Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Chemical Licensing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian Chemical Licensing Market will reach US$105.602 million in 2029 at a CAGR of 3.53% from US$88.788 million in 2024.
The localization of the industries for the production of many important resources like pharmaceuticals, food and beverages, petrochemicals production, and agriculture, and the need for efficient and safe production processes, will lead to the development of the chemical licensing market in the country. The government provides appropriate funds for developing the sectors through public investment funds.
Additionally, the need for oil and gas is significant worldwide. According to OPEC data, world imports of petroleum products by country (1,000 b/d) were 26,061.6 (1,000 b/d) in 2020 to 27,548.7 in 2021 and increased to 27,716.9 in 2022. Saudi Arabia is a major player in crude oil exports of 7,364 (1,000 b/d) in 2022, and with a refinery throughput of 2,702 (1,000 b/d) in 2022, the demand from this segment in the Kingdom of Saudi Arabia would be prominent.
Further, favorable government policies are also anticipated to encourage factories to be set up in the country for job creation and a positive environment for growth. Along with this, the expanding manufacturing sector in the country has further created the demand for new chemical production facilities.
Favorable government policies are anticipated to fuel the chemical licensing market in Saudi Arabia.
The visionary leadership of Saudi Arabia wants to take their country to new heights in the fields of culture, education, and manufacturing. For this, they set up the "Vision 2030" initiative for the overall social, economic, and environmental goals. The chemical industry has been at the forefront in developing for adoption of new technologies and creating a positive environment for the chemical licensing market.
In February 2024, the Ministry of Saudi Arabia announced the creation of 150k jobs in chemical plants and renewable energy facilities in the nation. They are committed to the localization of 75 percent. Following sustainable practices, they are committed to 39-49 percent female participation in the sector. Along with this, a new institute named "Energy Tech Institute" was announced, known as "Saudi Technical Institute for Petroleum Services". Expanding opportunities for renewable energy and innovation will open new avenues for the chemical licensing market in Saudi Arabia comprehensively.
The growing demand for petroleum products is predicted to fuel the market.
The petrochemicals segment in the Saudi Arabia chemical licensing market is prominent in terms of the volume of demand and supply of petroleum products. The export of petroleum products experienced an upsurge from 1,343.7 (1,000 b/d) in 2021 to 1,468.4 (1,000 b/d) in 2022. Similarly, imports were 360.1 (1,000 b/d) in 2022. The active rigs in the country were 59 in 2020, 65 in 2021, and 80 in 2022.
Saudi Arabia's daily crude oil production increased from 9,125 ('000) in 2021 to 10,591 ('000) in 2022. Further, the demand for localization is creating specific opportunities such as In-Kingdom Total Value Add (IKTVA). Under this, Saudi Aramco has designed to create and maximize long-term economic growth and diversification to support the country's vision, focusing on investment, economic diversification, job creation, and workforce development within the country.
By application, the Saudi Arabian chemical licensing market is segmented into oil and gas, petrochemicals, pharmaceuticals, and others
By application, the Saudi Arabian chemical licensing market is segmented into oil and gas, petrochemicals, pharmaceuticals, and others. The oil and gas segment is expected to hold a significant portion of the chemical licensing market, as the cumulative crude oil production (in 1,000 b) has expanded from 161,654,358 in 2021 to 165,520,041 in 2022, giving the upsurge in the production in the country. The demand from the petrochemicals sector would also remain robust. Petrochemicals are necessary for the manufacturing of fertilizers. As the demand for food around the world grows production of fertilizers is necessary for meeting greater demand.
The country is up for the transforming healthcare program with integration and coordination to provide complete treatment. The country aims to increase domestic pharmaceutical manufacturing, a major application segment for the chemical licensing market.
Jeddah and Riyadh would hold a significant share of the chemical licensing market in Saudi Arabia
Jeddah is an important industrial town in Saudi Arabia, with many chemical plants, such as Reza Chemical Industries and Saudi Industrial Chemicals Factory, among others. Additionally, Riyadh, the capital of the country, holds an important position in industrial and financial growth. The government oversees 35 industrial cities to develop into industrial hubs in the country.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $88.79 Million |
| Forecasted Market Value (USD) by 2029 | $105.6 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Saudi Arabia |
Companies Featured
- Chevron Philips Chemical
- Mitsubishi Gas Chemical
- Dow
- ExxonMobil Chemical
- Chemanol
By Type
- Inorganic Chemicals
- Organic Chemicals
By Application
- Oil and Gas
- Petrochemicals
- Pharmaceuticals
- Others
By Province
- Riyadh
- Makkah
- Others
For more information about this report visit https://www.researchandmarkets.com/r/u50kvf
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