Market Trends of MEA Concrete Admixtures Industry
This section covers the major market trends shaping the MEA Concrete Admixtures Market according to our research experts:
Increasing Demand for Concrete Admixture in Residential Construction
- The rising application of concrete admixture in the construction industry to improve the properties of concrete is driving its demand, thereby promoting growth of the concrete admixture market in the Middle East and Africa region.
- Concrete admixture can improve the quality of the concrete, make it easier to work with, make it easier to pump, and make it last longer.
- Post-pandemic, the Middle Eastern economies witnessed a recovery in 2021 and 2022, driven by a sharp increase in energy prices in Saudi Arabia as the demand for oil and natural gas rose dramatically around the world and air travel became more commonplace. The rising price of oil per barrel has given the sovereign wealth funds that are driving nation-building projects across the region more money.
- Additionally, as part of the Kingdom's program of Vision 2030 megaprojects, Saudi Arabian developer Roshan has received bids to construct the first phase of the enormous Al-Arous residential projects in Jeddah.
- Therefore, considering the above-mentioned factors, the demand for the concrete admixture market is expected to rise significantly in the residential application segment in the near future.
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Saudi Arabia is Expected to Hold Significant Market Share
- Saudi Arabia dominated the Middle East and Africa for concrete admixtures in 2021, with a significant market share in terms of revenue, and it is anticipated that it will maintain its dominance during the forecast period of 2022-2027.
- The surging residential and commercial construction activities within the country are one of the major factors driving product demand.
- The announcement of Vision 2030 and the associated National Transformation Plan (NTP) have increased investments in various sectors, such as healthcare and education, to support the country's economic growth. The government has expansive plans for the development of social infrastructure in the country. Government and private investments in different sectors of the country are expected to lead to a rise in commercial building construction activities in the country.
- Additionally, the Saudi Ministry of Housing announced its goal to construct about 100,000 new housing units in partnership with real estate developers at a total value of SAR 65 billion (USD 17.3 billion). Nineteen projects have already been announced in nine areas of the country, and another 40 private projects are expected to add another 14,000 "villa" units to the country.
- All of these things about the construction industry in the country show that the demand for concrete admixtures in the country will grow strongly over the next few years.
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