Oilfield Chemicals Market is expected to reach US$ 43,685.6 Mn by 2027

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

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. The market has witnessed various growth strategies during recent years in the oilfield chemicals market. During 2019, The Upstream Energy business operates within Ecolab's Energy segment and consists of the Oil Field Chemicals production business and the WellChem drilling and well completion chemistry business. Ecolab intends to retain the downstream business, which helps refineries and petrochemical plants. The separation performance is expected to be tax-free spin-off to U.S. shareholders for U.S. federal income tax purposes.

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.

Increasing Demand for Advanced Drilling Fluids

Drilling fluids, also called as drilling mud, are added to the wellbore to enable the drilling procedure by interrupting cuttings, regulatory pressure, stabilizing exposed rock, giving buoyancy, cooling and lubricating. The important function of drilling fluids is rock stabilization. Distinct additives are used to ensure that the drilling fluid is not absorbed by the rock formation in the well and that the holes of the rock formation are not blocked. Recentally, drilling fluids have advanced into high technology, with industry and university investing significant capital and resources per year to develop new component interactions and engineered structures. The drilling fluids technology is advancing with latest innovation, and the kinds of fluid methods available include water-based muds (WBMs), polymer muds, drill-in fluids, saltwater mud, and reservoir drilling fluids, high-performance water-based mud (HPWBMs), high-pressure and high-temperature fluids, oil-based muds (OBMs), synthetic oil-based muds, invert emulsion muds, synthetic-based mud, and non-aqueous drilling fluids.

Improved production of the oil in the U.S. made it stronger economically and also better America's security in the globe. Various policies and actions support America's continuous energy progress, not more significant than growing access to oil reserves in federally-controlled zones. Oilfield chemicals are having long shelf life period which makes them suitable for use in the industry.

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