Market Research Future published a Half Cooked research report on “Global Oil Field Chemicals Market Research Report – Forecast to 2022 ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022
BASF SE (Germany), Lubrizol Corporation (U.S.),AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger (U.S), Halliburton (U.S.), Kemira Oyj (Finland) and Clariant (Switzerland) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Oil Field Chemicals Market.
Oil Field Chemicals Global Market – Overview
The Global Oil Field Chemicals Market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at the rapid pace during the forecast period. Drilling fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. In recent times the oil and gas has been experiencing a significant downturn due to the continuous fall in the prices. These changes in the supply and demand dynamics is expected to induce a rise in the number of oil wells thus resulting in boosting the Oil Field Chemicals market. Increasing demand for oil and gas is also expected to fuel the demand in the Oil Field Chemicals market. As per the study conducted by Market Research Future, the global market for Oil Field Chemicals is likely to grow at the CAGR of around 5%.
Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, oil field chemicals market is one of them. In other words, the growth in the Oil & Gas industry will create a positive impact on the market for global oil field chemicals. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the specialty oilfield chemicals manufacturers. Deep-water and unconventional reserves exploration requires specialized and sophisticated chemicals. With the current oil market scenario, formulating them will be an expensive task. Therefore, the market is projected to register a moderate CAGR ~5% during the forecast period. However, the sale of production chemicals is not expected to be as affected as chemicals used in drilling, stimulation, and other applications. Additionally, the Growing concerns pertaining to energy security makes it mandatory to optimize exploration and production of hydrocarbons. With an outstanding range of specialized technologies, this need of optimization can be achieved, which is acting as the primary driver of the market. Moreover, as the oil and gas industry is burdened by stringent timelines and environmental issues, oil field chemicals allows 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 benefitted. The report also notes that the exploration of unconventional and deep-water reserves requires specialized and sophisticated chemicals. With the current oil market scenario, formulating them will be an expensive task. This factor will further augment the demand during the forecast period. Conversely, declining oil prices is expected hinder the potential of the market.
In spite of these factors, the intercooler market growth could be restrained by the factors such as declining crude oil prices and increasing environmental concerns. Whereas, the exploration activities are untapped in regions like India, China, Norway, Canada, Mexico and U.S. will create ample opportunities in future.
Geographically, the global oil field chemicals market has been divided into Americas, Europe and Asia Pacific. Among these regions, North America was the dominating market for specialty oilfield chemicals in 2016. The enormous potentials in the enhanced oil recovery and shale reserves exploration, particularly in Canada and Mexico, are expected to further drive the specialty oilfield chemicals market in North America. On the other hand, the Middle East & Africa is projected to witness the highest growth rate during the forecast period, followed by Latin America and Europe. The active participation of countries such as Saudi Arabia and Iran are expected to propel the high growth for the market. Latin America & Europe is driven by the deep-water and unconventional oil & gas projects that are more challenging and require specialty chemicals for increased productivity.
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In November, 2017 – Schlumberger inaugurated the newly expanded reservoir rock and fluid analysis laboratory located in Houston, Texas. The state-of-the-art lab enables petro technical experts to better leverage physical and digital rock and fluid analysis for comprehensive reservoir characterization.
In July, 2017 – Schlumberger announced an agreement to acquire a majority (51%) equity interest in Eurasia Drilling Company Limited.
In August, 2017 – Microsoft and Halliburton announced plans to enter into a strategic alliance to drive digital transformation across the oil and gas industry.
Oil Field Chemicals Global Market – Segmentation
The scope of global Oil Field Chemicals market is segmented into three major segments which are explained below:
- By Material
- Specialty Chemicals
- Commodity Vehicles
- By Application
- Production Chemicals
- Drilling Fluid Chemicals
- Stimulation Fluid Additives
- By Fluid Types
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Oil Field Chemicals Global Market – Competitive Analysis
The global market for Oil Field Chemicals seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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