Market Trends of Middle-East and Africa Anchors and Grouts Industry
This section covers the major market trends shaping the MEA Anchors & Grouts Market according to our research experts:
Growing Demand from the Non - Residential Segment
- Anchors and grouts are commonly utilized for filling cavities under machinery, sealing joints and surface gaps, and reinforcing existing structures in residential and non-residential construction. Middle East and Africa have a significant market share, with major countries like Saudi Arabia, the United Arab Emirates, and South Africa driving regional demand for anchors and grouts to new heights.
- Anchors and grouts are used for new construction and repair and refurbishment in buildings. In the construction segment, they are used for sealing, masonry, flooring, and repair products.
- The Middle East's numerous government initiatives to support the expansion of the commercial sector, notably Saudi Arabia's Vision 2030 and Abu Dhabi's Economic Vision 2030, are probably going to significantly impact the growth of the market for anchors and grouts.
- Saudi Arabia's Vision 2030 agenda has unleashed essential real estate projects worth USD 1 trillion. With its USD 1.1 trillion project pipeline, the country is looking for qualified builders to shape its most ambitious projects, such as the tourist destination of the Neom super-city, the 334 km2 entertainment city of Qiddiya, the development of the UNESCO World Heritage site of Al-Ula, and the luxury and sustainable tourism focused Red Sea Project.
- In South Africa, Modderfontein New City is a Chinese-funded USD 8 billion city under construction in Modderfontein, Johannesburg-South Africa. The project will occupy 1,600 hectares of land between OR Tambo International Airport and Sandton. The city will include nine functional zones, the central business district, an international conference and exhibition center, a silver industry and retirement industry, an entertainment center, an international residential community, a sports Center, an education and training center, a trade and logistic park, and a light industry park.
- In the United Arab Emirates, the construction sector has a promising outlook in the country of various government initiatives, such as the National Strategy of Higher Education 2030, the Energy Strategy 2050, and numerous others.
- Hence, increasing demand for anchors and grouts in the non-residential segment in the Middle East and Africa is likely to dominate the market.
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Saudi Arabia to Dominate the Market
- Saudi Arabia dominated the Middle East and African anchors and grouts market, with a substantial market and revenue share, and this dominance is expected to remain during the forecast period.
- Anchors and grouts are frequently utilized in the construction industry, from residences to parking garages, schools, and skyscrapers. They are also applied on roofs and as cladding for exterior walls. Furthermore, Saudi Arabia has a substantial market share in these industries, allowing it to maintain its influence across the Middle East and Africa.
- According to General Authority for Statistics (Saudi Arabia), Gross Domestic Product (GDP) Contribution by the Construction sector in Saudi Arabia was SAR 170.675 (~USD 45.5 billion) billion in 2021, which increased as compared to SAR 161.096 billion (~USD 42.95 billion) in 2020.
- The Diriyah Gate Development Authority (DGDA) has achieved many milestones, including the opening of a new 9,000 sqm food and cultural market by 2027. The DGDA has also announced the addition of 16 new hotel brands to its hospitality portfolio.
- Saudi Arabia's Qiddiya Investment Company has been given a contract worth SAR 700 million (USD 186.53 million) under the part of the Saudi Vision 2030 program to develop infrastructure. This project is planned to accelerate the construction of a mega entertainment and sports complex near Riyadh.
- In June 2022, the country launched 93 projects for upgrading its utility infrastructure. These projects, which will cost SAR 8.5 billion (~USD 2.26 billion), will support water and environmental sustainability and improve the operational efficiency of waterway transportation and distribution.
- All aforementioned factors are likely to fuel the growth of the anchors and grouts market in Saudi Arabia over the forecast period.
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