The extensive government spending in the oil & gas industry, escalating presence of international market players in the oilfield chemical market and growing inclination towards eco-friendly oilfields chemicals are anticipated to upsurge the growth of UAE oilfield market in the forecasted period. Moreover, boost in the production of crude oil production, launch of advance oilfield chemicals and rising deep drilling activities both offshore and onshore are placing a significant influence towards the growth of the market in the near future. The outbreak of the COVID-19 has hampered the demand for oilfield chemicals due to slowdown in oil and gas production along with economic turmoil which has curtailed investment in
oilfield services.
Based on Application, Drilling fluid chemicals captured the majority market share in 2019. The growth of the segment is attributed to burgeoning demand for advance drilling fluid providing extensive opportunities for oilfield chemical manufacturers and rising spending for the development of new component interactions and engineered structures for drilling fluids technology. Hence, this is anticipated to fuel the demand for oilfield chemicals in the forthcoming timeline.
Based on product type, Biocides is projected to attain highest CAGR in the UAE oilfield chemical market by 2025. This is due to surging demand for biocides in offshore operations in order to protect the water muds. However, the demand for demulsifier is also increasing as these are used in the pipelines that to prevent corrosion as demulsifies separates oil and water in the oilfield. Therefore, this is strongly contributing towards the growth of the market in the near future.
The key players with a considerable market share in the UAE Oilfield Chemical market include BASF, Aquaness, Nalco Champion, Clariant AG, Baker Hughes, Dow Chemicals, AKZO Nobel, Al MIHRAB, OILPLUS DMCC, Al Moghera LLC etc.
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