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According to the Stratistics MRC report, the global oilfield chemicals market size reached $19.
74 billion in 2019 and is expected to reach $32.
18 billion by 2027, growing at a CAGR of 6.
3%.
Growth in oil exploration and production activities and emergence of environmentally friendly oilfield chemicals are the major factors
driving the growth of the market.
However, fluctuations in crude oil prices and environmental concerns limit the growth
of the market.
Oilfield chemicals are chemical components
used in oil and gas extraction operations.
They are used in good drilling and production facilities to increase extraction efficiency by increasing the productivity of oil drilling processes and petroleum refining, and to achieve optimal performance
through efficient oil recovery.
These chemicals help keep the field running smoothly, reducing the cost
of delays and downtime during drilling.
The upstream market will witness considerable growth
during the forecast period due to the increase in drilling activities in deep and ultra-deep wells.
In addition, well stimulation and enhanced oil recovery are expected to further drive the growth
of the oilfield chemicals market during the forecast period.
Geographically, North America will witness considerable growth
during the forecast period due to increasing oil and gas activities and developments in hydraulic fracturing and drilling techniques.
In addition, with technological advancements and increased drilling activities, the demand
for oilfield chemicals is expected to increase soon.
Some of the major players in the oilfield chemicals market include Baker Hughes, Schlumberger, Halliburton, Solvay SA, Ecolab, Newpark Resources, BASF, Lubrizol, AkzoNobel, Albemarl, DuPont, Clariant, and others
.
According to the Stratistics MRC report, the global oilfield chemicals market size reached $19.
74 billion in 2019 and is expected to reach $32.
18 billion by 2027, growing at a CAGR of 6.
3%.
Growth in oil exploration and production activities and emergence of environmentally friendly oilfield chemicals are the major factors
driving the growth of the market.
However, fluctuations in crude oil prices and environmental concerns limit the growth
of the market.
Oilfield chemicals are chemical components
used in oil and gas extraction operations.
They are used in good drilling and production facilities to increase extraction efficiency by increasing the productivity of oil drilling processes and petroleum refining, and to achieve optimal performance
through efficient oil recovery.
These chemicals help keep the field running smoothly, reducing the cost
of delays and downtime during drilling.
The upstream market will witness considerable growth
during the forecast period due to the increase in drilling activities in deep and ultra-deep wells.
In addition, well stimulation and enhanced oil recovery are expected to further drive the growth
of the oilfield chemicals market during the forecast period.
Geographically, North America will witness considerable growth
during the forecast period due to increasing oil and gas activities and developments in hydraulic fracturing and drilling techniques.
In addition, with technological advancements and increased drilling activities, the demand
for oilfield chemicals is expected to increase soon.
Some of the major players in the oilfield chemicals market include Baker Hughes, Schlumberger, Halliburton, Solvay SA, Ecolab, Newpark Resources, BASF, Lubrizol, AkzoNobel, Albemarl, DuPont, Clariant, and others
.
