The latest research study “Oilfield Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global oilfield chemicals market size reached a value of US$ 21.91 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 29.39 Billion by 2027, exhibiting a CAGR of 4.80% during 2022-2027.
Oilfield chemicals refer to a sub-class of specialty chemicals designed to maximize value in oilfield operations and enhance the overall efficiency of the well. Some commonly used oilfield chemicals include biocides, surfactants, demulsifiers, polymers, and corrosion and scale inhibitors. They are widely utilized in oilfield applications, such as drilling, cementing, extraction, completion, refining, and production. They reduce the amount of water injected into oil wells during exploration and drilling to inhibit the formulation of metal scales. Since oilfield chemicals ensure smooth oilfield operations at lower costs due to minimal stoppages or delays during the drilling process, they find extensive applications in enhanced oil recovery and well stimulation.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Oilfield Chemicals Market Trends and Drivers:
The global oilfield chemicals market is primarily driven by the increasing oil exploration and production coupled with rising deep-water drilling activities. In addition, there has been a significant rise in the demand for petroleum and petroleum-based fuels from the transportation sector.
Along with this, the growing usage of shale gas across numerous industries has augmented the product demand. Furthermore, with the shifting consumer inclination toward natural and organic products, the leading manufacturers are introducing innovative, environment-friendly oilfield chemicals to meet stringent regulatory compliance, thereby contributing to the market growth.
Other factors, including the escalating energy demand, expanding global population, favorable government initiatives, improving oil and gas infrastructure, and ongoing research and development (R&D) activities, are also anticipated to catalyze the market growth.
Global Oilfield Chemicals Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Albemarle Corporation, Ashland, Baker Hughes Company, BASF SE, CES Energy Solutions Corp., ChampionX Corporation, Chevron Phillips Chemical Company, Clariant AG, Halliburton, Huntsman International LLC, Kemira Oyj, Stepan Company, The Dow Chemical Company and The Lubrizol Corporation.
The report has segmented the market on the basis of region, product, location and application.
Breakup by Product:
- Rheology Modifiers
- Friction Reducers
Breakup by Location:
Breakup by Application:
- Drilling Fluid
- Production Chemicals
- Workover and Completion
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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