Overview:
Oilfield chemicals are specialty chemicals that find diverse application in oil gas industry. Several steps like cementing, drilling completion, enhanced oil recovery (EOR), stimulation, and production, as well as, in the transportation of oil gas. The global Oilfield Chemicals Industry is all set to score 4.64% CAGR during the forecast period of 2022 to 2027 and in the process, would take a leap from a valuation of USD 1.56 Billion to surpass the anticipated valuation by the end of 2027. Market Research Future (MRFR) made a claim that this rise would be smooth owing to various ongoing oilfield exploration project.
The global oilfield chemicals market can be triggered by several factors like the hike in the global oilfield exploration activities. Technological advancement is expected to play a major role in the global market growth, which would trigger the intake of these chemicals.
Segmentation:
The global oilfield chemicals market, as discussed in the detailed report of MRFR, can be segmented on the basis of product and application. This report tracks down various factors and segments for a better analysis of the market growth in the coming years.
Based on the product, the global oilfield chemicals market can be segmented into emulsifiers, inhibitors, H2S scavengers, biocides, lubricants, surfactants, clarifiers, and others.
Based on the application, the global oilfield chemicals market can be segmented into upstream, midstream (transportation), and downstream (fuel additives). The upstream segment includes production, drilling, completion, cementing, and EOR.
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Regional Analysis:
Geographically, the global oilfield chemicals market report has North America, Asia-Pacific (APAC), Europe, Latin America, and the Middle East Africa (MEA). The report published by MRFR is loaded with demographic challenges that can be used for a better analysis of the global market.
North America is expected to retain its position as the largest oilfield chemicals market, with the US taking the regional charge of taking the market forward. The country produces 40% of its domestic need by exploring possibilities in its own terrain. However, the oil gas production is getting spurred by various technological advancements, which can trigger substantial growth in the output level. The country is now eyeing for a leap from 15 million barrels per day to 24 million barrels per day of oil and other liquids, which would include oil condensate and liquefied natural gas. Canada and Mexico are also expected to make substantial contribution to the regional market status.
The Middle East Africa Oilfield Chemicals Market Survey has the second-largest production capacity due to the increasing production of oil in countries like Iran, Saudi Arabia, and Kuwait. This is also substantially promoting the demand for oilfield chemicals as well, which could trigger huge market boost. In April 2022, the Iran government declared that they have plans to start around five oil exploration and production in association with the local agencies. This is expected to boost the regional market growth.
The APAC market is witnessing strong transformations in the regional business strategies. It has become the fastest-emerging region as several countries like India and China are participating various oilfield exploration and overseas collaboration. These two countries are expected to contribute the most to the regional market growth.
Competitive Landscape:
Several companies are actively participating in the global oilfield chemicals market by implementing new strategies to solidify their own market position and ensuring further growth for the global oilfield chemicals market. These companies are Akzo Nobel NV (Netherlands), BASF SE (Germany), Solvay (Belgium), Evonik Industries AG (Germany), Dow (US), Huntsman International LLC (US), KRATON CORPORATION (US), Clariant (Switzerland), Stepan Company (US), Thermax Global (India), Versalis SpA (Italy), Ecolab (US), and SMC Oilfield Chemicals (US). MRFR registered these names in their latest report on the oilfield chemicals market to understand various market trends that can impact the coming days of the global market.
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