(MENAFN- EIN Presswire) Kuwait-Iraq Oilfield Chemicals Market
OREGON, PORTLAND, USA, March 29, 2023 /einpresswire.com / -- kuwait & iraq oilfield chemicals market size was $552.2 million in 2019, and is expected to reach $706.1 million by 2027, registering a CAGR of 3.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Surge in crude oil production and exploration activities and increase in demand for advanced drilling fluids drive the growth of the Kuwait & Iraq oilfield chemicals market. However, frequent fluctuations in crude oil pricing hinder the market growth. On the other hand, development and surge in adoption of eco-friendly oilfield chemicals create new opportunities for the market player in the coming years.
The report offers key drivers that propel the growth in the market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
Covid-19 scenario:
. The demand for oilfield chemicals is likely to decrease during the COVID-19 pandemic as oil exploration and production activities have been reduced across Kuwait and Iraq due to decreased demand for it.
. Large scale travel bans and isolation measures taken by governments due to the COVID-19 pandemic across the Iraq and Kuwait is expected to delay several oil and gas projects and refinery expansions.
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The report offers a detailed segmentation of the Kuwait & Iraq oilfield chemicals market based on application and country.
Based on application, the drilling segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the production segment is expected to register the highest CAGR of 4.4% from 2020 to 2027.
Based on country, Iraq contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, Iraq is expected to grow at the highest CAGR of 3.9% from 2020 to 2027.
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Leading market players analyzed in the research include BASF SE, Solvay SA, Schlumberger Limited, Baker Hughes Company, Catalyst LLC, Croda International Plc, Al Sanea Chemical Products, Jereh Global Development LLC, Petroleum Equipment Technology Corporation, Chevron Corporation, and Halliburton.
Key offerings of the report:
Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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