July 16, 2020
According to recent study titled ‘Saudi Arabia Oilfield Chemicals Market Analysis, 2020’, available with Market Study Report LLC, Saudi Arabia oilfield chemicals market reached a valuation of USD 0.89 billion in 2020 and is poised to grow with strong CAGR during 2020-2025.
Surging demand for natural gas & crude oil, focus of manufacturing companies towards amplifying natural gas production due to volatile oil prices, and rising shale gas exploration in offshore drilling field particularly in the eastern province are the major growth drivers of Saudi Arabia oilfield chemicals market.
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Moreover, continued crude oil production amid stringent lockdown in Asia and Europe for curbing the spread of COVID-19 infection has further strengthened the demand for oil field chemicals in Saudi Arabia.
Based on the product terrain, Saudi Arabia oilfield chemicals market is categorized into biocides, de-emulsifier, corrosion & scale inhibitors, surfactants, lubricants, polymers, hydrogen sulfide scavengers, and fluid loss additive.
Speaking of the application scope, the market is divided into production chemicals, drilling fluid chemicals, completion fluid chemicals, well simulation fluid chemicals & EOR, and cementing chemicals/additives.
As per the regional analysis, Saudi Arabia oilfield chemicals market is fragmented into North, South, East, West, and Central. Eastern province grasped nearly 45% market share in 2019 and is expected to witness significant growth over the forecast duration, attributable to the presence of 100 oilfields in this part of Saudi Arabia.
Saudi Aramco is the leading producer of gas and crude oil in the nation. Some other renowned names in Saudi Arabia oilfield chemicals market are REDA Oilfield, AUBIN Group, AKZO Nobel, Dow Chemicals, Halliburton, Baker Hughes, Clariant AG, Nalco Champion, CECA and BASF.