How are Advancing Agricultural Practices in Africa Driving Middle East and Africa Specialty Chemical
One of the major sources of income for the people in majority of African nations is the agriculture sector. Traditionally, farmers relied on the natural fertility of the soil for producing crop. But now, on account of advancements in agricultural practices, farmers in these nations have started adopting modern agricultural practices, such as the utilization of insecticides, fertilizers, fungicides, pesticides, and other agrochemicals. These agrochemicals are utilized during several stages of farming for improving soil fertility and preventing crop damage because of environmental factors, pests, and weed growth. This increase in the usage of agrochemicals in African nations is predicted to drive the demand for specialty chemicals as well. Specialty chemicals, also known as performance chemicals, are utilized in the manufacturing processes of industrial and consumer goods to help enhance their value.
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According to a study conducted by P&S Intelligence, in 2017, the Middle East and Africa specialty chemicals generated a revenue of $11,406.4 million and is predicted to register a 5.3% CAGR in the coming years. There are several types of specialty chemicals, namely lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, specialty coatings, paper & textile chemicals, surfactants, plastic additives, food additives, cleaning chemicals, polymer additives, and electronic chemicals. Other types include advance ceramic materials, mining chemicals, water treatment chemicals, and rubber processing chemicals. Out of these, the requirement of lubricant & oilfield chemicals was the highest during 2013–2017.
This was attributed to their wide usage in oil fields in the MEA region. Lubricant chemicals are used to decrease friction and wear between two materials, prevent corrosion and overheating, and improve the smoothness of products. Oilfield chemicals are utilized in the oil & gas industry during different oilfield exploration processes, ranging from oil recovery, surface plant processing, oil drilling, and reservoir injection to oil transportation.
The MEA region contains large hydrocarbon reserves, majorly crude oil. Because of the growing requirement for crude oil around the world, primary oil producing countries in MEA, such as Nigeria, Saudi Arabia, the U.A.E., Iran, Algeria, and Iraq, are increasingly investing in the development of new oilfields and expansion of existing oilfields. Huge risks are associated with oil production, due to which the key oil producing companies are focusing on achieving lesser environmental damage, greater oilfield efficiency, and effective maximization of output from the oilfields. Ascribed to all these factors, the demand for specialty chemicals is predicted to rise, since they are extensively used in the well bores of oilfields.
Geographically, the largest demand for specialty chemicals was created by Saudi Arabia in the MEA region. The country is further expected to create the largest requirement for these chemicals in the coming years. This is because of the large-scale investment in construction projects, oil & gas production facilities, and other industrial facilities. Apart from this, the demand for specialty chemicals is growing in developing countries in the MEA region. This is because, the end-use industries, such as electronics, construction, and agriculture industry, in emerging economies in the region are witnessing rapid growth.
Get sample copy of report at: http://bit.ly/32BlDvQ
According to a study conducted by P&S Intelligence, in 2017, the Middle East and Africa specialty chemicals generated a revenue of $11,406.4 million and is predicted to register a 5.3% CAGR in the coming years. There are several types of specialty chemicals, namely lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, specialty coatings, paper & textile chemicals, surfactants, plastic additives, food additives, cleaning chemicals, polymer additives, and electronic chemicals. Other types include advance ceramic materials, mining chemicals, water treatment chemicals, and rubber processing chemicals. Out of these, the requirement of lubricant & oilfield chemicals was the highest during 2013–2017.
This was attributed to their wide usage in oil fields in the MEA region. Lubricant chemicals are used to decrease friction and wear between two materials, prevent corrosion and overheating, and improve the smoothness of products. Oilfield chemicals are utilized in the oil & gas industry during different oilfield exploration processes, ranging from oil recovery, surface plant processing, oil drilling, and reservoir injection to oil transportation.
The MEA region contains large hydrocarbon reserves, majorly crude oil. Because of the growing requirement for crude oil around the world, primary oil producing countries in MEA, such as Nigeria, Saudi Arabia, the U.A.E., Iran, Algeria, and Iraq, are increasingly investing in the development of new oilfields and expansion of existing oilfields. Huge risks are associated with oil production, due to which the key oil producing companies are focusing on achieving lesser environmental damage, greater oilfield efficiency, and effective maximization of output from the oilfields. Ascribed to all these factors, the demand for specialty chemicals is predicted to rise, since they are extensively used in the well bores of oilfields.
Geographically, the largest demand for specialty chemicals was created by Saudi Arabia in the MEA region. The country is further expected to create the largest requirement for these chemicals in the coming years. This is because of the large-scale investment in construction projects, oil & gas production facilities, and other industrial facilities. Apart from this, the demand for specialty chemicals is growing in developing countries in the MEA region. This is because, the end-use industries, such as electronics, construction, and agriculture industry, in emerging economies in the region are witnessing rapid growth.