The oilfield chemicals market is projected to witness a high growth at 5% CAGR during the forecast period (2016-2022), as per a new report by Market Research Future. Various factors which can attribute to this surge including increasing demand for oil and gas, thus resulting in rise in the number of oil wells, which in turn boost the oil field chemicals market. Application of oilfield chemicals in operations including drilling, production, and cementing drives the oilfield chemicals demand.
In addition, rise in activities to meet the global energy demand increases the demand for oilfield chemicals. The oil and gas industry is impacted by stringent timelines and environmental issues, oil field chemicals allow bacterial growth as well as foam and wax formation. Since the cost to produce oil from new sources is significantly higher than the rejuvenation of old sources, the demand for oil field chemicals is expected to increase.
Industry Major Key Players:-
- Dow Chemical Company
- Schlumberger, BASF SE
- Lubrizol Corporation
- AkzoNobel N.V.
- Kemira Oyj
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The market for oilfield chemicals has been segmented by materials, application, and fluid type.
On the basis of materials, the market is segmented into commodity vehicles, specialty chemicals, and polymers. Specialty chemicals are used in industrial sectors such as food, cosmetics, agriculture, and automobile and many more. On the other hand, polymers are commonly used in plumbing and many more.
The application segment of the market comprises drilling fluid chemicals, production chemicals, and stimulation fluid additives. Finally, the market is segmented on the basis of the fluid type into completion, drilling, and stimulation. Due to increasing requirement to become more energy self-sufficient, well stimulation chemicals are fast becoming popular, in turn pushing the oil field chemicals market to higher levels.
AkzoNobel N.V has opened a powder coatings plant in Changzhou, China. The facility is located at an existing site and will help to further strengthen the company’s position in the powder coatings market. The Changzhou plant will supply an extensive range of interpon and resicoat products to meet growing demand for more sustainable coating solutions. End users include automotive, architectural, and general sectors.
Kemira Oyi will make an investment to expand production at its Joutseno chlor-alkali site in Finland. This expansion will help address the growing need for sodium hydroxide in Finland. This site produces sodium hydroxide, hydrochloric acid, and sodium hypochlorite for pulp and paper and process industries as well as municipal water treatment. Sodium hydroxide is an important component of drilling fluids, which plays a major role in removing impure gases and maintain well stability.
TABLE OF CONTENTS:-
- REPORT PROLOGUE
- SCOPE OF THE STUDY
- RESEARCH OBJECTIVE
- MARKET STRUCTURE
- MARKET SEGMENTATION
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- PRIMARY RESEARCH
- SECONDARY RESEARCH
- MARKET SIZE ESTIMATION
- FORECAST MODEL
- MARKET DYNAMICS
- DRIVERS & OPPURTUNITIES
- CHALLENGES & RESTRAINTS
- VALUE CHAIN ANALYSIS
- PORTER’S FIVE FORCES ANALYSIS
- OIL FIELD CHEMICALS MARKET, BY Fluid Type
- Drilling Fluid
- Completion Fluid
To be continued…..
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The oil field chemicals market is geographically segmented into North America, the Middle East and the rest of the world.
Globally, North America dominates the market owing to increase in exploration activities in the U.S.A. and Canada. Moreover, the shale gas revolution has led to new opportunities in oil exploration and production, which in turn led to increasing demand for oilfield chemicals in this region.
Existing political tension in Middle East will not deter it from witnessing high growth rate in the forecast period due to increasing trend of deep water exploration. The growth in this region is due to use of these formulations in the already existing reservoirs to maximize its productivity even after the peak oil period of the well is achieved.
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