The MEA specialty chemicals market is projected to reach $15,491.2 million by 2023, according to P&S Market Research.The market growth is mainly driven by the growing oil production, increasing usage of agrochemicals, and rising construction activities in the region.

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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.

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.

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.

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This allows the manufacturers to tap the potential in these developing countries and offers high growth opportunities for the MEA specialty chemicals market.

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. The growth in the consumption of different types of agrochemicals would further boost the growth of the MEA specialty chemicals market.

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