Oilfield chemicals market continues to witness sturdy growth as it led to cost-effective extraction, exploration, and production of oil and natural gas.
Despite price fluctuation of crude oil and increasing environment concern, oilfield chemicals market is projected to have healthy growth.
Oilfield chemicals are used throughout entire process with the prime objective of improving the production capacity and process efficiency. The major driving factor of global Oilfield Chemicals market is the growing demand for advanced drilling fluid and shift in inclination towards exploiting the unconventional hydrocarbon resources. For separating gas from oil or separating oil from gas oilfield process chemicals are used. It is also responsible for the removal of water vapor, acid gas separation, and heavy hydrocarbon separation from the gases.
Oilfield chemicals market is projected to experience moderate growth in terms of market value. Owing to Availability of a large number of offshore shale reserves, increasing demand for crude oil, and growing product demand in various petroleum operations. These chemicals impede the formation of the metal scales and reduce the water quantity into the oil well throughout exploration & drilling, which results in rising demand and applications of oilfield chemicals.
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Well Stimulation application is the fastest growing segment in the global oilfield chemicals market during the forecast period.
Based on application, the oilfield chemicals market is bifurcated into Production Chemicals, Drilling, Well Stimulation, Cementing, Enhanced Oil Recovery, Workover, and Completion. Well Stimulation is projected to be the fastest growing application owing to the increased shale gas exploration activities in the green as well as brownfields. Oilfield Stimulation is used for recovery and improvement in the flow of hydrocarbons from drilling wells. Growing application of chemicals in deeper penetration into the earth’s crust and exploring new oil basins, especially under the sea driving the oilfield chemicals market. The energy requirement of developing countries such as India, China, and Brazil, are continuously increasing owing to improving living standards of consumers, stepping towards self-reliability in oil and gas by investing in the development of new onshore as well as offshore oil reserve.
North America accounts for the largest market size in the global oilfield chemicals market during the forecast period.
Geographically, the oilfield chemicals market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2017, the U.S. constituted lion’s share of the oilfield chemicals market in North America, in terms of volume and revenue and projected to continue its dominance during the forecast period 2019-2025. Due to the increase investments in unconventional drilling activities and rapid development of shale gas fields. Moreover, technological advancement and rise in drilling activities are expected to increase the demand for oilfield chemicals in the near future. Asia-Pacific is the fastest growing region owing to the growing demand for crude oil and petroleum, and large investments in the energy sector for the economic developments of nations.
Objective of the Study:
- To analyze and forecast market size of the Global oilfield chemicals market, in terms of value & volume.
- To examine the careful market segmentation and forecast the market size, in terms value, on the basis of region by segmenting oilfield chemicals market into five regions, namely, North America, Europe, Asia Pacific, Middle East and their leading countries.
- To outline, categorized and forecast the global oilfield chemicals market on the basis of application, and by type.
- To examine competitive developments like expansions, technological advancement, services, and regulative framework within the global oilfield chemicals market.
- To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
- To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Global Oilfield Chemicals Market Competitive Landscape
Companies such as BASF SE, Dow Chemical Company, The Lubrizol Corporation, Akzo Nobel N.V., Stepan Company, Schlumberger Limited, Halliburton, Kemira, Clariant, NALCO, Solvay, Baker Hughes, Croda International Plc., Newpark Resources Inc., Albemarle Corporation, Gumpro Drilling Fluids Pvt Ltd, Kao Chemicals, Imperial Oilfield chemicals Pvt Ltd. are the key players in manufacturing oilfield chemicals globally.
Scope of the Report
- Rheology Modifiers
- Friction Reducers
- Production Chemicals
- Drilling Fluids
- Well Stimulation Fluids
- Cementing Fluids
- Enhanced Oil Recovery
- Workover and Completion
In addition, the report provides analysis of the oilfield chemicals market with respect to the following geographic segments and their high performing regions:
- North America
- Asia Pacific (APAC)
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