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The oilfield chemicals market is expected to register a CAGR of over 4% during the forecast period. This market is driven by a number of factors, such as increasing shale gas exploration and production. The opening of new horizons, due to deep-water drilling operations, is likely to act as key major opportunities for the oilfield chemicals market.
- Rising demand for petroleum-based fuel from the transportation industry is expected to drive the demand for the market, during the forecast period.
- Clean energy initiatives are likely to hinder the market growth.
- Production opportunities provided by developing countries is projected to act as an opportunity for the market, in the future.
Key Market Trends
Drilling & Cementing Application to Dominate the Market
- In the drilling segment, oilfield chemicals are used to stabilize temperature and prevent contaminated products from entering the drilling fluid system.
- They are also added as additives to the drilling fluids used to maintain the hydrostatic pressure and clear the wellbore from cuttings. The rise in the deep-water drilling activities is expected to drive the oilfield chemicals market in the future.
- The rise in the deep-water drilling activities is expected to drive the oilfield chemicals market in the future.
- Many projects on oil extraction have started, which would include drilling and cementing as the initial stages and thereby increasing the demand for oilfield chemicals in this segment.
- Additionally, the huge demand for technologically advanced cementing products, such as Selvol Polyvinyl Alcohol having non-ionic and low-viscous properties, is expected to open up opportunities in the oilfield chemicals market.
North America to Dominate the Market
- The North American region dominates the global oilfield chemicals market, due to the increased emphasis on shale gas production and exploration in the region.
- The United States accounts for the major share in North America, mainly owing to the boom in the shale gas industry, advancements in technologies, and increasing oil exports.
- The shale gas production has been increasing exceptionally over the recent years, and owing to increasing demand from the major developing economies of Asia-Pacific, the demand for natural gas is expected to rise over the forecast period.
- This growing production of shale gas in North America, in turn, is projected to increase the demand for oilfield chemicals over the forecast period.
The oilfield chemicals market is highly consolidated. Key players in the oilfield chemicals market include Halliburton, Schlumberger Limited, Baker Hughes Company, Ecolab (NALCO Champion), and Solvay, among others.
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