Oil Field Chemicals Market Segmentation By Qualitative And Quantitative Research Incorporating Impact Of Economic And Non-Economic Aspects by 2023

Surge in crude oil production & exploration activities and growing demand for advanced drilling fluids drive the growth of the global oilfield chemicals market. However, frequent fluctuations in crude oil pricing restrain the market growth. Furthermore, development and surge in adoption of eco-friendly oilfield chemicals is expected to create new growth opportunities for the market players in the coming years.

According to the report published by Allied Market Research, the global oil field chemicals market garnered $44.27 billion in 2016, and is estimated to reach $59.92 billion by 2023, registering a CAGR of 5.2% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

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Covid-19 scenario:
• The demand for oilfield chemicals is likely to decrease during the Covid-19 pandemic. This is due to halted oil exploration and production activities across the oil producing countries with decline in demand for oil internationally.

• Large scale travel bans and isolation measures by governments due to Covid-19 pandemic across the U.S., Saudi Arabia, Russia, Canada, and China are anticipated to delay several oil and gas and refinery expansions projects.

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The report offers a detailed segmentation of the global oil field chemicals market based on type, application, and region.

Based on type, the corrosion and score inhibitors segment contributed to the largest share in 2016, accounting for nearly three-tenths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the demulsifiers segment is estimated to portray the highest CAGR of 6.1% during the forecast period.

Based on application, the drilling fluids segment accounted for the largest share in 2016, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the well stimulation segment is expected to register the highest CAGR of 6.0% from 2017 to 2023.

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Based on region, North America contributed the highest share, accounting for more than two-thirds of the total market share in 2016, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 6.7% from 2017 to 2023.

Leading market players analyzed in the research include Schlumberger Limited, Baker Hughes, Solvay S.A., Halliburton, Newpark Resources Inc., Ecolab Inc., Lubrizol Corporation, BASF SE, Albemarle Corp., and Akzonobel NV.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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