The oilfield Chemicals Market Size is growing continuously over the past few years. The rising demand for these high value, well-stimulated chemicals for oil and gas exploration and energy production (E&P) activities drive the growth of the market. These chemicals separate the waste and water produced during the hydraulic fracturing process and improve the recovery and the quality of the O&G products. Increasing oil & gas exploration initiatives across the globe is a key driving force behind the market growth.
Besides, the increasing crude oil production and deep drilling activities in both offshore and onshore oilfields foster the oilfield chemicals market, hugely. Furthermore, the growing expenditure in advancing oilfield chemicals to enhance properties such as thickening, emulsification, stabilization, and conditioning boost the growth of the market. The global oilfield chemicals market is likely to create substantial growth opportunities for market players during the forecast period.
According to Market Research Future (MRFR), the global oilfield chemicals market is expected to reach USD 1,562.2 MN by 2025. In its recent industry analysis, the market is projected to register approximately 4.64% CAGR throughout the forecast period (2017 – 2025). There has been a spurting rise in natural gas production & extraction from shale formations, which in turn is pushing the growth of the market.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/1755
Additionally, factors such as upsurge in the O&G economy increased drilling projects that have been triggered with the new O&G reserves discoveries in some regions, and the rising trend of Deepwater production is substantiating the growth of the market. Additionally, the renewed interest in shale gas extraction worldwide is anticipated to provide a considerable impetus to the growth of the oilfield chemicals market.
On the other hand, stringent environmental regulations imposed on the production of oilfield chemicals are projected to inhibit the growth of the market. Also, the shift toward renewable energy sources such as solar, wind, biomass, geothermal, and hydropower energy as an alternative to fossil fuels is acting as a major headwind for the market growth. Nevertheless, evolving shale gas exploration technologies would support the growth of the market throughout the review period.
Global Oilfield Chemicals Market – Segments
MRFR’s segmentation of the report reveals three main dynamics to widen the scope of understanding,
By Type : Inhibitors & Scavengers (Corrosion Inhibitors, Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, H2S Scavengers, Oxygen Scavengers, others), Demulsifiers (Friction Reducers, Rheology Modifiers, Biocides, Surfactants, Pour-Point Depressants), and others.
By Application : Upstream (Drilling, Well Stimulation, Production Chemicals, Workover & Completion, Cementing), Midstream, and Downstream (Water Injection, Alkali Surfactant Water Flooding, others)
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Oilfield Chemicals Market – Regional Analysis
North America leads the global oilfield chemicals market. The largest share of the market attributes to the augmented exploration activities in the USA and Canada. Besides, the rising demand for energy worldwide prompts a massive consumption of oilfield chemicals in the region. Furthermore, increasing crude oil production and investments in shale gas exploration activities in the US drives the growth of the regional market. In 2018, the North American oilfield chemicals market had accounted for over 44.3% of the market share, reaching the valuation of USD 14.1 BN, which is expected to rise further at 5.07% CAGR during the forecast period.
The Asia Pacific oilfield chemicals market accounts for another lucratively growing market. Rising government support and the recent decision to auction government-owned sixty-nine inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel the growth of the APAC oilfield chemicals market, reinforcing increase in O&G exploration activities. Driven by the increasing investment in the O&G industry, the APAC oilfield chemicals market is estimated to witness the fastest growth during the assessment period.
The oilfield chemicals market in Europe is expected to witness moderate growth led by Germany, France, and the UK. Increasing offshore extraction activities alongside the new oilfield discoveries propel the growth of the regional market. Besides, improving economic outlook and rising oil prices are the significant factors projected to foster the European oilfield chemicals market.
The oilfield chemicals market in the Middle Eastern region is estimated to perceive a substantial growth rate despite the ongoing political instability in the GCC countries. Besides, factors such as unfavorable geological conditions (extreme heat/cold) that demand more advanced & expensive oilfield chemicals in the O&G extraction process drive the regional market growth.
Global Oilfield Chemicals Market – Competitive Landscape
Highly competitive, the oilfield chemicals market appears to be fragmented due to the presence of many notable players. The market competition is anticipated to intensify further with several new players entering the market with their advanced technologies. This, as a result, will replace the stability in the market, encouraging the players to take up strategic initiatives such as mergers & collaborations and acquisitions & partnerships to expand their production capabilities and thus to churn the market competition.
Access Report Details @ https://www.marketresearchfuture.com/reports/oil-field-chemicals-market-1755
Major Players:
Players leading the global oilfield chemicals market include Baker Hughes, Schlumberger Limited (US), GE Company LLC (UK), Royal Dutch Shell PLC (The Netherlands), Ideal Energy Solutions, LLC (US), BASF SE (Germany), Halliburton (US), Solvay (Belgium), Clariant (US), Albemarle Corporation (US), Kemira (Finland), Stepan Company (US), Croda International PLC (UK), Nalco Champion (US), Huntsman International LLC (US), The Lubrizol Corporation (US), and Ashland (US), among others.
Industry/ Innovation/ Related News:
December 14, 2019 ---- Asian Oilfield Services Limited (India), a leading global oilfield services company, announced receiving the Letter of Award (LOA) for the acquisition of 20 and 30 seismic data of oil blocks located in Rajasthan and Gujarat State in India. The total value of the LOA received worth over Rs. 640 crores (USD 9,01,30,688). Asian Oilfield specializes in a geophysical range of onshore seismic & drilling services, including acquisition, imaging, and field evaluation.
The LOA marks an important step in the Company’s journey to the growth, unlocking the inherent strength of its specialized skills & technical competencies in a niche area of providing all oilfield related services to exploration & production (E&P) companies.
About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone: +1 628 258 0071(US) +44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
