Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The "UAE Chemical Licensing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The UAE chemical licensing market is forecast to reach US$19.292 million in 2029 at a CAGR of 2.79% from US$16.812 million in 2024.
The UAE chemical licensing industry is pivotal for obtaining and giving chemical process and technology licenses, influencing the country's chemical and petrochemical businesses, which are imperative to the economy. Moreover, the energy transition globally is driving the demand for clean energy and sustainable practices, boosting the UAE chemical licensing market expansion. Regional and international companies are contributing to inventive solutions to meet new regulatory guidelines and rising requirements from the market.
The rising trade infrastructure and industrial partnership are expected to bolster the UAE chemical licensing market expansion
The UAE's strategic position as a worldwide trade hub permits easy access to international markets. Jebel Ali Free Zone in Dubai, a major global port hub, encourages significant import and export activities for different industries, including chemical products. This shows the rise in trading in UAE on an international level which will also involve the trade of chemical products that increase the necessity of chemical licensing by regulatory authorities. Further, the UAE's manufacturing sector is thriving, driven by government initiatives such as Dubai Industrial Strategy 2030, the strategy aims to boost output, innovation, global business preference, eco-friendly manufacturing, and Islamic product market centering in Dubai. These government policies will contribute to the growth of the diverse sectors which will in turn create demand for new chemicals and technologies innovation, fuelling the utilization of chemical licensing by the industries in the years ahead.
The UAE government is effectively advancing diversification from oil, resulting in considerable investments within the chemical and petrochemical divisions, with Abu Dhabi National Oil Company (ADNOC) investing in downstream facilities to create high-value products from crude oil and natural gas.
Activities promoting financial expansion drive growing investments within the chemical segment, subsequently contributing in more licensing agreements for progressed technological innovations. In February 2024, the UAE and German governments enhanced cooperation and promoted green industrial investments under the "Make-it-in-the-Emirates" initiative. Operation 300bn, the UAE's industrial strategy, aims to boost the industrial sector's GDP contribution. Agreements signed by the UAE, Jordan, Egypt, and Bahrain cover agriculture, pharmaceuticals, metals, chemicals, and electric vehicles.
Stringent government regulations would propel the UAE chemical licensing market growth
The UAE chemical licensing market is expected to grow due to stringent government regulations that ensure safety, environmental protection, and quality. These regulations drive the demand for advanced technologies and processes through chemical licensing. They also encourage chemical companies to adopt advanced technologies that comply with these standards. The UAE is obligated to license technology that meets international safety standards, including those set by the International Maritime Organization (IMO) and the United Nations' Globally Harmonized System (GHS).
Furthermore, Dubai's industrial hub, attracting significant demand for chemical products, is granting a chemical trading license for investors to import, export, and distribute chemical products in the Middle East. The UAE Ministry of Health and Prevention website offers a service that allows chemical precursor companies to register for internal trade, import, export, intermediary, or end-user purposes. It offers five types of MOH&P Registration Certificates, including import/export, import/end-user, domestic trading, and intermediary trading. Approval is required for each transaction.
Additionally, regulations requiring reduced emissions and waste encourage companies to continuously upgrade their processes by licensing innovative technologies. ADNOC is implementing carbon capture and storage (CCS) technology to meet UAE's emissions reduction targets, ensuring compliance and boosting operational efficiency through licensing these advanced technologies, propelling the progression of employing chemical licensing in the UAE in the coming years.
The time-consuming licensing process could hinder the market of Chemical licensing expansion
The UAE's chemical licensing process is complex and time-consuming, which needs a large scale of paperwork, numerous government approvals, and thorough safety evaluations. This complex process can dishearten companies from entering the market or can also result in delaying projects by the companies. Additionally, specialized information on regulations and methods is needed for a smooth process and the restricted pool of qualified specialist consultants may increment costs and make it troublesome to access fundamental advice and expertise for smaller-scale companies.
UAE Chemical Licensing Industry Updates:
- January 2024-Worley Comprimo signed a General Licensing Agreement with Aramco to support its liquids-to-chemicals program, aiming to streamline conventional industrial processes, reduce CO2 emissions, and integrate refining processes for petrochemical production.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 84 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $16.81 Million |
| Forecasted Market Value (USD) by 2029 | $19.29 Million |
| Compound Annual Growth Rate | 2.7% |
| Regions Covered | United Arab Emirates |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. UAE CHEMICAL LICENSING MARKET BY TYPE
5.1. Introduction
5.2. Inorganic Chemicals
5.3. Organic Chemicals
6. UAE CHEMICAL LICENSING MARKET BY APPLICATION
6.1. Introduction
6.2. Oil and Gas
6.3. Petrochemicals
6.4. Pharmaceuticals
6.5. Others
7. UAE CHEMICAL LICENSING MARKET BY EMIRATES
7.1. Introduction
7.2. Abu Dhabi
7.3. Dubai
7.4. Sharjah
7.5. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
- KEZAD Group
- Chevron Philips Chemical
- ExxonMobil Chemical
- Bechtel
For more information about this report visit https://www.researchandmarkets.com/r/9tjf0j
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