Nigeria Oilfield Chemicals Market Trends, Analysis & Forecast Report: CAGR of 5.3% Forecast During 2023-2029, Owing to Growth in Crude Oil Production and Rising Development of New Oilfields

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Mar 06, 2024, 06:00 ET

DUBLIN, March 6, 2024 /PRNewswire/ -- The "Nigeria Oilfield Chemicals Market (2023-2029) Trends, Analysis, Forecast, COVID-19 Impact, Size, Growth, Share, Industry, Value, Revenue & Companies:Market Forecast By Application, By Chemical Types and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

The Nigerian Oilfield Chemicals market has shown moderate growth during the pre-covid years owing to increased revenue from the oil and gas sector as total crude oil output in 2019 was 735.244 mmbbls (million barrels of oil or natural gas liquids), a 4.87% increase from 701.101mmbbls in 2018. In 2020 the oilfield chemical market was negatively impacted by COVID19 pandemic as a result of the complete lockdown bought in force by the Government to prevent the spread of coronavirus which disrupted the supply chain, manufacturing processes and put a halt to all the developmental activities across all the sectors. Furthermore the market owing to the economic crises in Nigeria with rising inflation and oil theft, showed slow growth in 2021. However, with resumption of all developmental activities and with Nigerian government budget for 2022, which provided an increase of 25% from the previous premised on a crude oil production level and accelerate further development in oil and gas sector.

The Nigerian Oilfield Chemicals Market is projected to grow at a CAGR of 5.3% during 2023-2029, owing to growth in crude oil production and rising development of new oilfields would further propel the market for oilfield chemicals in Nigeria such as Nigeria's new deepwater projects during the period 2023-2025 is likely to add almost 2.3 billion barrels to the country's current oil reserves further contributing towards market growth. Additionally, 25 planned upstream oil and gas projects, and government support to boost the Nigeria's oil output and committed $13.5bn investments in the short term is expected to drive robust demand for Nigeria Oilfield Chemicals Market in the forecast period.

Market by Application

By Applications, the production segment dominated revenue in 2022, driven by the advantages to improve production maintenance & recovery from reserves. Additionally, with increasing crude oil production to 2.1 million barrels per day by December 2024 and extraction of oils from technologically challenging hydrocarbons and necessity extraction boosting the production chemicals market in the coming years followed by drilling chemicals.

Market by Chemical Types

In 2022, demulsifiers acquired the maximum revenue share followed by inhibitors and scavengers on the back of increasing use of emulsifiers, inhibitors, and scavengers, as massive amounts of fluids, including crude oil, natural gas, and water, are generated once a well is dug and placed into production and production fluids such as demulsifiers, inhibitors must be treated and managed to maintain production efficiency and meet regulatory standards. Moreover, with rising demand for petroleum-based fuels from the transportation industry and production opportunities such as international oil firms had committed $13.5bn investments to raise oil production are expected to boost the demand for chemicals in the forecast periods.

Key Attractiveness of the Report

COVID-19 Impact on the Market.
11 Years Market Numbers.
Historical Data Starting from 2019 to 2022.
Base Year: 2022
Forecast Data until 2029.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report

Nigeria Oilfield Chemicals Market Overview
Nigeria Oilfield Chemicals Market Outlook
Nigeria Oilfield Chemicals Market Forecast
Historical Data and Forecast of Nigeria Oilfield Chemicals Market Revenues, for the Period 2019-2029F
Historical Data and Forecast of Nigeria Oilfield Chemicals Market Revenues, By Applications, for the Period 2019-2029F
Historical Data and Forecast of Nigeria Oilfield Chemicals Market Revenues, By Chemical Types, for the Period 2019-2029F
Nigeria Oilfield Chemicals Market Revenue Ranking, By Companies
Nigeria Oilfield Chemicals Market Drivers and Restraints
Nigeria Oilfield Chemicals Market Trends
Nigeria Oilfield Chemicals Market Porters Five Forces
Nigeria Oilfield Chemicals Market Opportunity Assessment
Competitive Benchmarking
Company Profiles
Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Application

Production
Drilling
Stimulation
Others (Cementing, Workover & Completion)

By Chemical Types

Demulsifiers
Inhibitors and Scavengers
Surfactants
Biocides
Polymers
Base Oil
API Grade Barite
Calcium Carbonate
Others (Rheology Modifiers, Pour point depressants, Gas & Mist Fluids, Cement Slurry, Acidizing fluids Etc.)

Companies Profiled

Halliburton
Baker Hughes
Schlumberger
BASF
Clariant
Chevron
Championx
Matrix Petrochem
GGI INTL' Nigeria Ltd.
Geoplex

For more information about this report visit https://www.researchandmarkets.com/r/2aqg81

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