Global Oilfield Chemicals Market
The GMI Research expects that the Oilfield Chemicals Market will notice an augmentation in demand over the forecast period. This is mainly due to the soaring production of oil and natural gas, examination of new oil reserves, rising consciousness regarding safe operations, and escalating emphasis on distribution networks.
Introduction of the Oilfield Chemicals Market
Oilfield Chemicals are the chemical components used in the extrication operations of oil & gas. In fact, these chemicals are implemented across various applications such as completing, drilling, and production to enhance the productivity of these fields.
Key Players of Market:
· Halliburton
· DowDuPont Inc.
· BASF SE
· Akzo Nobel N.V
· Baker Hughes
· Flotek Industries Inc.
· Clariant AG
· Schlumberger Limited
· Albemarle Corporation
· Lubrizol Corporation
Oilfield Chemicals Market Dynamics
According to the oilfield chemicals market research report, the augmentation in research activities for novel oil and natural gas reserves and the surge in the drilling, completion as well as production activities are the major drivers proliferating the growth of the market. Also, the accelerating production of oil and natural gas because of the mounting demand across the emerging countries further contributes to the market growth. Furthermore, the increasing preference towards substitute drilling operations further stimulates market growth.
In addition, the amplification in oil recovery activities and the tendency of producers to develop exclusive oilfield chemicals will stimulate market growth. On the other hand, reducing oil prices will hamper oilfield chemicals market size.
Product Segment Drivers
Based on the product, biocides are projected to expand at a faster rate over the coming years. This is due to the elevating endorsement of this product across offshore functions. Moreover, they have the potential to prevent the tool in the oil and gas applications by raising the operational efficiency and directing the corrosion assured by microbial.
Application Segment Drivers
On the basis of application, workover & completion will hold a major share due to the soaring production of oilfield chemicals. Besides this, their capability to intensify the recovery of oil & gas and the capacity of the reservoir at an economical price is fuelling the oilfield chemicals market size.
Regional Drivers
Based on the regional coverage, North America is contemplated to grow at a faster compound annual growth rate due to the massive acquisition of oilfield chemicals in the indoctrinate & completion applications and production sector. Additionally, the oilfield chemicals market report states that the enlargement of shale oil and gas industries in the US and the superior oil recovery activities are bolstering the market growth.
Oilfield Chemicals Market Segmentation:
Segmentation by Product
· Demulsifiers
· Surfactants
· Inhibitors
· Foamers
· Friction reducers
· Rheology Modifiers
· Biocides
· Others
Segmentation by Application
· Production
· Drilling
· Cementing
· Workover & Completion
Segmentation by Location
· Offshore
· Onshore
Segmentation by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o UAE
o Brazil
o South Africa
o Saudi Arabia
About GMI Research
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