Oilfield chemicals are specialty chemicals used in the downstream, midstream, and upstream operations in an oil & gas industry. Oilfield chemicals are used in well drilling & production facilities to increase the extraction operations by improving productivity and efficiency of the oil drilling process & petroleum refining and to succeed optimum performance with effective oil recovery. These chemicals ease the maintenance of smooth operating oilfield, which result in decrease of expenses over delays & stoppages during drilling processes.
According to study, “Global Oilfield Chemicals Market Size study, by Type (Biocides, Corrosion & Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Gellants & Viscosifiers, Other Chemicals), by Application (Drilling Fluids, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover & Completion) and Regional Forecasts 2018-2025” the key companies operating in the global oilfield chemicals market are Baker Hughes Inc., Akzo Nobel NV, Ashland, Inc., Clariant, Albemarle Corp., Ecolab Inc., Evonik Industries AG, Newpark Resources Inc., Dow Chemical Company, Stepan Company, Solvay S.A., Thermax Global, Huntsman International LLC, Versalis SpA, Canadian Energy Services & Technology Corp. (CESTC), Croda International PLC, Halliburton, SMC Oilfield Chemicals, BASF SE, Schlumberger Ltd., Kraton Corporation, Drilling Specialties Company (Chevron Phillips Chemical Company), Nalco Champion Technologies Inc. (ECOLAB), Exxonmobil Corporation, Scomi Energy Services BHD (Scomi Group BHD), Flotek Industries Inc., Innospec, The Lubrizol Corporation, Kemira, Zirax Limited.
Based on type, oilfield chemicals market is segmented into biocides, demulsifiers, corrosion & scale inhibitors, surfactants, gellants & viscosifiers, polymers, and others. Biocide segment is anticipated to hold major share in market owing to rise in utilization in offshore operations during the forecast period. Based on location, market is segmented into offshore and onshore. Based on raw material type, market is segmented into natural and synthetic. Synthetic segment includes hydroxyethyl cellulose, polyanionic cellulose and carboxymethyl cellulose while natural segment incldes fruits, plants, and others. In addition, based on application, market is segmented into drilling fluids, enhanced oil recovery, cementing, production chemicals, workover & completion and well stimulation. Drilling fluids are used to cool & lubricate the drill bit, interrupt formation cuttings and control formation pressure. Drilling fluids is expected as the largest segment due to increase in deep & ultra-deep drilling activities over the forecast period.
The oilfield chemicals market is driven by increase in demand for advanced drilling fluids, followed by rise in oil exploration & production activities, increase in productivity & optimizing costs, rise in demand for petroleum-based fuel from transportation industry, increase in shift towards unconventional drilling operations and rapid expansion of shale oil & gas drilling & production. However, increase in environmental concerns, rise in clean energy initiatives and crude oil price fluctuations may impact the market. Moreover, emergence of eco-friendly oilfield chemicals is a key opportunity for market.
Based on geography, the North American region holds major share in oilfield chemicals market owing to the expansion of shale oil & gas industries in region. The Asian-Pacific region is expected to witness higher growth rate due to large investment in the energy sector by China and India countries because of upsurge in demand for petroleum & crude oil over the forecast period. It is anticipated that the market will be reached at US $28.59 billion by 2025.
To know more, click on the link below:-
Global Oilfield Chemicals Market Research Report
Related Reports:-
Global Specialty Oilfield Chemicals Market Analysis 2013-2018 and Forecast 2019-2024
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