According to the report published by Allied Market Research, the Kuwait & Iraq oilfield chemicals market generated $552.2 million in 2019, and is estimated to reach $706.1 million by 2027, registering a CAGR of 3.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in crude oil production and exploration activities and increase in demand for advanced drilling fluids drive the growth of the Kuwait & Iraq oilfield chemicals market. However, frequent fluctuations in crude oil pricing hinder the market growth. On the other hand, development and surge in adoption of eco-friendly oilfield chemicals create new opportunities for the market player in the coming years.
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- The demand for oilfield chemicals is likely to decrease during the COVID-19 pandemic as oil exploration and production activities have been reduced across Kuwait and Iraq due to decreased demand for it.
- Large scale travel bans and isolation measures taken by governments due to the COVID-19 pandemic across the Iraq and Kuwait is expected to delay several oil and gas projects and refinery expansions.
The report offers a detailed segmentation of the Kuwait & Iraq oilfield chemicals market based on application and country.
Based on application, the drilling segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the production segment is expected to register the highest CAGR of 4.4% from 2020 to 2027.
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Based on country, Iraq contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, Iraq is expected to grow at the highest CAGR of 3.9% from 2020 to 2027.
Leading market players analyzed in the research include BASF SE, Solvay SA, Schlumberger Limited, Baker Hughes Company, Catalyst LLC, Croda International Plc, Al Sanea Chemical Products, Jereh Global Development LLC, Petroleum Equipment Technology Corporation, Chevron Corporation, and Halliburton.
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