Specialty Oilfield chemicals are chemical compounds used for enhancing the effectiveness & efficiency of various operations associated with an oilfield site. These operations include drilling, production, completion, and others.
The GCC Specialty Oilfield Chemicals Market is likely to grow at a CAGR of around 5.1% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. It owes to the rising focus of the governments in the GCC region on diversifying the economy and avoiding their reliance on oil revenue, coupled with the extensive oil & gas and building & construction sectors across GCC. Since these end users are the prominent consumers of specialty oilfield chemicals, the market is likely to widen significantly in the forecast period.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Country Covered||Saudi Arabia, UAE, Oman, Bahrain, Kuwait, Qatar|
|Key Companies Profiled||BASF SE, Dow Chemical, Ecolab, Huntsman International, Evonik Industries, Halliburton, Clariant, Kemira, Solvay, Schlumberger, Others|
|Unit Denominations||USD Million/Billion|
Covid-19 Outbreak Severely Impacted the GCC Specialty Oilfield Chemicals Market
The Covid-19 pandemic severely affected almost all industries where the GCC Specialty Oilfield Chemicals Market was no exception. The market underwent new challenges owing to the imposition of lockdown & stringent movement restrictions. These limitations led to a massive labor shortage and an indefinite delay in various Engineering, Procurement, and Construction (EPC) projects culminating in needs for drilling & excavation services.
The market also faced massive financial losses due to the cancellation or postponing of operations. Moreover, the temporary halt on the transportation & logistics sector, coupled with supply chain disruptions, resulted in inventory shortages and hampered chemical sales. Furthermore, the sudden price drop of oil put more pressure on the specialty oilfield chemical sectors.