The new report by Expert Market Research titled, ‘Global Oilfield Chemicals Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global oilfield chemicals market, assessing the market based on its segments like products, applications, locations and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 23.6 billion
- Forecast CAGR (2023-2028): 4%
The rising demand for oilfield chemicals can be attributed to the increase in exploration and oil production operations, buttressed by the efforts of government particularly in developing countries. For instance, oil and gas companies in India, like Petronet LNG, Indian Oil Co., ONGC announced expansion plans in the domestic gas & oil industry in February 2021 to accommodate the global consumer demand.
The rising investments from key players towards enhancing the drilling technology is expected to aid the market growth in the forecast period. In post-COVID days, as the various sectors recover from the negative impacts of the pandemic, the product is likely to witness a rise in demand.
Industry Definition and Major Segments
Oilfield chemicals are chemical components that are used to improve the efficiency and efficacy of activities at an oilfield site activities. During exploration and drilling activities, these components reduce the water content in the oil well and limit the formation of metal scales, resulting in an increase in demand for the adoption of oilfield chemicals.
The oilfield chemicals market, on the basis of technology, can be segmented into:
- Rheology Modifiers
- Friction Reducers
On the basis of application, the market can be categorised into:
- Workover and Completion
The regional markets for oilfield chemicals include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Among these, North America represents a significant share of the oilfield chemicals market.
The rapid drying up of oil fields has prompted major energy companies to adopt ultra deep water drilling and deep water drilling activities to extract gas and oil trapped beneath deep and difficult basins, propelling the growth of the oilfield chemical industry in the forecast period. The increasing efforts by the governments of various nations to develop drilling technology is likely to be another key trend bolstering the market growth in the forecast period.
The rapid technological advancements and increasing investments by the key players to develop innovative solutions are anticipated to significantly contribute to the market growth.
Key Market Players
The major players in the market are Halliburton Company, Kraton Corporation, Solvay SA, BASF SE, Clariant International Ltd., NuGenTec LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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