Middle East and Africa Oilfield Chemicals Market Size Growing Steadily to Reach USD 3 Billion by 2029

Published | 16 March 2023

Middle East and Africa oilfield chemicals market is gaining traction because of the increased drilling activities and increased oil & gas exploration and production.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Middle East and Africa oilfield chemicals market size at USD 2.15 billion in 2022. During the forecast period between 2023 and 2029, Middle East and Africa oilfield chemicals market size is projected to grow at a steady CAGR of 4.7% reaching a value of USD 2.96 billion by 2029. Rising investments in crude oil production in response to increased demand is one of the major growth factors for Middle East and Africa oilfield chemicals market. The increase in the use of chemicals for drilling fluid operations, manufacturing, workover, and completion, industrial & institutional cleaning, specialized advanced polymers, insecticides, and construction materials has a significant impact on the market growth.

Middle East and Africa Oilfield Chemicals Market – Overview

Oilfield chemicals are chemical elements of different compounds used in oil & gas extraction activities. They are used to enhance these operations by enhancing the productivity and efficiency of the oil drilling and petroleum refining processes. Fibers, suspension, clay control, biocides, polymers, suspension and rheology chemicals, surface modifiers, fillers, and particles are just a few oilfield chemicals that may be utilized as drilling fluids. Drillers also utilize membrane-sealing solutions and specialized cement to stop losses.

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Middle East and Africa Oilfield Chemicals Market – By Application

Based on application, Middle East and Africa oilfield chemicals market are segmented into drilling, cement, stimulation, and production. The production segment accounts for the highest market share. Oilfield chemicals are used in many different aspects of exploration and production, such as drilling and cementing optimization as well as the creation of novel fuel-source development techniques like fracturing. These production chemicals enhance these processes by enhancing the productivity and efficiency of the oil drilling and petroleum refining processes, due to which they are gaining huge traction in the market.

Impact of COVID-19 on Middle East and Africa Oilfield Chemicals Market

The COVID-19 pandemic negatively impacted the growth of Middle East and Africa oilfield chemicals market. The adamant increase in the COVID-19 infection rate in the region prompted the governments to impose lockdowns to curb the virus spread. It resulted in stagnation in oil & gas exploration activities, which caused a significant decline in the oilfield chemicals market during this period. The region also witnessed a substantial shift towards renewable energy sources post the pandemic, which may affect Middle East and Africa oilfield chemicals market negatively in the long run as well.

Competitive Landscape

Major players operating in Middle East and Africa oilfield chemicals market include BASF SE, Clariant, Dow, Halliburton, Schlumberger Limited, Nouryon, Baker Hughes Company, Kemira, and Huntsman International LLC. These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East and Africa Oilfield Chemicals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Oilfield Chemicals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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