Our latest research report entitled Oil and Gas Analytics Market (by chemical (polymer, demulsifier, corrosion & scale inhibitor, biocide, surfactant, and other chemicals), application (drilling, cementing, well stimulation, enhanced oil recovery, production, and workover & completion)) provides complete and deep insights into the market dynamics and growth of oil and gas analytics.
The latest information on market risks, industry chain structure oil and gas analytics cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential oil and gas analytics growth factors. According to the report the global oil field chemicals market is projected to grow at a CAGR of 4.9% over the forecast period of 2018-2024.
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Oilfield chemicals are used in the production of oil, well stimulation, drilling fluids, Enhanced Oil Recovery (EOR), and cementing applications in the upstream oil & gas industry. Oil chemicals are used in the drilling and exploration of gas and oil to improve the efficiency and productivity of the oil drilling process. For instance, oil field chemicals are used for protecting the equipment and pipes from corrosion and for separating oil and water from the oil that usually forms an emulsion. Chemicals are used to separate oil and water in the oilfield.
Hence, these oilfield chemicals are very important in the oil field since they help to protect the pipelines, containers, and equipment from damage, corrosion, and leaking of the oil. These chemicals include common inorganic salts, transition metal compounds, common organic chemicals and solvents, water-soluble and oil-soluble polymers, and surfactants. As existing fields become depleted, the use of chemistry to maintain production via good stimulation, more efficient secondary recovery operations and enhanced oil recovery become ever more important.
An increase in the production of crude oil coupled with increasing demand from enhanced oil recovery applications are the factors driving the growth of the oilfield chemicals market. In addition, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects and rapid expansion of shale oil & gas drilling & production are triggering the growth of the oilfield chemicals market. However, the cost of oil production level and Chemical regulations are dynamic and are constantly changing as per the compliance requirements.
Hence, changing rules and regulations are restraining the market growth of the oilfield chemicals market during the forecast period. Furthermore, the occurrence of eco-friendly oil chemicals has opened several doors of opportunity for the oilfield chemicals market over the upcoming years. The discovery of new oilfields has created a positive impact on the key players in the oilfield chemicals market.
North America Dominated the Oilfield Chemicals Market
Among the geographies, North America dominated the oilfield chemicals market. The growth in the North America region can be attributed to the presence of several oilfield chemical companies in this region. In addition, the expansion of shale oil and gas industries in the U.S is the key factor dominating to drive the oilfield chemical market in North America. On the other hand, Asia Pacific is anticipated to witness the fastest growth due to the increased government spending in China to meet energy demands.
The report on the global oil field chemicals market covers segments such as chemical types and applications. On the basis of chemical types, the global oil field chemicals market is categorized into polymer, demulsifier, corrosion & scale inhibitor, biocide, surfactant, and other chemicals. On the basis of applications the global oil field chemicals market is categorized into drilling, cementing, well stimulation, enhanced oil recovery, production and workover & completion.
Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global oil field chemicals market such as, BASF SE, Lubrizol Corporation, Dow Chemical Co., Stepan Company, Halliburton, Schlumberger, Baker Huges, Canadian Energy Services & Technology Corporation, AES Drilling Fluids, and Akzo Nobel NV.
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The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global oilfield chemicals market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of the oilfield chemicals market.
Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the oil field chemicals market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the oil field chemicals market to understand the present and future trends in this market and formulate their strategies accordingly.