The chemicals manufacturing value added in Saudi Arabia showed a fluctuating trend from 2013 to 2023. The sector witnessed a significant increase in value in 2015 and 2016 but faced a notable decline in 2017. A rebound occurred in 2018, followed by a stable period from 2019 to 2020. However, the value started declining slightly from 2021 onwards, reaching 27.74 in 2023. The year-on-year variation for 2023 was -1.14%. The compound annual growth rate (CAGR) over the last five years also indicated a gradual decline, standing at -0.83%.
Future forecasts predict a continuous downward trend in chemicals manufacturing value added, with projections indicating a decrease to 26.16 by 2028. The forecasted CAGR for the next five years is -0.94%, reflecting an overall negative growth rate of -4.6%.
Future trends to watch for:
- Potential policy changes and economic reforms in Saudi Arabia could affect the chemicals manufacturing sector.
- Global market dynamics and advancements in technology may influence production efficiency and value growth.
- Environmental regulations and sustainability trends could impact production costs and investment in green technologies.
