Chemicals that enhance the effectiveness & efficiency of numerous operations like drilling, production, completion, and others incorporated with an oilfield site are the Specialty Chemical Compounds.
According to MarkNtel Advisors, the GCC Specialty Oilfield Chemicals Market is likely to grow at a CAGR of 5.1% in the forecast period of 2021-26. The most prominent factors backing the market growth include the following:
• Increasing demand for oil necessitates the growing production of crude oil.
• GCC countries are actively extracting crude oil from existing & conventional reserves and raising the overall crude oil production.
• Rising demand for Enhanced Oil Recovery applications with several drilling activities
• Increasing demand for specialty oilfield chemicals to boost the execution & recovery operations and enhance production efficiency.
• The expansion of unrefined petroleum, deep penetration exercises, and rising exploration & production processes shall further drive the market.
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Observing the growth potential, many market players are substantially investing in the GCC Specialty Oilfield Chemical Market. These leading companies include BASF SE, Dow Chemical, Ecolab, Huntsman International, Evonik Industries, Halliburton, Clariant, Kemira, Solvay, Schlumberger, Others.
Furthermore, as the GCC Specialty Oilfield Chemical Market is fragmented extensively, it bifurcates into several segmentations. Amongst various types, Demulsifiers are more likely to dominate the market during the forecast period, primarily due to their broad application to separate water & oil from crude water-oil emulsions and reduce contamination in the formed oil.
With so much growth potential, some factors might restrain the GCC Specialty Oilfield Chemicals Market growth, like the constantly fluctuating crude oil prices, stringent regulatory policies for chemicals, and the effect of these chemicals on the environment.
Geographically, GCC Specialty Oilfield Chemicals Market bifurcates into Saudi Arabia, UAE, Oman, Bahrain, Kuwait, and Qatar. Of them all, Saudi Arabia shall dominate the market due to the increasing demand for oil & gas entwined with various exploration & production activities across the country, making it the largest specialty oilfield chemicals market in GCC during the forecast period.
Hence, the factors cited above suggest that the GCC Specialty Oilfield Chemicals Market is expected to rise substantially and create remunerative growth opportunities for the leading players in the forecast period.
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