Saudi Arabia Well Stimulation Materials Market is estimated to increase at a higher CAGR during 2020-2027 | Size, Share & Forecast

Saudi Arabia Well Stimulation Materials Market

The Saudi Arabia Well Stimulation Materials Market is expected to grow at a robust CAGR over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/saudi-arabia-well-stimulation-material-market/

The factors driving growth of the Saudi Arabia Well Stimulation Materials Market includes increasing production and consumption of oil across Saudi Arabia, rise in power generation, Government initiative to reduce the negative effects of hydraulic fracking and easy availability of raw materials such as hydrochloric acid, formic acid, and acetic acid. For instance, the oil consumption across Saudi Arabia was calculated around 152.4 million metric tons of oil in 2021, showing threefold increase as compared to 1990, which will accelerate the demand for well stimulation materials in the approaching years. Moreover, advancements in hydraulic fracturing technology, increasing number of oil and gas exploration activities, improvements in the living standards, rise in the launch of new products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, strategic alliances and collaborations between companies and growing population growth rates, are further contributing towards the market growth.

However, growth of the Saudi Arabia Well Stimulation Materials Market is hindered due to negative environmental effect of fossil fuels.

The major players operating in the market are B.V NAMA Chemicals, Linde Group, Innospec, Saudi Arabian Oil Co, TAQA KSA, Chevron Phillips Chemical Company and National Energy Services Reunited Corp, among others.

Based on Technology, the Hydraulic fracturing segment is projected to capture the largest market share during the forecast period

Hydraulic fracturing technology is increasingly adopted by major companies because it reduces overall production costs and minimizes carbon emissions, are some of the factors responsible for growth of the segment. 

Based on Stimulation Material Type, the Gel breakers emerged as the fastest growing segment over the forecast period

Growing number of oil reserves across Saudi Arabia, and growing focus on enhancing offshore oil production capacity, are propelling segment's growth.

Market Segmentation

Segmentation by Well Stimulation Technology

Hydraulic fracturing
Multistage fracturing
Re-fracturing
Acidization
Hydrochloric acid wash
Matrix acid stimulation
Acid fracturing

Segmentation by Stimulation Material Type

Proppants
Ceramic proppants
Coated sand
Raw sand
Base fluid materials
Polymer gelling agents
Surfactants
Friction reducers
Crosslinking agents
Gel breakers
Acids
Hydrochloric Acid
Hydro Fluoric Acid
Natural Acids
Fracturing fluid additives segment
Biocides
Corrosion inhibitors
Scale inhibitors

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.