Nigeria Oilfield Chemicals Market is projected to grow at a CAGR of 5.3% during 2023-2029

Production segment on the basis of application attained the largest revenue share in Nigeria Oilfield Chemicals Market – 6Wresearch

In 2022, Production segment accounted for the highest market revenue share in the Nigeria Oilfield Chemicals market and this trend is expected to continue, driven by the diverse range of production fluids required for crude oil processing and applications like separation of water and oil, mitigate growth of microorganism. Additionally, with deepwater Bosi Phase 1 development, Shell's Bonga North project and others, are large projects that are critical to the growth of Production and drilling chemicals in coming years.

According to 6Wresearch, Nigeria Oilfield Chemicals Market is projected to grow at a CAGR of 5.3% during 2023-2029. Nigeria's oil sector faced multiple issues in 2022 due to which there was a decline in oil production recorded. The oil sector in Nigeria is affected by oil theft and pipeline damage. However, in 2023 oil production increased to 1.24 million barrel per day from 1.15 in 2022. Additionally, rising government investment into oil and gas sector provides an opportunity for African oil producers to expand their oil and gas industries resulting in rise in oil exploration in Nigeria. Increasing crude oil production in Nigeria would create ample of opportunities for oilfield chemicals and driving the growth of the market to maintain wellbore stability, preventing formation damage, and enhancing drilling efficiency. Rapidly rising number of oilfield projects upto 23% from 2023 to 2027 to effectively accommodate the demand for oil and gas along with the increasing investment in oil and gas sector projects would boost the demand for oilfield chemical in the coming years.

According to Shivankar, Research Manager, 6Wresearch, demulsifiers segment on the basis of chemicals type dominated the market and it will retain its dominance in the near future.

The Nigeria Oilfield Chemicals Market (2023-2029) report provides an in-depth analysis with 10 figures and 5 tables, covered in 65 pages. The report comprehensively covers the market by application, and chemical types. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.