Middle East and Africa Specialty Chemicals Market Being Driven by Increasing Specialty Chemicals Utilization in Oilfields

The Middle East and Africa 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.

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.

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.

Thus, the growth of the agriculture, construction, automobile, and oil and gas sectors in MEA will boost the adoption of specialty chemicals for different purposes, in the coming years.

Source: www.psmarketresearch.com

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