With the growing requirement for food products on account of the mushrooming population, farmers are increasingly employing modern agricultural practices such as insecticides, fungicides, pesticides, and fertilizers in order to augment crop productivity. Moreover, the rapid advancements being made in the agriculture sector, which is the dominant sector in several African countries, are also positively impacting the demand for specialty chemicals in farming processes. These chemicals are used at various stages in order to prevent crop damage because of environmental factors, pests, and weed growth and improve the fertility of the soil.
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Besides the aforementioned factor, the rapid economic progress of several Middle Eastern and African nations is also contributing to the soaring sales of specialty chemicals in the Middle East and Africa (MEA) region. These chemicals are being increasingly used in the electronics, construction, and agriculture sectors, which is, in turn, generating lucrative growth opportunities for the players operating in the MEA specialty chemicals market.
Additionally, the expansion of end-user industries such as adhesives and sealants, construction, and plastics is also boosting the demand for these chemicals in the country. These factors are also encouraging the players operating in the MEA specialty chemicals market to launch mergers and acquisitions to provide new offerings to end-user industries.
Hence, it can be safely said that the sales of specialty chemicals will surge sharply in the MEA region in the coming years, primarily because of their growing usage in various industries such as plastics, construction, oil & gas, and agriculture in the region.
SOURCE: P&S Intelligence