Market Trends of middle east & africa construction adhesives & sealants Industry
Robust population and favorable government policies to boost the construction industry
- The construction industry is becoming a key driver for African economies, accounting for 10-15% of GDP. Development in the region is attracting investment from all over the world, which is further creating opportunities and boosting the workforce in the construction of residential, commercial, institutional, and industrial buildings.
- The construction industry registered a growth rate of 2.38% and 2.32% in 2018 and 2019, respectively. However, in 2020, the construction market contracted by 6.81% compared to the same period in 2019, as the COVID-19 pandemic negatively affected the construction market by restricting construction activities in countries like Saudi Arabia and the United Arab Emirates. In 2021, the construction market regained growth rate as the Middle East and African nations have done well in controlling the COVID-19 outbreak. As a result, key construction sectors recorded moderate growth, unlike other comparable markets which have witnessed low to negative growth.
- The Middle East and North Africa (MENA) is currently home to over 350 million people, and its population growth has been characterized by rapid urbanization. This is projected to continue, with the urban population expected to double from 2010 to 2050, from 200 million to nearly 400 million. This means a large demand for buildings, complicated by the challenges of conflict-induced displacement of people. Thus, the Middle East & Africa Construction industry is expected to increase at a CAGR of 2.7% during the forecast period (2022-2028).
Understand The Key Trends Shaping This Market
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