Rise in oil exploration & production activities, demand for advanced drilling fluids, and rapid expansion of shale gas & oil drilling are the major driver for global oilfield chemicals market.
According to a new report published by Allied Market Research, titled, Oilfield Chemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the oilfield chemicals market was valued at $41,667 million in 2016, and is estimated to reach $59,925 million by 2023, registering a CAGR of 5.2% from 2017 to 2023. In 2016, the drilling fluid application segment accounted for around one-third share of the total market.
Oilfield chemicals are chemical components that are used in various stages of oil & gas exploration to enhance these operations by improving productivity and efficiency of oil drilling processes. These chemicals allow temperature stability, high performance, and inhibit contamination in the drilling fluid system. It also reduces the expense over stoppages & delays by maintaining smooth operating oilfields. Moreover, these chemicals find extensive application in different stages of oil exploration and are an integral part of the oil & gas industry.
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The growth of the global market is driven by the enduring activities to meet the increasing energy demand globally, which brought more petroleum crude oil wells to production state globally, which increases the demand for oilfield chemicals. Moreover, rise in exploration & production activities increases the need for oilfield chemicals, demand for advanced drilling fluids, and growth in deepwater & ultra-deepwater drilling projects are driving the global market. However, crude oil price fluctuations and increase in environmental concerns are expected to hamper the market growth in the near future. The emergence of eco-friendly oilfield chemicals is expected to provide a substantial growth opportunity in the near future.
Top Investment Pockets
The demulsifier segment is the most lucrative in the market, followed by the biocides segment. Demulsifiers are used to separate water and oil in the oilfield. They cause change in the oil density and enable easier separation by reduction in the corrosion of the pipelines. This results in reduction in the overall maintenance cost of the equipment.
North America Oilfield Chemicals Market Size
In 2016, North America witnessed the highest demand for oilfield chemicals, owing to the growth in oil gas activities with the advancement in hydraulic fracturing and drilling processes. Moreover, technological advancement and rise in drilling activities are expected to increase the demand for oilfield chemicals in the near future. U.S. dominated the North America oilfield chemicals market in 2016, followed by Canada.
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Leading market players:-
The key players profiled in the report are Baker Hughes, Schlumberger Limited, Halliburton, Solvay S.A., Ecolab Inc., Newpark Resources Inc., BASF SE, Lubrizol Corporation, Akzonobel NV, and Albemarle Corp.
The other major players (not profiled in report) in the market include E I Dupont de Nemours and Company, Huntsman Corporation, Kemira Oyj, Clariant AG, Chemcon Specialty Chemicals Pvt. Ltd., Universal Oil Field Chemicals Pvt. Ltd., Imperial Oilfield Chemicals Pvt. Ltd., REDA Oilfield, Stepan Company, and Champion Technologies.
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