Oilfield Chemicals Market-Growth, Technology, Emerging Trends To Attain A CAGR Of Around 5% By 2027 | Top Keys: Akzonobel NV, BASF SE
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global oilfield chemicals market is segmented based on product into biocides, corrosion & scale inhibitors, demulsifiers, surfactants, polymers, gellants & viscosifiers, and others; by application into drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover & completion, and by regions. The global oilfield chemicals market is estimated to grow at a CAGR of around 5% over the forecast period i.e. 2019-2027.
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The growth of the field chemicals market are often attributed to the increased demand for oilfield chemicals within the production, well stimulation, drilling fluids, workover & completion, Enhanced Oil Recovery (EOR), and cementing applications across the globe. The consumption of oilfield chemicals can be directly related to the production of crude oil and drilling of new oil & gas wells across the globe.
North America oilfield chemicals market is projected to witness rapid growth over the forecast period. This growth is attributed to the increased exploration activities in USA and Canada. The increasing exploration activities in this region resulted in an increase in the oilfield chemicals market. Technological advancement and rise in drilling activities are expected to increase the demand for oilfield chemicals in U.S.
Increase in Crude oil Production
Increase in crude oil production has driven oilfield operations such as drilling, cementing, production, workover and completion, and well stimulation. Thus, the demand for drilling fluids, cementing fluids, production chemicals, workover and completion chemicals, and well stimulation chemicals is estimated to increase with rise in crude oil production. Rise in the development of unconventional oilfields across the world is likely to drive the global market for oilfield chemicals over the forecast period.
However, increase in environmental concerns and crude oil price fluctuations are expected to hamper the market growth during the forecast period. Chemicals used in oilfields are harmful for environment thus various government regulations are hampering the oilfield chemical market.
This report also provides the existing competitive scenario of some of the key players of the global oilfield chemicals which includes company profiling of:
The Dow Chemical Company,
The Lubrizol Corporation,
Schlumberger Limited and Other Prominent Players.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oilfield chemicals that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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