GCC Oilfield Chemicals Market Is Primarily Driven By High Use Of Drilling Fluids and Cementing Across The Globe
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. The GCC Oilfield Chemicals Market was valued at US$ 3,013.9Mn in 2018 and is expected to reach US$ 5,245.9Mn by 2028 at a CAGR of 5.7%.
Oilfield chemicals are used in oil and gas extraction activity at every stage of drilling and exploration starting from borehole drilling, to production, stimulation, to at the end that is closing of the borehole. These chemicals are also used for cementing application. The oilfield chemical includes, transition metal compounds, common inorganic salts, common organic chemicals and solvents, surfactants, and water-soluble and oil-soluble polymers. These chemicals play an important role in the prevention of penetration and loss of drilling fluid in various geographical conditions. In addition, these chemicals provide protection from corrosion in a chemically aggressive and hot environment and keep drilling fluid in pump able / fluid form under continuously changing temperature conditions.
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Oil field chemicals are supplied by both – the chemical companies as well as by oil field service companies. However, oilfield companies preferable purchase these chemicals from chemical companies and then provide services in chemical transportation, chemical mixing, dilution, storage, and for production of commodity chemical. In recent years, due to increasing environment related concerns the focus on the development of non-toxic and bio-degradable oilfield chemicals is increased. Many manufacturers are increasing R and D investment and activity for the development of naturally derived and marine-life friendly oilfield chemicals.
Increasing crude oil production in GCC countries is expected to fuel the growth of the oilfield chemicals market. For instance, Energy Minister of UAE has announced in October, 2018 that UAE has begun to increase crude oil production to serve the increasing demand for crude oil from the market. In addition, UAE has increased the crude oil output capacity to around 3.5 million barrels a day in 2018, which is expected to boost the demand oilfield chemicals in the GCC market.
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Furthermore, the growing demand for highly effective oilfield chemicals due to increasing deep offshore deposits in GCC countries is expected to bolster the growth of the oilfield chemicals market over the forecast period.
However, increasing stringent regulations regarding environment safety and oil and gas exploration activity in GCC countries is expected to hamper the growth of the oilfield chemicals market to a certain extent. Nonetheless, advancement in the drilling and exploration technology, availability of a large number of market players and increasing investment in the target market area offers lucrative opportunities for oilfield chemical manufacturers.
GCC Oilfield Chemicals Market is segmented based on type, end-user and region. Based on type biocides, corrosion and scale inhibitors, demulsifiers, surfactants, polymers, gellants and viscosifiers and others. The demulsifier segment accounts for the majority share in the GCC oilfield chemicals market, and also it is expected to register the highest growth rate over the forecast period. On the basis of the application market is segmented into, drilling fluids, cementing, completion and stimulation and production and EOR and drilling fluids segment accounts for a majority share in the GCC oilfield chemicals market.
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On the basis of region, the market is segmented into Saudi Arabia, Qatar, UAE and other GCC countries. Saudi Arabia accounts for the majority share in the GCC oilfield chemicals market followed by Qatar, owing to increasing demand for oilfield chemicals from enhanced oil recovery applications in the region, with Saudi Arabia registering highest growth rate. UAE and other GCC countries are expected to register stable growth over the forecast period.
The research report on the GCC Oilfield Chemicals Market includes profiles of some of the major companies such as BASF SE, Croda International Plc, Halliburton Company, Schlumberger Limited, DowDuPont Inc., Ecolab Inc. and others.