Posted On: 2022-03-08
Construction segment acquired the largest market revenue share in the Middle East sulfonic acid market in year 2021 – 6Wresearch
Middle East sulfonic acid market contracted during the period 2018-2019 on account of economic downfall due to fall in oil prices. However, in 2021 market got recovered on the back of several large-scale infrastructure developments in the Middle East. The rise in construction activities in different areas of commercial and residential spaces and the new projects related to shopping malls, resorts, hotels and entertainment centers were the key factors for the overall growth of sulfonic acid across the Middle East.
In 2020, as the COVID-19 hit the Middle East, it led to countrywide lockdown across the region resulted in the disruption of supply chain. Thus, impacted negatively on the growth of sulfonic acid market in the Middle East. However, with the gradual opening of international borders, ease in the restrictions and launching of the new infrastructure projects by the government across the region would further increase the demand for sulfonic acid in the upcoming future.
According to 6Wresearch, Middle East Sulfonic Acid Market revenue size is projected to grow at a CAGR of 6.2% during 2022-28. The government has taken initiatives to develop its non-oil economy which led to rapid infrastructural growth along with the growing construction in the residential and commercial sector across the region in the upcoming years that would act as a driving force for the sulfonic acid market. Furthermore, Middle Eastern government’s policy measures and vision target to achieve sustainable infrastructure development to be less dependent on oil-based economy. Additionally, government has also taken steps to develop tourism sector which would further grow the market of sulfonic acid in the Middle East.
According to Rishabh Singh Bhandari, Research Analyst, 6Wresearch, “In terms of countries, Saudi Arabia acquired highest share in the Middle East sulfonic acid market in 2021 on account of rise in the investment in private sectors, construction of luxury hotels and utility infrastructure. Additionally, under National Transformation Program (NTP) 2020 and the Saudi Arabia Vision 2030, government plans to develop sea-ports, railway lines, manufacturing facilities and airports, with an aim to reduce country’s dependency on the oil sector, boding well with the growing demand of sulfonic acid during the forecast period.”
Some of the major companies in Middle East sulfonic acid market include Arkema S.A, Ansol Gulf G.D Portbury Ltd., Union Chemicals Factory LLC, Vigor ME FZE, PTAL International FZE, NASCO Chemsol International FZE, BASF FZE, Basic Chemicals Co. (FZE), National Company for Sulphur Products (NCSP), Arabian Sulfonates Co. Ltd.
“Middle East sulfonic acid market report (2022-2028)” report provides an in-depth analysis with 54 figures and 15 tables covered in 116 pages. The report estimates and forecast the overall Middle East sulfonic acid market by applications, end users and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.