Kuwait & Iraq Oilfield Chemicals Market Outlook - 2027
The Kuwait & Iraq Oilfield Chemicals market size was valued at $552.2 million in 2019, and is projected to reach $706.1 million by 2027, growing at a CAGR of 3.8% from 2020 to 2027. Oilfield chemicals makes the oil and gas production more efficient. The various types of oilfield chemicals used in drilling, production, petrochemical extraction, and processing plays an important role in increasing the productivity of current oilfields. Oilfield chemicals are widely used in the oil and gas industry, owing to its advantages such as improves well performance, cost-efficiency, and others. Different types of oilfield chemicals such as corrosion inhibitors, de-emulsifiers, scale inhibitors, defamers, surfactants, retardants, organic acids, aromatic solvents, and others are increasingly used in the oilfield applications to improve the production capacity and efficiency of the oil wells.
The Kuwait & Iraq oilfield & industrial chemicals market growth is driven by the key factors such as rise in exploration & production activities and increase in demand for advanced drilling fluids. However, fluctuations in the prices of crude oil and stringent government regulations are expected to hamper the growth of the oilfield & other industrial chemicals market during the forecast period. Moreover, emergence of eco-friendly oilfield chemicals and increase in investment on oil & gas production activities are anticipated to create lucrative opportunities for key players to maintain the pace in the oilfield & other industrial chemicals market in upcoming years.
The Kuwait & Iraq Oilfield Chemicals market is segmented on the basis of application and country. Depending on application, the market is classified into drilling, production, refining & processing, water treatment, and other industries. Drilling is further sub-segmented into stimulation, cementing, and drilling fluids. Drilling fluids is further sub-segmented into water based, oil based and synthetic based. Production segment is sub-classified into production and treatment facilities and enhanced oil recovery. Water treatment is divided into desalination, water treatment, and waste water treatment. Country wise, the oilfield & other industrial chemicals market is analyzed across Kuwait and Iraq.
Iraq has registered the highest market share, owing to increase in demand from oil and gas production and upgrading activities in this country. In addition, Iraq noted the highest growing rate in the oilfield & other industrial chemicals market during the forecast period (2020-2027).
The Kuwait & Iraq Oilfield Chemicals market analysis covers in-depth information of the major industry participants. Some of the major players in the oilfield & other industrial chemicals market include Solvay SA, BASF SE, Baker Hughes Company, Schlumberger Limited, Croda International Plc, Catalyst LLC, Jereh Global Development LLC, Al Sanea Chemical Products, Chevron Corporation, Petroleum Equipment Technology Corporation, and Halliburton.
Other players operating in the value chain of the Kuwait & Iraq Oilfield Chemicals market are Al-Kout Industrial Projects K.P.S.C, Ahlia Industrial Projects, Delmon Group, Al-Burhan Group, GZTA, Imperial Oilfield Chemicals Pvt. Ltd., Jawar Al Khaleej Shipping LLC, and others.
The key players are adopting numerous strategies such as acquisition, agreement, joint venture, and business expansion to stay competitive in the Kuwait & Iraq Oilfield Chemicals market.
For instance, Halliburton acquired Athlon Solutions (Provider of specialty water and process treatment chemicals, customized engineering solutions and services). This acquisition strengthened the chemicals technology, manufacturing and supply chain of Multi-Chem business line of the company.
Moreover, Solvay and Sinopec Chongqing SVW set joint venture for oilfield chemical products. This joint venture aimed at building a production line of oilfield special chemicals with the capacity of 20 K tons per year at Changshou Economic and Technological Development Area in Chongqing.
The Kuwait & Iraq Oilfield Chemicals market analysis covers pricing analysis for the major key players in the Kuwait and Iraq region. In addition, market analysis covers product mapping for manufacturers, distributors and end-users (More than 10 players each) in the Kuwait and Iraq region separately.
Kuwait & Iraq Oilfield Chemicals market, by application
By application, the drilling segment has garnered the highest market share in 2019, owing to the growing exploration and production activities that demand oilfield chemicals in stimulation, cementing, and drilling fluids application areas.
Drilling is projected as the most lucrative segment.
The production application segment registered the highest growing rate in the oilfield & other industrial chemicals market during the forecast period. This is attributed to rise in demand for advanced drilling fluids.
Kuwait & Iraq Oilfield Chemicals market, by country
By country, Iraq dominated the market, owing to numerous factors such as huge consumer base, rise in production and exploration activities, increase in construction activities, and others. In addition, Iraq registered the highest CAGR of 3.9% and is expected to maintain the same during the forecast period.
Iraq holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current Kuwait & Iraq Oilfield Chemicals market trends and future estimations to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- The report provides product mapping for manufacturers, distributors and end-users of the Kuwait & Iraq separately.
- Estimations and forecast are based on factors impacting the Kuwait & Iraq Oilfield Chemicals market growth, in terms of both value and volume.
- Profiles of leading players operating in the oilfield & other industrial chemicals market are provided to understand the regional competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable oilfield & industrial chemicals market growth.
Kuwait & Iraq Oilfield Chemicals Market Report Highlights
Key Market Players
JEREH GLOBAL DEVELOPMENT LLC, PETROLEUM EQUIPMENT TECHNOLOGY COMPANY (PETCO), SOLVAY SA, AL SANEA CHEMICAL PRODUCTS, SCHLUMBERGER LIMITED, CATALYST LLC, BAKER HUGHES COMPANY, CRODA INTERNATIONAL PLC, BASF SE, CHEVRON CORPORATION, HALLIBURTON
According to the perspectives of the CXOs of the leading companies, in accordance to several surveys conducted, the oilfield & other industrial chemicals is expected to witness immense popularity in both Kuwait & Iraq economies during the forecast period. Increase in consumer demand from the oil industry, owing to rise in production activities is the major factor that drives the growth of the Kuwait & Iraq Oilfield Chemicals market. In addition, the oilfield & other industrial chemicals market is driven by the rise in demand for advanced drilling fluids in the drilling application of the market. Among the several applications analyzed in the oilfield & other industrial chemicals market, the drilling application holds the largest market share during the forecast period. However, the current issue regarding COVID-19 across the analyzed economies and also across the globe is expected to hamper the market growth in 2020 as this is projected to slow down the oil exploration and production activities.
Among the analyzed countries, Iraq is expected to account for the highest revenue in the oilfield & other industrial chemicals market throughout the forecast period. In addition, Iraq registered the highest CAGR of 3.9% and is expected to maintain the same during the forecast period, owing to rise in exploration and production activities.