The global market for oilfield chemicals is anticipated to grow with a CAGR of 4.22%. The market is anticipated to grow to $30,237 million by 2027. The base year considered for the study is 2018, and the estimated period is between 2019 and 2027.Seasonal changes highly impact the demand and supply of crude oil, which affects the demand for the oilfields chemicals market.
The crude oil market is highly politicized. The rise in the territorial and regional disputes among different nation is expected to hinder the market over the forecast period. Although, the increase in the production of crude oil, the growth of unconventional hydrocarbon activity and the growth of eco-friendly oilfield chemicals are primarily propelling the market demand. The increase in exploration and production activities is driving the interests in developing deep reserves, which is expected to sustain the product demand.
The market growth is restrained by high disposing costs of the chemicals, environmental & concerns during the extraction of oil & gas since several guidelines need to be followed for the disposal of oilfield chemicals.
The report on global oilfield chemicals includes segmentation on the basis of geography as well for a clear cut understanding of the market scenario essentially in the countries. The segmentation has been carried over into North America, Asia Pacific, Europe and the Rest of World regional segment. The largest market for oilfield chemicals belongs to that of North America. It contributed a market share of 34.30% in 2018. The presence of offshore shale reserves is a major driving factor for the oilfield chemicals market in North America.
Schlumberger Limited, Ecolab Inc., Solvay S.A., Dow Chemical Company, Lubrizol Corporation, BASF SE, Halliburton Company, Baker Hughes, Nalco Company LLC, AkzoNobel N.V., Stepan Company, Albemarle Corp., Clariant, Croda International PLC, and Newpark Resources, Inc. are the major companies, which have been extensively profiled in the report.