Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, oil field chemicals market is one of them. In other words, the growth in the Oil & Gas industry will create a positive impact on the market for global oil field chemicals. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the specialty oilfield chemicals manufacturers. Deep-water and unconventional reserves exploration requires specialized and sophisticated chemicals. With the current oil market scenario, formulating them will be an expensive task. Therefore, the Oil Field Chemicals Market is projected to register a moderate CAGR ~5% during the forecast period. However, the sale of production chemicals is not expected to be as affected as chemicals used in drilling, stimulation, and other applications.
In November, 2017 – Schlumberger inaugurated the newly expanded reservoir rock and fluid analysis laboratory located in Houston, Texas. The state-of-the-art lab enables petro technical experts to better leverage physical and digital rock and fluid analysis for comprehensive reservoir characterization.
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In July, 2017 – Schlumberger announced an agreement to acquire a majority (51%) equity interest in Eurasia Drilling Company Limited.
In August, 2017 – Microsoft and Halliburton announced plans to enter into a strategic alliance to drive digital transformation across the oil and gas industry.
Top Key Players:-
The major competitors in the Oil Field Chemicals market include AkzoNobel N.V. (Netherlands), Schlumberger, Halliburton (U.S.), The Dow Chemical Company (U.S.), Kemira Oyj (Finland) Lubrizol Corporation (U.S.), BASF SE (Germany), and Clariant (Switzerland) among others.
Regional Analysis of Oil Field Chemicals:-
North America is the leading region for this market mainly due to the increased exploration activities in USA and Canada. The increasing exploration activities in this region have in turn resulted in an increase in the Oilfield Chemicals market. Although there exists political instability in the Middle East, this region is expected to register high growth rate in the forecast period due to increasing trend of deep water exploration and working in high temperatures which require much more expensive Oilfield Chemicals.
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