![GCC Specialty Chemicals Market](https://res.cloudinary.com/devmoveo/image/upload/v1677154217/skyquest/gallery/Global-GCC-Specialty-Chemicals-Market.jpg)
Report ID: SQMIR15E2390
Report ID:
SQMIR15E2390 |
Region:
Regional |
Published Date: February, 2024
Pages:
242
|
Tables:
66 |
Figures:
75
Globally, the Asia Pacific region dominated the market with a value of USD 291.2 billion in 2021, and is expected to continue its dominance throughout the forecast period. This can be attributable to the large chemical production base concentrated in China and India. China has emerged as the hub for the production of specialty chemicals owing to easy availability of raw materials and cheap labor cost. By 2020, one half of the global construction spending was from APAC countries with China, Indonesia, Japan, South Korea, and Malaysia exhibiting the highest growth potential. These factors are likely to increase demand in the GCC Specialty Chemicals Market in the coming years.
Moreover, North America is a major consumer of biocides, cosmetic chemicals, corrosion inhibitors, institutional cleaners, and synthetic lubricants. The expanding demand for construction chemicals from the U.S. and Canada. An increase in investments in the infrastructure projects has also enabled North America to have a continued market growth. For instance, according to the report by the GPCA, construction chemicals accounted for 0.8 MMT in 2021 and are projected to reach 0.9-1.0 MMT by 2028.
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REQUEST FREE CUSTOMIZATIONGCC Specialty Chemicals Market size was valued at USD 799.4 billion in 2019 and is poised to grow from USD 832.97 billion in 2023 to USD 1157.64 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
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Report ID: SQMIR15E2390