MEA chemical industry is expected to see a CAGR of around 2.4% during the period (2019-2025). The Middle East’s chemical industry has grown significantly over the past two decades. Saudi Arabia, Qatar, and Iran are the key economies of MEA region that contributes highest in the growth of the chemical industries, primarily impacting the market growth in the region. The Middle East’s chemical industry has grown significantly over the past two decades. Industrial output in the Middle East is largely focused on the production of refined petroleum and basic chemicals, particularly petrochemicals, as there is an easy access to low-cost oil and gas. However, the decline in global oil prices coupled with the intense competition from the US and EU region, have contributed to efforts to diversify away from purely supplying crude oil, and more towards developing the downstream supply chain. For instance, The Sadara chemicals complex, a joint-venture between Saudi Aramco and Dow Chemical will improve the large-scale investments which aim to develop the region’s downstream chemical sector.
The Africa’s chemical industry is majorly contributed by South Africa and Morocco. While upstream activities are concentrated in South Africa, the downstream sector remains relatively underdeveloped. The production of synthetic coal and natural gas-based liquid fuels and petrochemicals is prominent, with South Africa being the world leader in coal-based synthesis and gas-to-liquids (GTL) technologies. In Morocco, the presence of the Office Cherifien des Phosphates (OCP), a leader in the phosphates industry (used in agriculture as fertilizer), drives the chemical sector’s footprint in the country. Thus, these factors altogether were driving the chemical sector in the region pre-COVID scenario.
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MEA chemical industry is segmented into petrochemicals, basic inorganic, polymers, specialty chemicals, consumer chemicals, and others. Based on the segmentation, the petrochemical industry is expected to see a considerable downfall in 2020, due to the COVID-19 pandemic. On the other hand, the consumer chemical industry is least impacted with the substantial demand for soap and detergents even during the pandemic. Therefore, the consumer chemical industry is expected to see a least impact, with a downfall of around 1.5% in 2020, due to the outbreak. Consumer chemical essentially includes cosmetics, vitamins, and health supplements, soaps, detergents, and household chemicals, perfumes, and flavors. The demand for consumer chemicals has increased significantly during the COVID-19 pandemic and to ensure the proper supply of the products related to consumer chemical government is taking essential steps.
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Verticals Affected Most
· Petrochemicals
· Basic Inorganic
· Polymers
· Specialty Chemicals
· Consumer Chemicals
· Others (Auxiliaries for Industry)
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