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MEA Specialty Chemicals Market | Division, New Business Opportunities, Growth Rate and Trends by 2023
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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.
On the basis of type, 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.
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.
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Some of the major players operating in the MEA specialty chemicals market are Saudi Basic Industries Corporation (SABIC), Sadara Chemical Company, Saudi Speciality Chemical Industries Co Ltd., Thebe Unico, AECI Ltd, Clariant AG, Akzo Nobel N.V., Evonik Industries AG, BASF SE, and DowDuPont Inc.
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