Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "UAE Chemical Logistics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
Swift Recovery and Sustainable Growth
The burgeoning Chemical Logistics industry in the UAE is poised for substantial growth, with market size estimated to reach USD 14.26 billion by the year 2029. Driven by the country's robust economic expansion of 7.6% in 2022 and a commendable recovery from the COVID-19 pandemic, the sector shows promising developments with its focus on diversification away from oil-dependency and towards sustainable practices.
Strategic Trade Agreements and Regional Developments
Underpinning the growth is the UAE's strategic positioning and forging of significant bilateral trade agreements with countries such as India, Israel, and Indonesia. These relationships have been instrumental in the elevation of foreign trade, having seen an increase in its value by 17% from the previous year. Additionally, the chemical industry in the GCC has registered a growth of 2.7% in 2021, marking a shift towards higher demand on a global scale.
Rising Specialty Chemical Industry Demand
A sector that stands out within the broader chemical industry is that of specialty chemicals, which has seen heightened demand, largely attributable to the expanding applications in various end-user industries. Notably, technological innovations and a surge in the construction of smart city projects across the GCC prominently endorse this trend. The UAE government's proactive incentivization policies further signal strong support for the growth of the specialty chemical segment.
Technological Advancements in Logistics
In an era of digital transformation, the adoption of IoT-enabled connected equipment and technology-driven logistical services has been soaring. Automation, sustainable warehousing, and tech integration in the form of AI and machine learning are becoming increasingly conventional in the chemical logistics arena, enhancing operational efficiency and championing eco-friendly practices.
UAE Chemical Logistics Market Landscape
The landscape of the UAE Chemical Logistics market is characterized by a blend of major and minor players, creating a highly fragmented sector. However, the region's chemical companies are gaining a competitive advantage thanks to assured long-term feedstock from national oil firms and competitive pricing. Companies like A&R Logistics, Agility Logistics, and BDP International Inc. are recognized as noteworthy participants in this vigorous market.
The UAE Chemical Logistics market continues its dynamic trajectory, supported by strategic economic initiatives, technological integration, and a steadfast commitment to growth and sustainability.
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