Oilfield Chemicals Market Growing Demand, Opportunities and Share Analysis 2022 to 2028

According to Precision Business Insights (PBI), the latest report, the oilfield chemicals market is expected to be valued at USD 24,653.2 million in 2022 and is poised to grow at a significant CAGR of 3.5% over 2022-2028. The primary driver of the expansion of the global Oilfield Chemicals market is an increase in oil production and exploration activities across the globe, and numerous governmental bodies increasing investment in oil and gas exploration operations.

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Stimulation Segment to Dominate the Oilfield Chemicals Market:
On the basis of application, stimulation application is anticipated to lead the oilfield chemicals market over the forecast period owing to the increasing demand for oilfield chemicals in the stimulation process. As the stimulation process increases reservoir production in tight oil basins by which the demand for oilfield chemicals will increase undoubtedly across the globe in the coming next few years.

Asia Pacific Oilfield Chemicals Market:
Asia-Pacific is projected to record the highest CAGR in standings of growth in the global oilfield chemicals market owing to numerous discoveries and development of oil and gas companies. As the South China Sea creates opportunities for oil & gas companies. As per, U.S. Energy Information Agency (EIA) projected that the South China Sea has about 11 billion barrels of oil and 190 trillion cubic feet of natural gas in probable and verified reserves. However, there is a rise in offshore activity in the South China Sea, pushed by the ability of its deep-water reserves and the flow in energy demand in Asia. The South China Sea is anticipated to offer attractive opportunities to the market due to crude oil's presence.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Oilfield Chemicals market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The oilfield chemicals market is segmented based on product type, application, and geography.
Based on the product type, the market is segmented into the following:
• Corrosion & Scale Inhibitors
• Demulsifier
• Surfactants
• Others

Based on the application, the market is segmented into the following:
• Drilling
• Cement
• Stimulation
• Production

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the oilfield chemicals market report are Albemarle Corporation, Akzo Nobel N.V., DowDuPont Inc., Baker Hughes, a GE Company LLC, Halliburton Co., BASF SE, Flotek Industries, Inc., Ashland Inc., Schlumberger Limited, Solvay SA, Clariant AG, GEO Drilling Fluids, Inc., Innospec Incorporated, and Chevron Phillips Chemical Company LLC.

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This release was published on openPR.