The GCC Specialty Oilfield Chemicals Market is expecting around 5.10% CAGR during 2021-26, states MarkNtel Advisors in their recent research report. It owes to the rapidly increasing focus of governments of different countries in the GCC on increasing the number of construction projects in line with smart city developments entwined with a swiftly expanding automotive sector.
Additionally, with an increasing number of oil & gas exploration & production activities, the demand for these chemicals is anticipated to witness an upswing and generate growth opportunities for the leading players in the market during the forecast period. Besides, Saudi Arabia & the UAE are among the largest oil reserves and project numerous opportunities for the oilfield chemical manufacturers across the GCC.
Moreover, the increasing number of joint ventures among various countries & prominent organizations are resulting in new establishments & international construction projects across GCC countries and, in turn, fueling the overall market growth, further states the research report, “GCC Specialty Oilfield Chemicals Market Analysis, 2021.”
Demulsifiers to Witness Burgeoning Demand during 2021-26
Demulsifiers help break emulsions and separate water from crude oil. Their demand is projected to grow at the fastest pace in line with the rapidly increasing number of oil & gas exploration activities. Moreover, their application that relies on the emulsion type, either oil-in-water or water-in-oil, is escalating swiftly and positively influencing the market growth through 2026.
Moreover, owing to their benefits like facilitating economical removal of water from crude oil, several leading players are constantly striving to improve produced water quality & augment the demand for demulsifiers, thereby benefiting the overall market growth.
Saudi Arabia to Continue Dominating the Specialty Oilfield Chemicals Market through 2026
Since Saudi Arabia exhibits the largest oil reserves across the entire GCC region, it witnesses the maximum oil & gas exploration & production activities. As a result, it acquired the largest share in the GCC Specialty Oilfield Chemicals Market and shall prevail the same trend during the forecast period.
Besides, the Saudi government is focusing immensely on diversifying its economy away from the oil & gas sector to others like construction in line with Saudi Arabia Vision 2030. It, in turn, is introducing various smart city constructions & NEOM projects and fueling the overall market growth, reveals MarkNtel Advisors in their research report, "GCC Specialty Oilfield Chemicals Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the GCC Specialty Oilfield Chemicals Market are BASF SE, Dow Chemical, Ecolab, Huntsman International, Evonik Industries, Halliburton, Clariant, Kemira, Solvay, & Schlumberger.
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