Oilfield Chemicals Market Comprehensive Study Explores Huge Growth in Future

According to The Insight Partners market research study titled "Global Oilfield Chemicals Market to 2027 by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, Others), Applications (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover and Completion), and Geography". The global oilfield chemicals market is expected to reach US$ 43,685.6 Mn in 2027 from US$ 29,120.0 Mn in 2018. The market is estimated to grow with a CAGR of 4.7% from 2019-2027. The report highlights the trends prevalent in the global oilfield chemicals market and the factors driving the market along with those that act as deterrents to its growth. Growth in oil exploration & production activities is expected to contribute significantly in the growth of global oilfield chemicals market.

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Key Companies: Akzo Nobel N.V., Albemarle Corporation, Baker Hughes, BASF SE, Ecolab, Halliburton, Newpark Resources Inc., Schlumberger Ltd., Solvay, and The Lubrizol Corporation

Global oilfield chemicals market, based on the type, was segmented as, polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gellants and Viscosifiers, others. In 2018, polymers held the largest share of the market, by type. However, the demulsifiers segment is anticipated to grow at a significant rate during the forecast period. The demulsifiers have properties to treat emulsions under conditions such as short residence times, high turbulence, high solid loadings, low temperature, and high water content these factors are anticipated to lead to the growth of the segment during the forecast period.

The market for oilfield chemicals is expected to grow, owing to factors such as growth in oil exploration & production activities, increasing demand for advanced drilling fluids are boosting the oilfield chemicals market. However, crude oil price fluctuations is hindering the market for same in the current scenario.

Asia Pacific is the highest growing geographic market and is expected to be the most significant revenue contributor throughout the forecast period. The region is witnessing growth owing to the presence of well-established players in this region. The growth is driven by factors such as the government initiatives to promote crude oil exploration activities along with strategic alliances between countries to promote oil exploration. Furthermore, rising demand for petroleum-based fuel from the transportation industry is projected to boost the demand for Oilfield Chemical products in this region.

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Market Insights
Growth in Oil Exploration and Production Activities

Exploration and production (E&P) are called the upstream division of the oil and gas industry. The resource holders and workers of E&Ps work along with a variety of workers, which include engineering procurement and construction (EPC) contractors, and joint-venture partners, oil field service companies. The production of oil has increased in the last few years. As per the data of BP Statistical Review of World Energy 2019, global oil production increased by 2.2 million b/d. The majority of the total increase accounted for the US, with their rise in production (~2.2 million b/d). Furthermore, oil consumption has grown by an average of 1.4 million barrels per day (b/d) or 1.5% across the globe. In the growth of oil consumption, China (680,000 b/d) and the US (500,000 b/d) were the most significant contributors to growth. Due to the rising demand for oil and investment in various projects, there is less potential supply present. The oil companies are required to boost their production. The growth in the production of oil and increasing consumption of the associated with oilfield chemicals promote the growth and global expansion of the oilfield chemicals providers.

GLOBAL OILFIELD CHEMICALS - MARKET SEGMENTATION
Global Oilfield Chemicals Market - By Type
Polymers
Corrosion and Scale Inhibitors
Demulsifiers
Surfactants
Gellants and Viscosifiers
Others

Global Oilfield Chemicals Market - By Application
Drilling
Cementing
Enhanced Oil Recovery
Production Chemicals
Well Stimulation
Workover and Completion

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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