Market Size of LATAM Oilfield Chemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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LATAM Oilfield Chemicals Market Analysis
The Latin America oilfield chemicals market is expected to reach USD 2,800 million by the end of this year and is projected to register a CAGR greater than 2% during the forecast period.
- Following an unusually low level of activity in 2020 due to the Covid pandemic, drilling outside the United States increased at an 8.0% rate in 2021, with major contributions from Latin America. However, in 2022, the drilling performance improved with the growing oil and gas demand and significantly improved commodity prices.
- The major factors driving the market's growth are the increasing offshore activities in South America. Nine potential commercial discoveries were made in Guyana and Suriname, accounting for 21% of the total discovered resources.
- On the other hand, the declining economy of Venezuela is expected to hinder the market's growth.
- The potential discovery of oil and gas reserves in the region is expected to be a future opportunity for the studied market.
- Brazil is leading in oil and gas exploration activities in Latin America and is expected to drive the demand for oilfield chemicals.
