The latest report on Oil Field Chemicals Market by Infinium Global Research gives complete coverage of the Oil Field Chemicals Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Oil Field Chemicals such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increase in the Production of Crude Oil Coupled with Increasing Demand from Enhanced Oil Recovery Applications
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, use of chemistry to maintain production via good stimulation, more efficient secondary recovery operations and enhanced oil recovery become ever more important.
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.
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Changing Rules and Regulations are Restraining the Market Growth of the Oilfield Chemicals Market During the Forecast Period
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. Discovery of new oilfields has created a positive impact on the key players in 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 chemicals 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.
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- Comprehensive analysis of global as well as regional markets of the Oil Field Chemicals.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.