According to a recently published report by Research Nester on Oil Field Chemicals Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the oil field chemicals market in terms of market segmentation by product, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global oil field chemicals market is anticipated to record a CAGR of around 5.26% over the forecast period i.e. 2019-2027. The market is segmented by product & application. By product, the market is bifurcated into biocides, corrosion & scale inhibitors, demulsifiers, polymers, lubricants, surfactants & specialty chemicals. The market is further segmented by application into production chemicals, drilling fluids, well stimulation fluids, cementing fluids, enhanced oil recovery and work over & completion.
Technological changes and innovations in the global oil field chemicals market in order to keep the pace with the rising demand and applications of the oilfield chemicals having been taking place in the recent times. High investments from multinational corporations in the oilfield chemicals market is responsible for boosting the market growth. To address the rising needs, the market players are getting into acquisitions in order to enhance their oilfield chemicals product portfolio.
According to India Brand Equity Foundation (IBEF), ONGC will invest USD 2.73 Billion in oil and gas wells in 2019. India is looking to reduce their dependence on oil imports, so it is expected that foreign investors will have opportunities to invest in petroleum projects by 2022. Therefore, this will further boost the demand for oilfield chemicals thus leading to the growth of the market during the forecast period. The crude oil prices have seen many turns in the past years. OPEC is one of the organizations that has affected the fluctuation in the prices and this fluctuation has a negative impact on the exploration activities which is hampering the growth of the oilfield chemicals market during the forecasted period.
North America is expected to have significant growth owing to the expansion of shale oil and gas industries in this region. Asia Pacific is anticipated to have highest growth rate owing to increasing drilling, stimulation and cementing activities. Additionally, huge investment in the energy sector in India and China, on account of rise in the demand for petroleum and crude oil is predicted to increase the demand of oilfield chemicals. As far as Middle East and Africa region is concerned, this region is also having vast opportunities that are responsible for boosting the growth of the oilfield chemicals market.
This report also provides the existing competitive scenario of some of the key players of the oil field chemicals market which includes company profiling of Baker Hughes, Schlumberger Limited, Halliburton, Newpark Resources Inc., Albemarle Corporation, Jiaxing Midas Oilfield Chemical Mfg. Ltd, Imperial Oilfield chemicals Pvt Ltd., Gumpro Drilling Fluids Pvt Ltd., and Solvay. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the oil field chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.