Oilfield Chemicals Market to Reach $29.45 Billion By 2026 | Top Vendors: BASF SE, Lubrizol Corporation, AkzoNobel N.V., The Dow Chemical Company

The global Oilfield Chemicals market is expected to reach USD 29.45 Billion by 2026, according to a new report by Reports and Data. Over the past few years, the global energy landscape has changed significantly as a result of technological advances in the recovery of unconventional hydrocarbon resources such as tight oil and shale gas. A number of researches have been established to examine the impacts of extraction and production of unconventional hydrocarbons on surface water, groundwater, and local air quality. The extraction and utilization of such unconventional hydrocarbons poses concerns about their contribution to the atmospheric chemistry and global climate change. Nevertheless, their application in operations including drilling, production, cementing and work over and completion is expected to drive the demand for oilfield chemicals.

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Further key findings from the report suggest
Mexico will witness significant rise valued at USD 1.6 Billion in 2023. The global oil demand is growing robustly, particularly in India and China. Furthermore, it is expected that oil demand in emerging markets will continue to grow at a remarkable rate. Additionally, the notable growth of shale gas has not only changed the energy landscape in the US, but also in the world such as competing with coal in electricity generation, and redirecting of recent growth in liquefied natural gas (LNG) supply to Europe and Asia.

In 2015, global offshore oil production which included lease condensate and hydrocarbon gas liquids from deep-water projects reached 9.3 million barrels per day. The deep water production has increased 25% from nearly 7 million b/d a decade ago.
The advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have made the prospects feasible that were previously unreachable. This is one of the main aspects which is triggering the growth of the oilfield chemical market. Nevertheless, deep-water projects require more investment and time compared to shallow waters or onshore developments.
Key participants include BASF SE (Germany), Lubrizol Corporation (U.S.), AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger (U.S.), Halliburton (U.S.), Kemira Oyj (Finland) and Clariant (Switzerland), Nalco (U.S.) and Baker Hughes Incorporated.(U.S.)

Read more at: https://www.reportsanddata.com/report-detail/oilfields-chemical-market

For the purpose of this report, Reports and Data has segmented the global Oilfield Chemicals market basis of Product, Location, Applications and Region:

Product (Revenue, USD Million; 2016–2026)
Inhibitors
Demulsifiers
Rheology Modifiers
Friction Reducers
Biocides,
Surfactants
Foamers
Others

Location (Revenue, USD Million; 2016–2026)
Onshore
Offshore

Applications (Revenue, USD Million; 2016–2026)
Drilling & Cementing
Enhanced Oil Recovery
Production
Well Stimulation
Workover & Completion

Regional (Revenue, USD Million; 2016–2026)
North America
U.S.

Europe
Germany
France
UK
Netherlands
Switzerland
Italy

Asia Pacific
China
India
Japan
South Korea

Middle East & Africa
Latin America

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This release was published on openPR.