Oilfield Chemicals Market By Key Players: Baker Hughes, Berkshire Hathaway. Other major industry players include Canadian Energy Services & Technology Corporation, Chemtura Corporation, Capitol Aggregates Ltd, Dow Company, Elementis Plc, Halliburton Compa
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Enhanced oilfield chemicals usage in wide range applications including cementing & drilling, completion & workover, production, well stimulation, and improved oil recovery will fuel the market growth. Overcoming problems including water gushing in the oil well at the time of exploration & drilling and gases like hydrogen sulfide and carbon dioxide causing equipment corrosion will enhance oilfield chemicals market expansion.
Rising demand for advanced water based drilling fluids and growing interest in the deep & ultra-deep water based drilling projects paves opportunistic ways for the industry. Enhancing productivity & optimizing costs are further expected to enhance market growth. Stringent health, safety, environmental regulations are continuously opening new scope for the industry participants. However, supply demand imbalance and geopolitical tensions pressurizing production and exploration activities of oil may and hamper the market growth.
North America is expected to dominate the industry demand owing to the expansion of shale oil & gas industries in U.S. Vast potentials in the shale reserves exploration and enhanced oil recovery, is anticipated to further drive the regional market growth.
Asia Pacific is projected to observe the highest growth rate up to 2024. Increase in drilling, stimulation and cementing activities will drive regional industry growth. In addition, large investment in the energy sector by India and China, owing to the upsurge in demand for petroleum and crude oil is projected to increase the oilfield chemicals demand.
Rising demand from applications including oil-based power plants, petro refineries, and sludge oil treatments will fuel Middle East & Africa market. Presence of several old oil wells for reconstruction coupled with continuous efforts to explore new oil wells is one of the key factor driving regional industry growth. Presence of deep water reserves, corrosive offshore fields, and shale reserves in regions will boost the product demand.
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Top key players:
Global industry share includes AMCOL International, Akzo Nobel, American Colloid, Ashland, Air Products, AES Drilling Fluids, Albemarle Corporation, Baroid Fluid Services, Baker Hughes, Berkshire Hathaway. Other major industry players include Canadian Energy Services & Technology Corporation, Chemtura Corporation, Capitol Aggregates Ltd, Dow Company, Elementis Plc, Halliburton Company, Nalco Champion & Excalibar Minerals are among the prominent players of the industry.
Market share calculation in this report is not done based on companies covered in it. The calculation of Oilfield Chemicals Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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