regional Manufacturing Capabilities to Fuel Growth of Chemical Industry in the ME Says Frost & Sullivan

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Frost & Sullivan |
Publisher Contact: Paroma Bhattacharya / Tanu Chopra - Frost.com 
+91 22 66072047 / +971 52 254 0702 paromab[.]frost.com / tanu.chopra[.]frost.com
 
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