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Press Release Description

Increasing Demand for Specialty Chemicals from Oil & Gas Industry Augmenting the Middle East Specialty Chemicals Market

Specialty Chemicals also are known as the performance chemicals are used across several industries in the manufacturing and production processes. The increasing demand for specialty chemicals from the end-user industries attributing to the large scale construction and industrial activities in the Middle East region has been escalating the market demand for the specialty chemicals.

According to MarkNtel Advisors’ research report Middle East Speciality Chemicals Market Analysis, 2020”, the Middle East Speciality Chemicals market is anticipated to grow at a CAGR of around 5% during 2020-25. The Middle-East region holds a significant volume of hydrocarbon reserves, such as crude oil and is also the world’s largest oil-producing and exporting region in the world with the presence of countries such as Nigeria, Algeria, Saudi Arabia, Iran, Iraq, among others. Due to modernization in the oil extraction and refining technologies, the major oil producers are aiming at improved efficiency and maximum utilization of output from the oil wells. The specialty chemicals are widely used in the oil and gas industry to improve efficiency and to simplify the extraction process in an environment-friendly manner.

Saudi Arabia to Dominate the Middle East Speciality Chemicals Market During the Projected Period

In 2019, Saudi Arabia accounted for the largest market share in the regional specialty chemical market. The presence of a vast quantity of oil reserves in the country, in addition to its leading position in the global export volume of crude oil and refined hydrocarbons, results in the significant consumption of specialty chemicals in the oil field industry. Moreover, the ongoing construction and development activities in the country under its 2030 vision, has been boosting the demand for specialty chemicals across different verticals.

Oil Field Chemical Segment to Maintain Its Hold on the Middle East Speciality Chemicals Market in the Upcoming Years

The oil field segment held the largest market share in Middle East in 2019. The market dominance by the sector is projected to remain intact in the upcoming years on account of increasing offshore oil exploration industry in conjunction with the proliferating oil export demand across the globe.

According to MarkNtel Advisors’, some the of key competitors operating in the Middle East Speciality Chemicals market includes Saudi Basic Industry Corporation, Sadara Chemical Company, Saudi Speciality Chemical Industries Co Ltd., Thebe Unico, AECI Ltd., Clariant AG, Akzo Nobel N.V., Evonik Industries AG, BASF SE, DowDuPont Inc., etc.
“Middle East Speciality Chemicals Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for automotive lubricant providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Industry Segmentation:
1.    By Type (Pharmaceuticals Chemicals, Mining Chemicals, Water & Waste Water Treatment Chemicals, Oil Field Chemical, Personal Care, Food Additive, Construction Chemicals, Others)
2.    By Country (Saudi Arabia, UAE, Qatar, Kuwait, Oman, rest of Middle East)
3.    By Company (Saudi basic Industry Corporation, Sadara Chemical Company, Saudi Speciality Chemical Industries Co Ltd., Thebe Unico, AECI Ltd., Clariant AG, Akzo Nobel N.V., Evonik Industries AG, BASF SE, DowDuPont Inc., and others)

Key questions answered in the study:
1.    What are the current and future trends of the Middle East Speciality Chemicals industry? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
4.    What are the key growth drivers and challenges for the Middle East Speciality Chemicals industry?
5.    What are the customer orientation, purchase behavior, and expectations from the specialty chemical suppliers across various regions? 

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