The market growth is mainly driven by the growing oil production, increasing usage of agrochemicals, and rising construction activities in the region.
New York, NY -- (SBWIRE) -- 08/17/2018 -- 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. The MEA specialty chemicals market size is projected to grow at a decent rate for the next few years. Rising consumption of specialty chemicals in oilfields and advancement in agricultural practices in Africa are the major drivers for the growth of the specialty chemicals market in MEA.
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The specialty chemicals markets in the developed countries of MEA are mature, owing to the saturate demand for the product from end user industries. However, the demand of specialty chemicals in developing countries, particularly in African nations, has witnessed rapid rise, mainly from the agriculture, electronics, and construction sectors. This offers high growth opportunities to specialty chemical manufacturers to tap the market potential in developing countries of the region.
Saudi Arabia led the MEA specialty chemicals market, with a share of 61.0% in 2017. The largest share of the country is attributable to the increasing domestic demand for specialty chemical from its vast reserves of crude oil in which specialty chemicals are widely used during the different stages of oil field exploration and development.
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Additionally, the country's large population and high disposable income makes it one of the largest markets for automobiles in the region, which makes the country a lucrative market for lubricants. Further, the country's ongoing efforts to diversify its economy through investment in construction sector is likely to boost the demand for specialty chemicals used in construction activities.
Saudi Basic Industries Corporation (SABIC), Sadara Chemical Company, and Saudi Speciality Chemical Industries Co Ltd. are the leading players in the MEA specialty chemicals market.
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