The Asia, Middle East, and Africa oilfield chemicals market is driven by the increasing oil and gas exploration and production, technological advancements, growing demand for enhanced oil recovery, and increasing deepwater and unconventional reservoir exploration.
Wilmington, Delaware, Oct. 27, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Asia, Middle East, and Africa Oilfield Chemicals Market by Type (Production Chemicals, Integrity Chemicals): Regional Opportunity Analysis and Industry Forecast, 2023-2032 “. According to the report, the Asia, Middle East, and Africa oilfield chemicals industry generated $18.3 Billion in 2022, and is anticipated to generate $27.3 Billion by 2032, witnessing a CAGR of 4.3% from 2023 to 2032.
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Prime determinants of growth
The Asia, Middle East, and Africa oilfield chemicals market is driven by the rising demand for drilling fluids, rapid increase in shale oil & gas exploration & production activities, and surge in number of deep-water & ultra-deep-water drilling projects. However, increase in environmental concerns associated with the use of oilfield chemicals acts as the key deterrent factor of the market. Nevertheless, the emergence of eco-friendly oilfield chemicals is expected to offer lucrative opportunities for market growth in the coming years.
Report Coverage & Details:
|Market Size in 2022||$18.3 Billion|
|Market Size in 2032||$27.3 Billion|
|No. of Pages in Report||257|
|Segments covered||Type, Region.|
|Drivers||Rise in exploration and production activities. Rise in demand for advanced drilling fluids.|
|Opportunities||Advent of eco-friendly oilfield chemicals.|
|Restraints||Increase in environmental concerns.|
- The COVID-19 outbreak impacted the oilfield chemicals market negatively. The market witnessed a sharp decline in demand for oilfield chemicals from various industries.
- Due to the lockdown and shutdown of production factories, the COVID-19 pandemic had a negative impact on the market.
- The oil & gas sector has been severely affected due to the COVID-19 outbreak as it resulted in lockdown, which impacted numerous end-use industries owing to disruptions in vendor operations and supply chain. The production facilities faced major disruptions.
- The spread of COVID-19 in numerous countries halted various industrial activities, which resulted in an overproduction scenario in the oil industry. This consequently resulted in decrease in demand for drilling activities, thereby decreasing the demand for drilling fluids.
- In addition, closures of borders and export bans have led to fluctuations in raw material prices and supplies. Oilfield chemicals are primarily used in oil & gas and industrial manufacturing sectors and both sectors were severely affected by the COVID-19 pandemic owing to the ban on import and export, thereby disrupting the supply chain and hampering the oilfield chemicals market growth in Asia, Middle East, and Africa.
The production chemicals segment to maintain its lead position during the forecast period
Based on type, the production chemicals segment accounted for the largest share in 2022, contributing to more than three-fourths of the Asia, Middle East, and Africa oilfield chemicals market revenue, and is projected to maintain its lead position during the forecast period. Several factors contribute to the growth of the oilfield production chemicals market such as increase in oil & gas production, technological advancements, and rise in complexity of reservoirs. Furthermore, the continuous demand for oil & gas across Asia, Middle East, and Africa drives the need for enhanced production from existing and new fields. Oilfield production chemicals are essential in optimizing production rates, improving recovery efficiency, and maintaining the integrity of production equipment.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Middle East held the highest market share in terms of revenue in 2022, accounting for around two-thirds of the Asia, Middle East, and Africa oilfield chemicals market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 4.3% from 2023 to 2032. The Middle East oilfield chemicals market has experienced steady growth over the years due to the presence of abundant oil & gas reserves. Factors contributing to the market growth in this region include increased oil and gas exploration and production activities, rise in demand for enhanced oil recovery techniques, and need for efficient and sustainable oilfield operations.
Leading Market Players: –
- DORF KETAL CHEMICALS INDIA PVT. LTD.
- BAKER HUGHES COMPANY
- CRODA INTERNATIONAL PLC
- MULTI-CHEM LIMITED
- M-I SWACO
- STEPAN COMPANY
- THE LUBRIZOL CORPORATION
- DYNEA AS
The report provides a detailed analysis of these key players in the Asia, Middle East, and Africa oilfield chemicals market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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