Oil Field Chemicals Market Highlights:-
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 Oil Field Chemicals 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.
Global Oil Field Chemicals Market – Competitive Analysis
The market appears to be reasonably stable as far as eyes can see however a fierce competition will resurge replacing the stability and prompting to the players operating in the market to take up M&A activities, collaboration, contracts, agreements, and partnerships to churn the market competition.
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Global Oil Field Chemicals Market Top Key Players:-
- BASF SE
- AkzoNobel N.V.
- The Dow Chemical Company
- Kemira Oyj
- Lubrizol Corporation
Oil Field Chemicals Global Industry Segments:-
The MRFR analysis is segmented into four key dynamics for the convenience of understanding:-
By Material : Comprises Commodity Vehicles, Polymers and Specialty Chemicals among others.
By Application : Drilling Fluid Chemicals, Production Chemicals, and Stimulation Fluid Additives among others.
By Fluid Type : Drilling, Completion, and Stimulation among others.
By Region : North America, Europe, APAC and Rest of the World.
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.
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Regional Analysis of Oil Field Chemicals:-
North America is the leading region for this market mainly due to the increased exploration activities in USA and Canada. The increasing exploration activities in this region have in turn resulted in an increase in the Oilfield Chemicals market. Although there exists political instability in the Middle East, this region is expected to register high growth rate in the forecast period due to increasing trend of deep water exploration and working in high temperatures which require much more expensive Oilfield Chemicals.
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