According to a recently published report by Research Nester on “Oilfield Chemicals Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the Oilfield Chemicals in terms of market segmentation by product type, by applications, and by regions.
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 oilfield chemicals market is segmented based on type into Biocides, Corrosion & Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Gellants & Viscosifiers, and Others and Application type into Drilling Fluids, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, and Workover & Completion and by regions. The global oilfield chemicals market is estimated to grow at a CAGR of around 5% over the forecast period i.e. 2019-2027.
Oilfield chemicals are mostly used by the oil and gas industry pertaining to the demand by drillers and operators in field. Additionally, surfactants amines, and other chemicals are used at the time of critical operations by formulators of finished oilfield products and major oilfield service companies. Various field chemical product are used throughout the production method for varied applications like corrosion inhibitors, demulsifiers and paraffin dispersants, drilling additives, cementing super-plasticizers and for repairing the systems in failure of cementing operations.
North America in oilfield chemicals market is anticipated to witness fast growth during the forecast period. Additionally, has a mature market or a state of equilibrium when witnessing stagnancy in terms of growth in oil and gas field therefore increasing the growth of Oilfield Chemicals market over the forecast period.
No better substitute of Oil and Gas
The rising demand for fuel from infrastructure and manufacturing industries has led the operators of oil and gas industry to drill and produce the crude from the well which expects the oilfield market to witness the steady growth.
Shale gas extraction in U.S. with dependency on this mode of fuel has increased the shale gas and production operations in the United States which is adding up the reason for successive growth of market with respect to the forecast period of 2020-2027.
However, decreasing prices of crude oil in past years have become the reason for stagnated growth in oil and gas industry which effected many business and products segments of oil and gas field. Additionally, the clashes in the OPEC and sanctions imposed by the U.S. government on the Iran for exporting its oil is also the major reason which is hampering the growth of oilfield chemicals market.
This report also provides the existing competitive scenario of some of the key players of the global Oilfield Chemicals which includes company profiling of BASF SE, Lubrizol Corporation, AkzoNobel N.V., The Dow Chemical Company, Schlumberger, Halliburton, Kemira Oyj, Clariant and Other Prominent Players. 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 global Oilfield Chemicals 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.