Growth of the MEA Specialty Chemicals Market

MEA Specialty Chemicals Market Size, Share, Growth Drivers and Future Analysis

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In 2017, the Middle-East and Africa specialty chemicals market attained a value of $11,406.4 million and is expected to advance at a CAGR of 5.3% during the forecast period (2018–2023). The market is witnessing growth due to the increasing consumption of specialty chemicals in oilfields and advancements in agricultural practices in Africa. Specialty chemicals, also known as performance chemicals, are utilized as ingredients in the manufacturing processes of industrial and consumer goods. These chemicals are used for producing various types of products, such as electronics, petroleum products, paints, and detergents.

The MEA specialty chemicals market is categorized by type into polymer additives, electronic chemicals, lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, construction chemicals, paper & textile chemicals, specialty coatings, plastic additives, surfactants, cleaning chemicals, food additives, and others. Among these, the category of lubricant & oilfield chemicals dominated the market during the historical period, holding more than 20.0% share in 2017. This was attributed to the production of a huge amount of crude oil in the region. Construction chemicals arepredicted to witness the fastest growth during the forecast period.

On the basis of country, the MEA specialty chemicals market was dominated by Saudi Arabia, among South Africa and Rest of MEA, with a share of more than 60.0% in 2017. This was because of the increased demand for specialty chemicals from the country’s vast exploration & production (E&P) sector which makes extensive use of these chemicals during different stages of E&P activities.

In addition to this, the requirement for specialty chemicals in the country is expected to rise because of the increasing investments in the construction sector.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/mea-specialty-chemicals-market The increasing consumption of specialty chemicals in oilfields is driving the MEA specialty chemicals market. Large hydrocarbon reserves, particularly of crude oil, are present in the MEA region, and countries in this region are among the largest crude oil producers in the world. Since the demand for crude oil is growing, primary oil producing countries in the world are investing in the development of new oil fields along with the expansion of existing oil fields, which is further expected to drive the demand for specialty chemicals in the region.

The agricultural practices in Africa are becoming advanced which is resulting in the growth of the MEA specialty chemicals market. A key source of income for the people in majority of the African nations is the agriculturesector. While traditionally farmers depended upon natural fertility of soil for output, with the

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emergence of advanced agricultural practices, farmers have started shifting toward modern agricultural practices, such as the utilization of insecticides, pesticides, fertilizers, and other agrochemicals, which is further leading to the growing requirement for specialty chemicals.

A major opportunity is being created in the MEA specialty chemicals market due to the growing demand for these chemicals from developing countries of the region. The demand for specialty chemicals from the developed countries of the MEA region has reached a saturation point as the end-use markets in these countries are mature. However, the requirement for these chemicals is increasing from the developing countries, especially African nations,and this demand is being created primarily by the electronics, agriculture, and construction sectors.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/mea-specialtychemicals-market/report-sample Thus, the advancements in the agricultural practices in Africa and rising consumption of specialty chemicals in the oilfields in the Middle East are leading to the growth of the market.

MEA SPECIALTY CHEMICALS MARKET •

By Type – agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper & textile chemicals, adhesive & sealants, lubricant & oilfield chemicals, and others (water treatment chemicals, advanced ceramic materials, rubber processing chemicals, and mining chemicals)

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By Country – Saudi Arabia, South Africa, and Rest of MEA

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