Press release
Oilfield Chemicals Market Size, Share 2021 to 2027, Top key playrs are Akzo Nobel, American Colloid, Ashland, Dow, Elementis, Baker Hughes
Oilfield Chemicals Market
The Middle Eastern region is a key market for oil and gas businesses and oilfield chemical manufacturers are increasingly eyeing the regional market. For instance, in February 2019, Halliburton had set up its first oilfield specialty chemicals manufacturing reaction facility in Saudi Arabia. The move was part of a strategic, targeted expansion to accelerated the company’s specialty chemicals business in the Middle East region.
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The new facility will produce a wide range of chemicals for production, simulation, downstream, and midstream engineered treatment programs. Halliburton aims to boost the local manufacturing of oilfield chemicals to help achieve production goals in wide-ranging applications from the reservoir to the refinery.
Last year in November, Saudi Arabia’s Industrialization and Energy Services Firm (TAQA) had acquired a 25% stake in OPT Petroleum Technologies Company Limited. OPT is a Houston-based oilfield chemicals company that supplies specialty chemicals for well simulation and construction. As per the deal, TAQA is set to invest around US$2.7 million in OPT to build a local chemical manufacturing, research, and engineering facility in Dhahran.
Top Key players are:
Oilfield Chemicals Market Size, Share 2021 to 2027, Top key playrs are Akzo Nobel, American Colloid, Ashland, Dow, Elementis, Baker Hughes
1. AMCOL International
2. Akzo Nobel
3. American Colloid
4. Ashland
5. Air Products
6. AES Drilling Fluids
7. Albemarle Corporation
8. Baroid Fluid Services
9. Baker Hughes
10. Berkshire Hathaway.
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These examples highlight how the Middle East is emerging as a lucrative revenue ground for the global oilfield chemicals market Meanwhile, Asia Pacific countries are also witnessing an uptick in oilfield production, creating ample opportunities for the regional chemical suppliers.
In March 2021, the Chinese National Offshore Oil Corporation (CNOOC) had signed an MoU with Malaysian oil and gas firm Petronas to form a strategic alliance. The new partnership will see the two companies explore new opportunities for exploration and production in key strategic areas including specialty chemicals, renewable energy, oilfield engineering services, LNG bunkering, and LNG infrastructure investment, among others.
In addition to the companies mentioned above, Akzo Nobel, Dow Company, Berkshire Hathaway, Baker Hughes, American Colloid, AES Drilling Fluids, and AMCOL International are some of the leading oilfield chemicals market worldwide.
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