DUBLIN, DUBLIN -- (SBWire) -- 03/04/2021 --Oilfield Chemicals Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The growing production of oil and natural gas driven by the strong demand, mainly in the emerging countries, is a key driver propelling the growth of the global oilfield chemicals market size. Moreover, the rising research activities for new oil and natural gas reserves, coupled with the growing production of crude oil and significant shift towards alternative operations of drilling, will further boost the demand for the market in the coming years. As per the oilfield chemicals market report`, the increase in drilling, completion, and production activities and the rise in the improved oil recovery activities will further fuel the markets' demand. The growing demand for crude oil products and the fundamental shift of manufacturers towards the development of superior performance oilfield chemicals will further pay the way for the growth of the market. On the other hand, reducing oil prices is one of the major hindering factors in the growth of the global oilfield chemicals market.
Product Segment Drivers
Based on the product, the biocides are predicted to increase at a faster rate due to the strong adoption of this product across offshore operations. Biocides keep the equipment in the offshore oil and gas applications and improve operational effectiveness by managing the microbial corrosion.
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Oilfield Chemicals Market's leading Manufacturers:
- DowDuPont Inc.
- Baker Hughes
- BASF SE
- Clariant AG
- Albemarle Corporation
- Halliburton
- Schlumberger Limited
- Lubrizol Corporation
- Flotek Industries Inc.
- Akzo Nobel N.V.
Application Segment Drivers
Based on the application, the workover & completion is expected to grow at a higher CAGR due to the growing utilization of oilfield chemicals. The capability to improve the recovery of oil & gas and the productivity of the reservoir at an efficient price is bolstering the market growth.
Regional Drivers
Based on the region, the North America region is projected to rise at a faster CAGR over the coming years owing to the strong adoption of oilfield chemicals in the workover & completion applications and production sector. Additionally, the increase in shale oil and gas sectors in the US, coupled with enhanced oil recovery activities, are certain factors that are expected to drive the market growth.
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Oilfield Chemicals Market Segmentation:
Segmentation by Product:
- Demulsifiers
- Surfactants
- Inhibitors
- Foamers
- Friction reducers
- Rheology Modifiers
- Biocides
- Others
Segmentation by Application:
- Production
- Drilling
- Cementing
- Workover & Completion
Segmentation by Location:
- Offshore
- Onshore
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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Oilfield Chemicals Market Size, Share, Trends Analysis & Industry Forecast Report, 2020-2021
The GMI Research's latest analysis reveals that the Oilfield Chemicals Market is slated to register a significant CAGR over the forecast period. This is attributed to the rising research activities for new oil and natural gas reserves, coupled with the growing production of crude oil and significant shift towards alternative operations of drilling.