Saudi Arabia Oilfield Chemicals Market to Grow due to Increasing Oil and Gas Drilling Activities, Says TechSci Research
BURNABY, British Columbia, May 19, 2014 /PRNewswire/ --
Saudi Arabia has Planned Various Major Projects Over Next 5-10 Years on Account of Surging Demand for Oil and Gas in Domestic as Well as International Markets
Specialty and commodity oilfield chemicals are used during various stages of oil and gas production. Oilfield chemicals are segmented on the basis of their use in oil or gas production. Consequently, they are divided into drilling fluid chemicals, cementing additives, stimulation and EOR (Enhanced Oil Recovery) chemicals, production chemicals, completion and workover chemicals. Broader categories listed above include chemicals such as biocides, corrosion and scale inhibitors, viscosifiers, lubricants, gelling agents, proppants, water controllers, friction reducers, wetting agents, clarifiers, hydrogen sulfide scavenger, etc.
According to a recently published report by TechSci Research, "Saudi Arabia Oilfield Chemicals Market Forecast & Opportunities, 2019", the oilfield chemicals market revenues in the country are projected to grow at a CAGR of around 5.1% during 2014-19. The growth would be driven by increasing drilling activities, natural gas projects and growing implementation of EOR methods. The major market players in the country's oilfield chemicals industry include Baker Hughes, REDA oilfield chemicals and Nalco Champion (Ecolab), which collectively account for more than 60% market share. Two of the emerging areas in Saudi Arabia's oilfield chemicals market are represented by enhanced oil recovery (EOR) methods and shale gas technology. Two EOR projects have been planned in Ghawar and Wafra fields, using carbon dioxide injection and steam flooding methods, respectively.
"Saudi Arabia has planned large scale natural gas production projects to meet the domestic as well as international energy requirements. Focus on non-associated natural gas wells will act as a major driver for oilfield chemicals market in the country over the next five years. Apart from this, Saudi Arabia is keen on exploring its vast shale gas reserves, which can become a highly lucrative area for the growth of oilfield chemicals market over the next two decades." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Oilfield Chemicals Market Forecast & Opportunities, 2019" has evaluated the future growth potential of oilfield chemicals market in Saudi Arabia and provides statistics and information on market structure and industry behavior trends. The report includes Saudi Arabia oilfield chemicals market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia oilfield chemicals market.
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SOURCE TechSci Research