MEA Specialty Chemicals Market Latest Growth Trends Analysis And Forecast by 2023

The MEA specialty chemicals market is projected to reach $15,491.2 million by 2023. The market growth is mainly driven by the growing oil production, increasing usage of agrochemicals, and rising construction activities in the region. Specialty chemicals are also known as performance chemicals. They are used as ingredients in the manufacturing processes of consumer and industrial goods. These are low volume chemical products, which add significant value to different products. These chemicals can be used for producing a variety of products, including detergents, paints, electronics, and petroleum products.

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the lubricant and oil field chemicals category has been holding the largest share in the MEA specialty chemicals market, because of its extensive use in the production of crude oil. The revival in the prices of crude oil and its growing demand from major oil importing countries is attributing to the largest share of the category in the MEA specialty chemicals market.

MEA has some of the largest oil producing countries in the world, namely, Saudi Arabia, Nigeria, and Algeria. These countries are also among the largest exporters of crude oil in the world and would continue to invest in the exploration and development of new oil fields. Owing to this, the demand for specialty chemicals used in oil fields is expected to rise in the region. Also, rising demand for specialty chemicals in the production of automotive lubricants is also expected to boost the MEA specialty chemicals market during the coming years.

Saudi Arabia has been leading the MEA specialty chemicals market, with a contribution of more than 60.0% revenue in 2017. The country is one of the largest producers of crude oil and is home to fast growing automotive and construction industries, both of which are major end users of specialty chemicals. The expansion of end user industries is expected to further boost the specialty chemicals market in the country, in the coming years.

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Agriculture is the dominant sector across majority of African nations. With advancement in agricultural practices, farmers in different African nations are shifting to modern agricultural practices, such as the use of fertilizers, insecticides, pesticides, fungicides, and other agrochemicals. These agrochemicals are used during the different stages of farming in order to improve soil fertility, and prevent crop damage due to environmental factors, weed growth, and pests.

Some of the major players operating in the MEA specialty chemicals market are Saudi Basic Industries Corporation (SABIC), Sadara Chemical Company, Saudi Speciality Chemical Industries Co Ltd., Thebe Unico, AECI Ltd, Clariant AG, Akzo Nobel N.V., Evonik Industries AG, BASF SE, and DowDuPont Inc.