Kuwait and Iraq Oilfield Chemicals Market Projected to Reach $706.1 Million by 2027
The oilfield chemicals market in Kuwait and Iraq is projected to grow from $552.2 million in 2019 to $706.1 million by 2027, with a compound annual growth rate of 3.8%, according to Allied Market Research.
The oilfield chemicals market in Kuwait and Iraq is expected to reach $706.1 million by 2027, growing at a compound annual growth rate of 3.8% from 2020 to 2027, according to a new report by Allied Market Research.
The market growth is driven by the rise in oil and gas exploration and production activities in Kuwait and Iraq. Increased demand for advanced drilling fluids used in drilling applications is also fueling market development. These chemicals are essential for improving the efficiency and productivity of oil drilling processes.
The drilling segment dominated the market in 2019, accounting for approximately 67.5% of the share. Iraq is a larger consumer of oilfield chemicals than Kuwait, representing about 55% of the market share in 2019 due to the country's rapid growth in oil and gas production.
Key players in the market include Solvay SA, BASF SE, Baker Hughes Company, and Schlumberger Limited. However, market growth may be affected by stringent environmental regulations and fluctuations in crude oil prices.