The Middle East and Africa (MEA) specialty chemicals market will grow at a CAGR of 5.3% during the forecast period (2018–2023), owing to the surging use of agrochemicals in African countries and increasing construction activities for the establishment of new commercial centers, industrial plants, and housing units. Moreover, the revival of the oil and gas industry will facilitate the market growth in the foreseeable future. According to P&S Intelligence, the market was valued at $11,406.4 million in 2017 and it is projected to reach $15,491.2 million by 2023.
MEA Specialty Chemicals Market Growth Report@ https://www.psmarketresearch.c....om/market-analysis/m
Specialty chemicals or performance chemicals are low-volume chemicals that add significant value to several products. These are used as ingredients in the production process of industrial and consumer goods. Also, these chemicals can be used in the manufacturing of a range of products, including petroleum products, electronics, paints, and detergents. Among the various end-use industries in the MEA region, the agriculture, construction, and electronics sectors use the maximum amount of specialty chemicals to produce better products.
Agriculture is the dominant industry in most of the African countries and there has been a substantial development in this sector, in recent years. Advancements in agricultural practices have encouraged the African farmers to shift toward modern agricultural practices like usage of fertilizers, fungicides, pesticides, and insecticides. Increasing use of these products will boost the demand for specialty chemicals during the forecast period. These agrochemicals are utilized during different stages of farming to enhance soil fertility and avoid crop damage, due to pests, environmental factors, and weed growth.
In addition, the performance chemicals also find wide application in the oil and gas sector of MEA. This region is home to some of the largest oil producing nations in the world like Algeria, Nigeria, and Saudi Arabia. These nations are also among the leading exporters of crude oil in the world and are some of the largest investors in the area of exploration and development of new oil fields. Owing to these reasons, the requirement for specialty chemicals applied in oil fields is expected to surge in the region.
The type segment of the MEA specialty chemicals market is divided into agrochemicals, specialty coatings, food additives, electronic chemicals, plastic adhesives, adhesives and sealants, surfactants, construction chemicals, polymer additives, cleaning chemicals, paper and textile chemicals, lubricant and oilfield chemicals, and others. Among these, the lubricant and oilfield chemicals division accounts for the largest market share, because of their comprehensive use in the production of crude oil. The surging demand for crude oil from major oil importing countries will boost the demand for these chemicals in the future.
Moreover, on the basis of country, Saudi Arabia is the leader in the MEA specialty chemicals market, as the country is one of the leading producers of crude oil and is home to rapidly growing construction and automotive industries, which are major end users of performance chemicals. These industries along with the agriculture sector procure specialty chemicals from players like Saudi Basic Industries Corporation (SABIC), DowDuPont Inc., Saudi Speciality Chemical Industries Co. Ltd., Akzo Nobel N.V., Sadara Chemical Company, BASF SE, and Clariant AG.
