According to TechSci Research report, “Saudi Arabia Oilfield Chemicals Market By Application, By Oilfield Type, By Type, By Region, Competition, Forecast & Opportunities, 2025”, Saudi Arabia oilfield chemicals market is projected to grow at nearly 10% to cross $ 1.1 billion by 2025 on account of growing demand for oil & gas across the globe and increasing investments in offshore exploration and production activities in Saudi Arabia. Saudi Arabia is the largest market for oilfield chemicals in Middle East region and accounted for a share of around 45% in 2019. The market is likely to witness healthy growth during 2020-2025 as country is aggressively expanding oil and gas exploration activities to establish oil-market supremacy over the United States, Iran and Russia.
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Saudi Arabia oilfield chemicals market is segmented based on type, application, oilfield type, company and region. Based on type, the market can be segmented into Special Oil Field Chemicals and Commodity Oil Field Chemicals. Special Oil Field Chemicals is expected to hold the largest market share during forecast period. Based on application, the market can be segmented into Enhanced Oil Recovery, Stimulation, Cementing, Completion Production, Drilling, and Others. The Drilling segment is expected to hold the largest share during the forecast period because of increasing investments in Exploration & Production activities in the eastern region.
Regionally, Saudi Arabia oilfield chemicals market has been segmented into regions including Eastern region, Central region and Rest of the Saudi Arabia, Eastern region is expected to hold major share in the market owing to the large oil & gas field reserves in the region. The major players operating in Saudi Arabia oilfield chemicals market are Baker Hughes, M-I SWACO, ChampionX Corporation, The Dow Chemical Company, AUBIN Group, Clariant Altamimi Company Limited, REDA Oilfield, BASF SE, CECA Arkema, among others
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“Eastern Region is expected to dominate the oilfield chemicals market during the forecast period, owing to significantly higher exploration & production activities in the region to meet the global demand for crude oil & natural gas. The giant Ghawar field is the major driving factor for the region as large reserves are available there. Major oilfield chemicals companies are looking into domestic manufacturing in Saudi Arabia due to the country’s strategic location and proximity to other OPEC countries. Furthermore, the key manufacturers such as Bakers Hughes and Halliburton have announced plans to set up their manufacturing bases in the country, creating lucrative opportunities for the growth of market over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Oilfield Chemicals Market By Application, By Oil Field Type, By Type, By Region, By Company, Competition, Forecast & Opportunities, 2025”, has evaluated the future growth potential of oilfield chemicals and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia oilfield chemical market.
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Source : TechSci Research