Published on November 12, 2014
The chemical industry of Middle East is expected to expand rapidly from 2013-2020. The industry has over $770 billion in terms of investment, of which 53 per cent is expected to be in the GCC nations and the remaining will be shared by Iran and Iraq.
Oil and gas production, along with industries like petrochemicals, refining and midstream operations are projected to account for more than 60 per cent of the total outlay.
Within the chemical industry, petrochemicals, polymers and fertilizers are the largest segments and account for over 60 per cent of the market. Other key sectors include paints and coatings, construction chemicals, water treatment chemicals etc.
In 2013, the chemical industry in Middle East was valued at $160 billion and will develop at a faster pace than the global growth from 2013 to 2020. Petrochemicals and fertilizers are expected to be the fastest developing sectors, with CAGR of 8.3 per cent and 6.7 per cent, respectively.
