GCC Specialty Chemicals Market Size, Share, Growth Analysis, By Application(Paint & Coatings, Antioxidants, Biocides, and others), By Type(Specialty Polymers, Textile Chemicals, Dyes & Pigments, Agrochemicals), By Region - Industry Forecast 2024-2031

GCC 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).

Growing investments in construction, oil, gas, and automotive sectors is likely to be the major driving factor of the GCC Specialty Chemicals Market. Big construction projects in several countries such as smart city projects including NEOM are likely to fuel the market throughout the forecast period. Rising focus of the governments across GCC region on the diversification of economy in order to reduce their reliance on oil revenue is projected to create ample opportunities for other segments such as personal care & cosmetics, industrial cleaners, textile chemicals, and food additives. For instance, in September 2020, Henkel AG & Co. KGaA announced to invest USD 23 million to expand its manufacturing facilities of liquid hand soap and hand sanitizer in the region of Switzerland and the United States.

Expanding population along with the increasing rate of urbanization has driven the demand for specialty chemicals. In addition, the expanding consumer base is expected to translate into higher demand for vehicles and automotive parts. As a result, the demand for specialty chemicals from polymers, catalysts, and CASE are projected to have a positive growth rate in the GCC Specialty Chemicals Market during the forecast period.