Skip to main content

Middle East & Africa Oilfield Chemicals Market to Witness 4% CAGR by 2027

 Middle East & Africa Oilfield Chemicals Market: Introduction

In terms of value, the oilfield chemicals market in Middle East & Africa is anticipated to expand at a CAGR of ~4% from 2019 to 2027 and reach a value of ~US$ 3.7 Bn by 2027. In terms of volume, Saudi Arabia dominated the oilfield chemicals market in Middle East & Africa in 2018. It is estimated to be a leading country of the oilfield chemicals market in Middle East & Africa during the forecast period. According to Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia possesses around 18% of the proven petroleum reserves in the world. It is the largest exporter of petroleum products across the globe. The oil & gas sector accounts for about 50% of gross domestic product and around 70% of export earnings in the country.

Middle East & Africa Oilfield Chemicals Market: Key Drivers and Restraints

Countries in the Middle East such as Saudi Arabia, Iran, Iraq, the UAE, Qatar, and Kuwait account for more than 50% of global proven crude oil reserves. At the current rate of consumption, proven crude oil reserves can last for the next 100 years. At the same time, global demand for crude oil is rising at a rapid pace. This is driving the need for higher production of crude oil. The presence of large numbers of proven crude oil reserves in Middle East & Africa is estimated to attract high investments in the oil production sector in the region. Furthermore, dependence of these countries on crude oil exploration and production is anticipated to prompt their governments to increase oil production. This, in turn, is projected to drive the demand for oilfield chemicals in the sub-region during the forecast period.

Request Sample

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=76141

The number of enhanced oil recovery (EOR) projects in the Middle East has increased over the last decade. Countries such as Oman are aggressively implementing EOR projects. Other countries in the region have also initiated their strategic short-, medium-, and long-term development plans for EOR projects. Thus, enhanced oil recovery and well stimulation activities are anticipated to increase significantly in Middle East & Africa during the forecast period. This, in turn, is estimated to boost the demand for oilfield chemicals in the region in the next decade. Environment-related concerns regarding oil production and political unrest in oil producing geographies are likely to hamper the oilfield chemicals market in Middle East & Africa during forecast period.

Middle East & Africa Oilfield Chemicals Market: Key Segments

Based on product, the oilfield chemicals market in Middle East & Africa has been broadly segregated into biocides, corrosion & scale inhibitors, de-emulsifiers, surfactants, polymers, lubricants, hydrogen sulfide scavengers, fluid loss additives, and others. In terms of volume, the surfactants product segment held major share of the oilfield chemicals market in Middle East & Africa in 2018. This trend is expected to continue throughout the forecast period owing to the rise in usage of oilfield chemicals in surfactants in upstream, midstream, and downstream applications in the oilfield sector. Surfactants also offer lucrative opportunities for the oilfield chemicals market in Middle East & Africa, owing to the increase in adoption of surfactants in exploration, drilling, production, well stimulation, enhanced oil recovery, and workover operations in the oilfield sector in the region.

More Trending Reports

https://www.prnewswire.com/news-releases/increased-oilfield-activities-in-african-countries-likely-to-generate-growth-in-demand-for-hydrogen-sulfide-scavengers-market-tmr-301325961.html

Based on application, the oilfield chemicals market in Middle East & Africa has been divided into production chemicals, drilling fluids, well stimulation fluids, cementing fluids, enhanced oil recovery, and workover & completion. Based on application, the well stimulation fluids segment constituted significant share of more than 20% of the oilfield chemicals market in Middle East & Africa in 2018. This trend is estimated to continue during the forecast period. On the other hand, enhanced oil recovery is projected to be the fastest growing application segment of the oilfield chemicals market in Middle East & Africa during the forecast period.

Middle East & Africa Oilfield Chemicals Market: Competition Landscape

Major manufacturers of oilfield chemicals include Baker Hughes, Halliburton, Solvay S.A., BASF SE, Schlumberger Limited, and Albemarle Corporation. Implementation of stringent environment-related regulations regarding production of oilfield chemicals is expected to create significant barriers for new players entering the oilfield chemicals market in Middle East & Africa.

Buy Now

https://www.transparencymarketresearch.com/checkout.php?rep_id=76141&ltype=S

Comments

Post a Comment

Popular posts from this blog

Tunnel Boring Machine Market: Applications, Revenue, Growth and Trends

  Tunnel boring machines are gigantic special-purpose machines, particularly used in building tunnels for roads, railways, and pipelines. These machines are long with circular cross-sections and help in boring round holes through any rock. Tunnel boring machines are intricate assemblies of several systems working in conjunction with each other. Diameter of tunnel boring machines ranges from 1 meter to 20 meters. These machines can cut clean through rocks, sometimes along with creating concrete shields around the bored tunnels. The tunnel boring machine market is largely driven by the increase in spending on road and railway infrastructure. Countries such as China, Japan, Italy, South Korea, Norway, and Germany have vast tunnel networks. The key reason is to connect major cities within the country, sometimes even international, with minimum commute time. This largely optimizes the transportation costs and connects cities to boost commerce. The other method for building tunnels is...
Post a Comment
Read more

GLOBAL WOOD COATINGS MARKET TO TOUCH VALUATION OF US$17.595 BN BY 2025 END

  The  global wood coatings market  features a highly competitive landscape owing to the presence of a plethora of companies competing against one another, notes Transparency Market Research (TMR). Top players in the wood coatings market increasingly resort to forward integration strategies to gain substantial competitive benefits, which may help them to retain their stronghold over the assessment period. Several players are also focusing on product differentiations to attract more consumers and consolidate their positions in various regions. This is especially the trend among small- and medium-scale manufacturers who find this a key strategy to gain a foothold in the wood coatings market. TMR finds that the wood coatings market is also fairly consolidated as the top four players held a combined share of nearly 60.0% in 2016. These companies are RPM International Inc., Akzo Novel N.V., PPG Industries Inc., and The Sherwin Williams Company. Of these, The Sherwin Willia...
Post a Comment
Read more

ANTHOCYANIN CONSUMPTION LEVELS TO TAKE OFF IN DEVELOPING REGIONAL MARKET

  TMR projects the  global anthocyanin market  to reach US$ 735.9 Mn by 2026. Over this period of 2018-2026, the anthocyanin market is forecast to report a CAGR of 4.6%. Among the key end use segments, the food and beverages industry is likely to lead the market in 2018. The trend is likely to remain unchanged throughout the course of the forecast period. Regionally, the North America anthocyanin market held the leading share in the global market in 2018. The global anthocyanin market exhibits the presence of several large companies. Besides this, domestic players enjoy a stronghold in regional pockets, which has rendered the market highly competitive. According to a new study by Transparency Market Research (TMR), Archer Daniels Midlands Co., Sensient Technologies Corp, Symrise A.G., and CHR Hansen A/S held nearly 50% of the global anthocyanin market in 2018, thereby registering their dominance. To sustain growth amidst the prevailing competition, the leading players...
Post a Comment
Read more