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Global Oilfield Chemicals Market Overview Covering Forecast Market Size And Growth Rate 2033
Oilfield Chemicals Global Market Report 2024
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According to The Business Research Company's, The oilfield chemicals market size has grown strongly in recent years. It will grow from $32.9 billion in 2023 to $35.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to market competition and innovation, geopolitical factors, corrosion and scale prevention, cost efficiency in operations, oil and gas exploration.
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.
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Market Drivers and Trends:
The rising demand for crude oil and its by-products is expected to propel the growth of the oilfield chemicals market going forward. Crude oil is a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid under normal pressure despite passing through surface-separating facilities. The by-products are products obtained by the extraction process in a refinery, and these products include gasoline, aviation fuel, diesel, and asphalt. The rising demand for crude oil has led to increased exploration and production activities, which, in turn, has driven the demand for oilfield chemicals. These chemicals are utilized in various petroleum operations such as drilling, well stimulation, production, cementing, enhanced oil recovery, and hydraulic fracturing For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, the U.S. crude oil output increased to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for crude oil and its by-products is driving the oilfield chemicals market.
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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Major Key Players of the Market:
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.,
Oilfield Chemicals Market 2024 Key Insights:
• 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%.
• Increase In Oil Production
• Innovation In Bio-Based Oil Field
• North America was the largest region in the oilfield chemicals market in 2023
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