Oil Field Chemicals Market Highlights:-
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.
In spite of these factors, the intercooler Oil Field Chemicals 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.
Top Key Players:-
- BASF SE
- Lubrizol Corporation
- AkzoNobel N.V.
- The Dow Chemical Company
- Kemira Oyj
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Latest Industry News:-
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.
Oil Field Chemicals Global Market – Segmentation
The scope of global Oil Field Chemicals market is segmented into three major segments which are explained below:
- Specialty Chemicals
- Commodity Vehicles
- Production Chemicals
- Drilling Fluid Chemicals
- Stimulation Fluid Additives
By Fluid Types
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Worldwide Oil Field Chemicals Market – Geographical Analysis
North America holds the hegemony of this market owing to the augmented exploration activities in the USA and Canada which are increasing the demand for oilfield chemicals and hence its market value.
The Middle East region despite the ongoing political instability will perceive a substantial growth rate attributing to the unfavorable geological conditions (extreme heat/cold) that demand more advanced & expensive oilfield chemicals.
Whereas in India, government’s support and the decision to auction Govt. owned 69 inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel O&G exploration activities increasing the oilfield Chemicals market growth.
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