Press release
Oilfield Chemicals Market Opportunities 2024-2033 - Size, Growth Analysis, Outlook, Overview
Oilfield Chemicals Market
The oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $45.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to sustainability focus, competition and market dynamics, geopolitical influence, production optimization, complex reservoir extraction. Major trends in the forecast period include advanced extraction techniques, sustainability and environment, shale gas and tight oil extraction, enhanced oil recovery (eor), digitalization and automation.
Market Overview -
Oilfield chemicals refer to chemical compounds of speciality chemicals that are used to improve oil recovery, protect from corrosion, optimize drilling, prevent mud loss in different geological formations, and stabilize drilling fluid in high-temperature and high-pressure environments.
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Increase In Oil Production
An increase in oil production and exploration is expected to propel the oilfield chemicals market going forward. Oil exploration refers to the procedures and techniques used to identify possible locations for drilling and extracting oil and gas. Oilfield chemicals are extensively used as drilling fluids in various to extract oil by improving oil recovery. For instance, according to the U.S. Energy Information Administration (EIA), a US-based government agency, crude oil production will average 12.8 million barrels per day in 2023. Therefore, an increase in oil production and exploration is driving the growth of the oilfield chemicals market.
Competitive Landscape -
Major companies operating in the oilfield chemicals market report are Johnson Controls International plc, Daikin Industries Ltd., Lucky Goldstar Electronics Inc., Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Mitsubishi Electric Corporation, United Technologies Corporation, Addison HVAC LLC, Desert Aire LLC, DRI-Steem Corporation, Carrier Global Corporation, Trane Technologies plc, Price Industries Limited, Munters Corporation, Captive-Aire Systems Inc., JMA Wireless, SOLiD Technologies Inc., Radio Frequency Systems, HUBER+SUHNER AG, Cobham Wireless, Huawei Technologies Co. Ltd., Axell Wireless Ltd., TE Connectivity Ltd., Anritsu Corporation, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Ingersoll Rand, Hitachi Automotive Systems, Curtiss-Wright Corporation, Kongsberg Automotive, Ficosa International S.A.,
Innovation In Bio-Based Oil Field
Product innovations are the key trend in the oilfield chemicals market. Major companies operating in the market focus on developing innovative products for market growth. For instance, in April 2022, Ingevity Corporation is launching new bio-based oilfield products, EnvaWet UHS 3100 wetting agent and EnvaDry P-FL dual-functional dry additive derived from pine-based tall oil for invert emulsion drilling fluids. EnvaDry P-FL is a 100% active spray-dried technology to provide primary emulsification benefits and improve fluid loss control. EnvaWet UHS 3100 helps to maintain the rheology of fluids with the exceedingly high volume of solids.
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Key Segments -
The oilfield chemicals market covered in this report is segmented -
1) By Type: Polymers, Corrosion And Scale Inhibitors, Demulsifiers, Surfactants, Gellants And Viscosifiers, Other Types
2) By Location: Onshore, Offshore
3) By Application: Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover And Completion
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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