The increasing consumption of various types of agrochemicals owing to the advancement of agricultural practices is expected to fuel the Middle East and Africa (MEA) specialty chemicals sector growth. Agriculture is a dominant niche considering economic output and also a prominent income source in African nations. Agrochemicals are used for improving the soil fertility and preventing crop damage, mainly from weed growth and pests.
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Further, major oil-producing nations, such as Nigeria, Saudi Arabia, and Iran, are engaging in the oilfield expansion in order to meet the rising requirement for the commodity, thereby resulting in significant growth of the sector. The MEA specialty chemicals market is witnessing rapid consolidation due to increasing merger and acquisition activities. For instance, in 2017, Saudi Basic Industries Corporation declared that it was focusing on nearly $6.0 billion business acquisition opportunities in specialty chemicals, petrochemicals, and fertilizers domains.
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.
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The demand for the product in the developed countries of the region has reached the maturity stage, owing to the saturate demand from end user industries. However, the demand of specialty chemicals in developing countries, particularly in African nations, has witnessed a rapid rise in recent years, mainly from the agriculture, electronics, and construction sectors. This allows the manufacturers to tap the potential in these developing countries and offers high growth opportunities for the MEA specialty chemicals market.
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.
