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September 2019

Gulf Industry Magazine helps you catch up with the numbers behind economic and industrial developments in the region.

 

Saudi pharma market to top $10bn by 2023

 

Saudi Arabia’s pharmaceutical market is expected to be valued at $10.74 billion by 2023, said the organisers of the upcoming CPhI Middle East and Africa in Abu Dhabi, UAE, citing an industry report.

According to the latest IQVIA Market Prognosis – Saudi Arabia report, the kingdom’s pharmaceutical market is expected to grow at a compound annual growth rate (CAGR) of 5.5 per cent until 2023. Cara Turner, brand director – Pharma, UBM EMEA, the organisers of the event, said: “Saudi Arabia is one of the largest pharmaceutical markets in the Middle East, and its expansion over recent years can be attributed to a growing population, an increase in non-communicable diseases and strong state support for health services, with major government investment in new hospitals and clinics.”

According to UN figures, Saudi’s population stands at an estimated 34 million, 32 per cent of which are under 14 years and is growing at around 2 per cent annually. Life expectancy has increased from 69 years in 1990 to over 75 years today.

Saudi Arabia covers 2.15 million sq km and Riyadh and Jeddah are home to 6.5 and four million residents respectively, almost a third of the entire population, creating their own unique healthcare dynamics. This is in sharp contrast to over 12 million Saudis who live in isolated or sparsely populated areas, challenging consistent healthcare delivery.

“Putting that into perspective, geographically Saudi is the 12th largest country in the world, but in terms of population density, it is ranked 209,” said Turner.

 

Solar energy storage market to grow 35pc

The solar energy storage market which was valued over $170 million in 2018, is predicted to grow more than 35 per cent in compounded annual growth rate (CAGR) by 2025, according to a latest study by Global Market Insights, Inc.

Strict regulatory norms in line with rising environmental concerns to reduce emissions through the installation of effective energy conservation measures will boost the industry growth. Moreover, ongoing technological advancements and upgrades to provide a cost-competitive business outlook will augment the industry dynamics. Favourable government norms on account of self-consumption and subsidies from grid operators and distribution companies with an aim to achieve grid feed-in will augment the business potential.

Moreover, the industry is anticipated to gain momentum on account of PV installation on small scale systems and substantial growth potential across applications behind the meters.

Furthermore, BES integration will increase owing to declining costs along with batteries retrofitting with small scale photovoltaics are the key factors driving energy storage demand.

 

GCC’s digital textile printing sector at $5bn

The digital textile printing industry in the GCC is expected to see a market growth Dh20 billion ($5.44 billion) by 2023 with a compounded annual growth rate (CAGR) of 11.6 per cent, triggered by the eCommerce industry and the exponential demand by the millennials and the rising GenZ population, according to Smithers Pira.

Due to the growing social media revolution every individual is currently looking at wearing something new in each of their individual social posts. Similar trends are visible in the home furnishing industry as well.

SGI Dubai 2020 aims to bridge this gap by attracting several leading brands from across the globe to cater to this burgeoning demand in the Middle East and Africa region.

Sharif Rahman, CEO, International Expo Consults, said: “Digital textile printing industry is a huge untapped market for the GCC players and it’s the right time for them to grab these opportunities. They will also need to innovative and have state-of-the-art equipment to cater to these demands.  Currently, textile printing is a mature global market, but as per reports digital textile printing still forms less than 5-7 per cent of this global industry, so there is a huge window of opportunities awaiting the equipment manufacturers.” Currently the Asia Pacific region has the largest market share for textile printing, followed by Europe and North America. Within Asia, China and India alone hold the largest market share for textile printing globally. Asia-Pacific region is expected to witness highest growth and maintain its dominance in the forecasted period.

 

Explosives market to reach $23bn by 2025

The explosives and pyrotechnics market is forecasted to reach a revenue of $23 billion by 2025, with a projected compound annual growth rate (CAGR) of 4 per cent from 2019 to 2025, according to a report by Global Market Insights, a global market research.

Strengthened by rising mining activities in countries such as the US, Indonesia, China, South Africa and many others, global explosives market is anticipated to achieve significant growth rates in the near future. However, pyrotechnics market is expected to be driven by growing cracker shows and events in various festivals, occasions and sports events. Increasing coal mining activities to fulfil power generation needs is the major factor influencing the market growth.

Countries such as Indonesia have strict government policies to generate almost 50 per cent of power from domestic coal which in turn is increasing mining operations and hence expected to positively influence the explosives and pyrotechnics market growth by 2025. Strict government regulations regarding reducing carbon footprints is the major restraint to global explosives and pyrotechnics market growth. As coal mining is the key demand source in this market, it is hugely influenced by Paris climate accord applicability all across the globe.

 

G20 merchandise trade continues to fall in Q2

G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, continued its downward trend in the second quarter of 2019, with exports contracting by 1.9 per cent and imports by 0.9 per cent.

Exports contracted by 5.3 per cent in China (to their lowest level since Q4 2017) and by 1.1 per cent in the US (their lowest level since Q1 2018), said a statement.

Imports rose marginally in both countries, (by 0.6 per cent in China and 0.3 per cent in the US), on the back of a pick-up in US-China bilateral trade, possibly reflecting stockpiling in anticipation of US tariff measures that became effective on May 10 and Chinese retaliatory measures (implemented on June 1), it said.

US exports to, and imports from, China increased by 2.7 per cent and 0.2 per cent respectively in the second quarter of 2019 (but remain significantly below the highs seen in Q3 2018, by 17.4 per cent for exports and 10.7 per cent for imports). Only a few G20 economies saw merchandise trade exports increase in the second quarter of 2019: Australia (by 6.3 per cent), Canada (6.4 per cent), Mexico (2.4 per cent) and Japan (0.2 per cent).




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