Saudi Arabia Oilfield Chemicals Market to Cross USD960 Million by 2020
Increase in oil and gas exploration and production activities to drive Saudi Arabia oilfield chemicals market over the next five years
According to recently published TechSci Research report, “Saudi Arabia Oilfield Chemicals Market Forecast and pportunities, 2020”, the oilfield chemicals market in Saudi Arabia is projected to surpass USD960 million by 2020. Oilfield chemicals are used across all stages of oil and gas production, from drilling to transportation of oil and gas, with the prime objective of enhancing process efficiency. Growth in oilfield chemicals market in Saudi Arabia is expected on account of rising oil and gas production, along with anticipated increase in the exploration of shale gas deposits in the country.
Growth in the demand for natural gas in the domestic market is driving natural gas production in Saudi Arabia. Further, the decline in crude oil prices has also increased focus towards the production of natural gas in the country. Growth in non-associated gas production from offshore fields, in addition to exploration of shale gas deposits in eastern provinces of Saudi Arabia, is offering lucrative opportunities for oilfield chemicals manufacturers. The country’s increasing focus to become a net exporter of natural gas instead of a net importer is expected to boost the oilfield chemicals market in Saudi Arabia in the coming years.
“Saudi Arabia is home to 100 major oil and gas fields, of which 8 oilfields produce more than 50% of crude oil every year. Most of these large-capacity oilfields lie in the eastern province of the country, due to which the eastern province continues to dominate the oilfield chemicals market in terms of revenue contribution. Saudi Arabia oilfield chemicals market is highly consolidated with major players like Baker Hughes, Nalco Champion and REDA Oilfield, collectively accounting for more than two-thirds of the market revenues in 2014.”, said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Oilfield Chemicals Market Forecast and Opportunities, 2020” has analyzed the future growth potential of oilfield chemicals market in Saudi Arabia, and provides statistics and information on market size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with major drivers, challenges and opportunities in Saudi Arabia oilfield chemicals market.