Oilfield Chemicals Market to Surpass US $43,685 Million by 2027

SELBYVILLE, Del., December 3, 2019 (Newswire.com) - ​​As per the recent study titled ‘Oilfield Chemicals Market to 2027 - Global Analysis and Forecasts by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, Others), Applications (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover and Completion), and Geography’ available with Market Study Report LLC, the global oilfield chemicals market is presumed to amass US $43,685.6 million by the year 2027.

Oilfield chemicals are extensively used in drilling processes. During the process, drilling fluids are added to drilling mud for rock stabilization. These fluids contain various chemical additives to ensure that it is not absorbed by rock formation making the drilling process effective. Rising demand for advanced drilling fluids, in consort with the longer shelf life of these chemicals, are the key drivers for the oilfield chemicals market. 

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According to the report, the global oilfield chemicals market was worth US $29,120 million in 2018 and is anticipated to grow with a CAGR of 4.7% through the year 2027. Expansion of the oil & gas sector, a growing number of exploration & production activities, and advancements in drilling techniques will propel the growth of the oilfield chemicals market over the forecast period. However, uncertainty regarding crude oil prices is impeding market growth.

Based on type, the oilfield chemicals market is categorized as demulsifiers, polymers, surfactants, corrosion & scale inhibitors, gallants & viscosifiers, and others. While considering the application spectrum, the industry is segmented into cementing, drilling, well stimulation, enhanced oil recovery, workover & completion, and production chemicals.

In terms of regional landscapes, the United States oilfield chemicals market is expected to witness accelerated growth over the analysis timeframe. This regional growth can be attributed to the improved economic condition of the country as a result of enhanced oil production. Other factors aiding the regional market outlook are favorable government policies regarding energy independence, in tandem with better accessibility to oil reserves located within federal zones.

The main contenders of the oilfield chemicals market profiled in the report are Solvay, Halliburton, Schlumberger Limited, The Lubrizol Corporation, Ecolab, Inc., Albemarle Corporation, Nouryon, BASF SE, Baker Hughes, and Newpark Resources, Inc.

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Question & Answer: Oilfield Chemicals Market

Question 1: Why is the oilfield chemicals market registering continuous growth?

Answer: Rising demand for advanced drilling fluids, in consort with its longer shelf life, are the key drivers for the oilfield chemicals market. The global oilfield chemicals market was worth US $29,120 million in 2018 and is anticipated to grow with a CAGR of 4.7% through the year 2027. Expansion of the oil & gas sector, a growing number of exploration & production activities, and advancements in drilling techniques will propel the growth of the oilfield chemicals market over the forecast period.

Question 2: What factors will hinder the growth of the oilfield chemicals market?

Answer: Uncertainty regarding crude oil prices is presumed to impede the oilfield chemicals market growth.

Question 3: How is the United States impacting the oilfield chemicals market outlook?

Answer: The United States oilfield chemicals market is expected to witness accelerated growth over the analysis timeframe. This regional growth can be attributed to the improved economic condition of the country as a result of enhanced oil production. Other factors aiding the regional market outlook are favorable government policies regarding energy independence, in tandem with better accessibility to oil reserves located within federal zones.

Question 4: Which companies constitute the competitive landscape of the oilfield chemicals market?

Answer: The main contenders of the oilfield chemicals market profiled in the report are Solvay, Halliburton, Schlumberger Limited, The Lubrizol Corporation, Ecolab, Inc., Albemarle Corporation, Nouryon, BASF SE, Baker Hughes, and Newpark Resources, Inc.

Related Report:

Digital Oilfield Market Research Report 2019-2025

Digital Oilfield Market is set to grow over USD 39 billion by 2025. Technological advancement coupled with increasing awareness pertaining to the potential of digitalized solutions empowered with advanced analytics, cloud computing and the Internet of Things (IoT) will accelerate business growth. Ongoing promotions amongst the industry through the Fourth Industrial Revolution or Industry 4.0 along with respective government measures toward enhancing the domestic technology capabilities will complement the business outlook.

The growing need for the economic recovery of hydrocarbon resources along with an increasing number of mature fields will propel the digital oilfield market growth. Romania and Russia are set to witness increasing deployments owing to a large number of mature oilfields across the region. Various enhanced oil recovery methods are being actively used to boost declining production. Innovative solutions including well testing facilities and reservoir management will allow the operators to save cost on performing expensive recovery methods.

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