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MARKET OUTLOOK

Triton’s report states that the Middle East and Africa nanomaterials market is anticipated to display revenue growth in value and volume at a CAGR of 15.34% and 15.98% during the forecast period 2021-2028. South Africa, Saudi Arabia, Turkey, the United Arab Emirates, and Rest of Middle East & Africa outline the market in this region.

Turkey’s construction industry is anticipated to recover from the slump, gaining significant revenue by 2024. This growth is owing to the government’s concentration on developing transport, residential, and energy structure in the country. Besides this, the government is investing significantly under its 11th five-year development plan. Several projects are under pipeline and are estimated to complete in the upcoming years. Therefore, governmental support augments the demand for nanomaterials in the construction industry, simultaneously boosting the nanomaterials market’s expansion. 

Similarly, the construction industry is anticipated to witness growth over the forecast period in Saudi Arabia. The industry has seen a growth in contracts, with increased focus from private and public companies. Moreover, the hospitality sector is likely to observe growth due to the gradual rise in leisure activities. This will support the construction activities to a large extent. Other than this, the construction industry will witness growth under the Vision 2030 plan. In this regard, the construction activities will influence the adoption of nanomaterials, thereby supplementing the development of the nanomaterials market within Saudi Arabia. 

COMPETITIVE OUTLOOK

The distinguished companies in the nanomaterials market are Showa Denko KK, Nanosys, BASF, Nanocyl SA, and Raymor Industries.