According to a new report published by Allied Market Research titled, “Kuwait & Iraq Oilfield Chemicals Market by Application: Opportunity Analysis and Industry Forecast, 2020-2027,” the oilfield & other industrial chemicals market 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 are chemical components that are used in various stages of oil & gas exploration to enhance these operations by improving productivity and efficiency of oil drilling processes. These chemicals allow temperature stability, high performance, and inhibit contamination in the drilling fluid system. It also reduces the expenses due to stoppages & delays by maintaining smooth operating oilfields. Moreover, these chemicals find extensive application in different stages of oil exploration and are an integral part of the oil & gas industry.
The growth of the Kuwait & Iraq Oilfield Chemicals market is fueled by rise in oil & gas exploration and production activities in Kuwait and Iraq. In addition, rise in demand for advanced drilling fluids fuels the growth of the market in Kuwait and Iraq. Moreover, majority of the companies have adopted business expansion, agreement, and acquisition as their key business strategies to maintain their position in the market. However, stringent government regulations and fluctuations in crude oil prices may hinder the market growth during the forecast period.
On the basis of application, the drilling segment dominated the Kuwait & Iraq oilfield & industrial chemicals market share by accounting for the highest revenue in 2019, owing to growing exploration and production activities that demand oilfield chemicals in stimulation, cementing, and drilling fluids application areas.
On the basis of country, the oilfield & other industrial chemicals market size is analyzed across two major countries such as Kuwait and Iraq. Iraq registered the highest market share in 2019, owing to increase in demand from oil and gas production and upgrading activities in this country.
The Kuwait & Iraq Oilfield Chemicals market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the Kuwait & Iraq Oilfield 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 in the value chain of the oilfield & other industrial chemicals market include 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 Kuwait & Iraq Oilfield Chemicals market analysis covers pricing analysis for the major key players profiled 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.
Key Findings Of The Study:
By application, the drilling segment emerged as the key leader by acquiring around 67.5% market share in 2019, and is anticipated to be the largest market during the forecast period.
Iraq is the major consumer of oilfield & other industrial chemicals market as compare to Kuwait. It accounted for around 55.0% of the total market share in 2019 as a result of rapid growth in oil and gas production activities in the country.
On the basis of growth rate, the production segment registered the highest CAGR of 4.4% in the Kuwait and Iraq oilfield & other industrial chemicals market during the forecast period.