Global Oil And Gas Chemicals, By Upstream, Midstream And Downstream Market To Surpass US$ 85 Billion By 2025, Buoyed By Increasing Demand For Oil And Natural Gas

Oil and gas chemicals are used in major oil field activities such as drilling, production, stimulation, enhanced oil recovery, and completion. They are used in various other operations for smooth functioning and improving productivity of the well. Additionally, oil and gas chemicals has applications in petroleum refining processes. Increase in energy demand, high consumption rate, and growing oilfield activities in deep and ultra-deep water has led to increase in growth of oil and gas chemicals market.

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Major players operating the global oilfield chemical market include Baker Hughes, Akzo Nobel NV, Elementis Plc., NALCO Champion, Newpak Resources Inc., The Lubrizol Corporation, Halliburton Company, Solvay SA, and others.

Market Dynamics

Increasing energy demand, rise in E&P activities especially in deep and ultra-deep water, increase in consumption of oilfield products have led in burgeoning growth of oil and gas chemicals.

North America is witnessed to be the largest market in oil and gas chemicals market. Shale gas revolution and increase in offshore production have contributed to the growth of this region. Superior technology has allowed North American shale producers to achieve breakeven at US$ 50 per barrel scenario. Moreover, Middle East and Africa are accounted to be the significant regions in the oil and gas chemicals market.

Increase in demand for refined products such as kerosene, jet fuel, natural gas, etc., which is resulting in increasing production and thereby increase in the use and demand for oil and gas chemicals. However, oil price fluctuation across the globe along with political instability have restrained the market of oil and gas chemicals.

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Detailed Segmentation

Global Oil and Gas Chemicals Market For Upstream, Midstream and Downstream, By Application:
Upstream
Drilling Chemicals
Weighting Materials
Viscosifiers
Defoamers and Foaming Agents
Shale Inhibitors
Fluid Loss Agents
Loss Control Absorbents
Rheology Modifiers
Wetting Agents
Biocides
Others
Cementing Chemicals
Fluid Control Additives
Accelerators and Retarders
Extenders
Biocides
Others

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This release was published on openPR.