According to the global oilfield chemicals market report by IMARC Group, the market reached a value of US$ 21.91 Billion in 2021, and it is projected to reach a value of US$ 29.39 Billion by 2027, exhibiting a CAGR of 4.80% during 2022-2027.
Oilfield chemicals are a subcategory of specialty chemicals, including xanthan gum, anionic polyacrylamide, Fe-Cr lignosulfonate, and petroleum sulfonate. They are widely used in production, drilling, completion, extraction, and refining applications and are manufactured to increase the efficiency of various on-site oilfield activities. Some commonly available oilfield chemicals include biocides, corrosion, scale inhibitors, demulsifiers, polymers, and surfactants. They help maintain a smooth-running oilfield at lower costs due to fewer stops or delays throughout the drilling process. As a result, oilfield chemicals find extensive applications in enhanced oil recovery, well stimulation, and drilling and cementing.
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Oilfield Chemicals Market Trends and Drivers:
The global oilfield chemicals market is primarily driven by the rising demand for petroleum and petroleum-based fuels in the automotive sector. Moreover, the surging adoption of shale gas in numerous industry verticals is positively influencing market growth.
Besides this, the escalating energy demand coupled with the rapid increase in crude oil production is contributing to market growth. Additionally, the increasing investments by governments of various countries to improve oil and gas infrastructure has catalyzed market growth.
Furthermore, the significant rise in oil production and exploration activities in deep-water drilling operations is another major growth-inducing factor. Other factors, including ongoing research and development (R&D) activities, rising global population, and technological advancements in the deep-water drilling process, are also anticipated to drive the market further.
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.
Top Oilfield Chemicals Companies:
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.
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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:
Market 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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