Kuwait and Iraq Oilfield Chemicals Market; By Application (Workover and Completion, Drilling Fluids, Producing Chemicals, and Cementing); By Product Type (Friction Reducers, Demulsifiers, Surfactants, Inhibitors, Rheology Modifiers, Biocides, Foamers); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
The Kuwait and Iraq Oilfield Chemicals market to surpass USD 838.2 million by 2030, which is valued at 552 million in 2019 at a compound annual growth rate of 3.90%.
Oilfield chemicals are a range of specialty chemicals used in the oil & gas industry to facilitate the method of oil extraction. These are used to refine the drilling, protect against corrosion, enhance oil recovery, prevent mud degradation, stabilize the drilling fluid at various pressures and temperatures, as well as achieve maximum efficiency. They also help in reducing the maintenance of the machine. They play a crucial role at various oilfield stages such as upstream, midstream, and downstream. Such chemicals in the production sector help to remove oil from gas & water, to ensure steady oil flow from the well, and to increase the quality of the oil.
According to the report, The Kuwait and Iraq oilfield and other industrial chemicals market is mainly driven by variables like the rise in oil & gas exploration and development and a surge in the demand for modern drilling fluids. The forecasts for increased investment in oil and gas research & development and the advent of environmental friendly petroleum chemicals are to provide the primary market players with lucrative opportunities to expand. Kuwait and Iraq market has been segmented based on product, application, and location. It has been further segmented based on region into Kuwait and Iraq.
The Rheology Modifiers segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.
Kuwait and Iraq Oilfield Chemicals Market is segmented by product type into Friction Reducers, Demulsifiers, Surfactants, Inhibitors, Rheology Modifiers, Biocides, Foamers. Rheology Modifiers finds its area of application as a synthetic mud as one of its key applications that offer high viscosity when drilling at high angles and for horizontal sources. These agents reduce the brushing and strengthen the sloping strength of the coatings.
However, the Biocides segment is also poised to grow at a significant CAGR owing to growing usage in offshore operations; the segment is expected to increase over the forecast period. They are used to cover water muds containing natural gum. They are anticipated to create lucrative opportunities in offshore as well as onshore activities due to their microbial attack inhibitor capabilities.
Workover and completion accounted for XX% of the nation’s volume in 2019 and is anticipated to grow at the highest CAGR.
Kuwait and Iraq Oilfield Chemicals market is segmented by application into workover and completion, drilling fluids, producing chemicals, and cementing The segment involves optimizing reservoir efficiency by creating appropriate flow paths using hydraulic breakage and matrix stimulation. It comprises cementing, gravel packing & casing, drilling, and production tree construction. Owing to its potential to improve the cost-effectiveness of oil & gas recovery and to help reduce its environmental effects this segment is poised to grow at the highest rate. They are applicable in a wide range of activities, including finishing, construction, fracking, EOR, and well drilling.
A recent development in R&D
Kuwait and Iraq oilfield and other industrial chemicals market is mainly driven by variables like the rise in oil & gas exploration and development and a surge in the demand for modern drilling fluids. The forecasts for increased investment in oil and gas research & development and the advent of environmental friendly petroleum chemicals are to provide the primary market players with lucrative opportunities to expand.
Applicability of oilfield chemicals such as refining of the drilling, protection against corrosion, enhancing oil recovery, prevention of mud degradation, stabilizing the drilling fluid at various pressures and temperatures, as well as achieving maximum efficiency. It further assists in reducing the maintenance of the machines thus creating opportunities for the key players to invest further in the oil fields chemical market.
Government regulation and variable prices of crude oil
Stringent government regulation makes it difficult for the key players to act independently and take potential decisions hence investors find it difficult to invest in such markets. Moreover, fluctuation in prices of crude oil hampers market growth.
In terms of value and volume, Iraq was the largest market accounting for XX% of the total market volume share in 2019
Due to increased demand for oil and gas production and development activities in this region, Iraq registered its highest market share. Furthermore, during the projected timeframe, Iraq reported the largest rate of growth in the oilfield and other chemical industries owing to an increase in exploration rate and recent developments in the nation. An increase in production activities has created a demand from the end-user in the nation for the oilfield industry. Increasing activities in workover and completion projects and a greater number of active wells is creating regional opportunities for the oilfield industry. In highly competitive regions, major multinationals seek to expand their footprint and use factors such as low wage rates, infrastructure costs, and relaxed environmental norms.
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