MEA Specialty Chemicals Market to witness an increase in demand for the next few years

September 24 09:35 2018
The MEA specialty chemicals market is projected to reach $15,491.2 million by 2023.

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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MEA is endowed with large hydrocarbon reserves, particularly crude oil. Countries such as Saudi Arabia, Nigeria, Algeria, Iran, the U.A.E, and Iraq, are among the largest producers of crude oil in the world. Due to the rising demand for crude oil across the world, major oil producing countries in the region are investing in the expansion of existing oil fields as well as the development of new ones. 

Due to high risk associated with oil production, major oil producers aim to achieve greater oil field efficiency, lesser environmental damage, and effective maximization of output from oil fields. The aforementioned objectives result in different services in the well bores of oilfields in which specialty chemicals are widely used. Owing to this, the demand for specialty chemicals is expected to rise in the future.

MEA has witnessed rapid increase in the demand for specialty chemicals over the recent years. The market in the region is expected to exhibit a CAGR of 5.3% during the forecast period. One of the key factors driving the sales of specialty chemicals in MEA is its extensive use in oil fields. 

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Countries such as Saudi Arabia, Nigeria, and Algeria are among the largest producers of crude oil in the world, where specialty chemicals are highly used. Also, African nations are witnessing rapid advancement in agricultural practices such as increasing consumption of fertilizers, pesticides, and other chemicals in order to boost their agricultural production. This has also boosted the demand for specialty chemicals in the region.

In order to address the growing demand for specialty chemicals in the region, a large number of companies engaged in the production of these chemicals are setting up new production facilities, in addition to the expansion of existing ones. For instance, in 2018, Clariant AG announced the opening of its specialty chemicals production facility in Yanbu, Saudi Arabia. The plant will focus on meeting the local as well as regional demand for the product.

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