Oilfield Production Chemicals Market Surges with Increasing Demand in Oil & Gas Industry, Reports Future Market Insights

Oilfield production chemicals are essential substances used in the oil and gas industry to optimize production and enhance efficiency. These chemicals aid in reducing operational challenges, such as corrosion, scaling, and wax deposition, ensuring smooth extraction and processing of hydrocarbons. By mitigating risks and maximizing productivity, oilfield production chemicals play a crucial role in the success of oilfield operations.

Future Market Insights published a market report titled "Oilfield Production Chemicals Market: Global Industry Analysis 2017 - 2021 and Opportunity Assessment 2022 - 2028" which examines the oilfield production chemicals market and offers crucial market insights for the next ten years.

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The global oilfield production chemicals market is driven by the increasing demand from the oil and gas industry. The production of crude oil in some regions has reported steady growth in the recent years and owing to this, the demand for oilfield production chemicals is expected to remain high in the near future.

According to Future Market Insights analysis, the global sales of oilfield production chemicals is estimated to be valued at US$ 3,021.8 Million by the end of 2022 and are expected to register a 4.0% CAGR over the period of 2022-2028. This report divulges the demand for oilfield production chemicals and its break-up on the basis of different types and applications.

The climatic conditions of crude oil-producing regions are also expected to have an impact on the growth of oilfield production chemicals, such as hydrate inhibitors, in the coming years. Offshore oil production practices are expected to register steady growth, which in turn is expected to boost the sales of oilfield production chemicals such as demulsifiers in the coming years.

Moreover, crude oil manufacturers are focused on the exploration of oil and gas in order to add to the existing production capacities of crude oil. The discovery of new reserves of oil and gas is expected to drive the sales of oilfield production chemicals in the coming years.

Global Oilfield Production Chemicals Market: Segmentation Analysis

The market insights suggest that the global oilfield production chemicals market is dominated by the production methods application segment. Production methods are directly connected to the production of crude oil. Methods such as enhanced oil recovery, water injection, and hydraulic fracturing used in crude oil production witness higher demand for oilfield production chemicals.

Increasing crude oil production is expected to boost production activities in oilfields, which in turn is expected to create a platform for the demand of oilfield production chemicals. The discovery of new reserves of oil is considered to be another factor responsible for the growth of oilfield production chemicals demand in the production methods application segment.

Global Oilfield Production Chemicals Market: Competitive Landscape

Some of the players reported in this study on the global oilfield production chemicals market include

Arkema S.A
Clariant AG
BASF SE
Halliburton Co.
Albemarle Corporation Company
Huntsman Corporation
ECOLAB Inc.
Solvay S.A.
Hexion Inc.
Baker Hughes
Akzo Nobel N.V
Ashland Global Holdings Inc.
Dow Dupont Inc.

Oilfield Production Chemicals Market By Category

By Type:

Demulsifiers
Corrosion Inhibitors
Paraffin Inhibitors
Biocides
Hydrate Inhibitors
H2S Scavengers
Scale Inhibitors
Others

By Application:

Production Methods
Storage & Transportation
Safe Disposal ges

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Global Oilfield Production Chemicals Market: Regional Market Projections

On the basis of region/country, the Middle East & Africa region is anticipated to dominate the global oilfield production chemicals market throughout the forecast period. The oilfield production chemicals market in the Middle East & Africa region is expected to expand with a CAGR of 3.9% during the forecast period.

However, the demand in the Middle East and Africa region is met by the oilfield production chemicals manufactured in the domestic as well as the global market, which is expected to provide a lucrative opportunity for the penetration and oilfield production chemicals sales of manufacturers from other regions.

Moreover, Latin America is expected to expand with the highest CAGR in the global oilfield production chemicals market during the forecast period. Oil producing countries such as Brazil and Venezuela are expected to drive the demand for oilfield production chemicals in Latin America.

North America and Eastern Europe, with their high oil production capacities, are expected to witness steady growth in sales in the coming years. Other regions/countries such as South East Asia, Western Europe, China, and India are expected to grow marginally in terms of oilfield production chemicals demand over the forecast period.

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This release was published on openPR.