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What’s driving the Oilfield Chemicals Market Trends? | Major Key Players | Baker Hughes Inc., Halliburton, Schlumberger Ltd., Weatherford International Ltd, Diamoco Group, Royal Dutch Shell Plc, Solvay S.A, and The Egyptian Mud Engineering & Chemicals C
Oilfield Chemicals
Demulsifiers are used to reduce the density of the oil, causing easier separation of the two chemicals, while at the same time reducing the corrosion of pipelines that might lead to higher maintenance costs of equipment.
Rise in oil production and exploration activities is generating the need for oilfield chemicals. Rapid expansion of shale oil & gas drilling & production and growth in deep-water & ultra-deep-water drilling projects is further expected to boost the market demand for oilfield chemicals.
The global oilfield chemicals market was valued at US$ 58,350.2 million in 2018, and is expected to register a CAGR of 5.5% in terms of revenue over the forecast period (2019 – 2027) to reach US$ 94,069.7 million by 2027.
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Oilfield chemicals find application in water treatment process. As population is growing, current water supply has to satisfy increasing demands. Hence, chemical industry uses innovative ways of water treatment, in order to make water acceptable for end-use, such as industrial, cooking, irrigation, and drinking purpose. For instance, according to the article, ‘Treated wastewater use in Saudi Arabia: challenges and initiatives’ published by International Journal of Water Resources Development in December 2015, Saudi Arabia set the goal to achieve 100% use of treated wastewater by 2025 and it is projected that around 6.8 million m3 per day of treated wastewater will be available for use in Saudi Arabia by 2035.
Furthermore, key players in the market are focused on adopting strategies such as technological development and collaborations, in order to strengthen their footprint in the global oilfield chemicals market. For instance, in 2017, Shell Petroleum Development Company of Nigeria Ltd (SPDC), a subsidiary of Royal Dutch Shell Plc., commenced production plant at Gbaran-Ubie Phase 2, a key project in the Niger Delta that will help to boost gas supply to the domestic market and maintain supply to the export market.
Major players operating in the global oilfield chemicals market include, Baker Hughes Inc., Halliburton, Schlumberger Ltd., Weatherford International Ltd, Diamoco Group, Royal Dutch Shell Plc, Solvay S.A, and The Egyptian Mud Engineering & Chemicals Company.
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