The Canadian oilfield chemicals market size is projected to reach USD 1.79 billion by 2025, registering a CAGR of 3.9% over the forecast period, as per a new report by Grand View Research, Inc. Growing exploration in the states such as Alberta, Newfoundland, British Columbia, and Manitoba is expected to promote the demand for chemicals used in the aforementioned processes.
The industry is characterized by the production of bio-based products which is expected to limit the demand for the oilfield chemicals. However, increasing complexity of the exploration processes coupled with the rise in the demand for oil in Mexico is expected to result in an increased demand for such chemicals over the forecast period.
The crude oil prices have been witnessing a steady decline due to overproduction and oversupply from OPEC members and North America, making the market less lucrative for E&P activities. As a result, the key players in the industry have adopted sustainable resolutions keeping in mind the long-term aids and the dominant regulatory situation
Large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil and oil sands is likely to drive the industry growth. In addition, high investments from multinational oil and gas majors such as Imperial Oil, ExxonMobil, and Suncor is expected to steer drilling activities over the forecast period which is further expected to drive growth.
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Canadian Oilfield Chemicals Market Report Highlights
• The use of corrosion inhibitor in the country is expected to realize market revenues of USD 415.0 Million by 2025 on account of high concerns regarding scale removal and pipeline protection
• The demand for oilfield chemicals in drilling is expected to grow at a CAGR of 3.9% from 2019 to 2025 on account of growth in the exploration activities driven by the demand for oil in North America
• The demand for the products for onshore exploration accounted for a revenue share of 91.4% of the overall market on account of the presence of majority of the oil wells onshore
• The segment development is mainly driven by the increasing E&P activities in unconventional reserves for shale gas, tight gas and CBM and large number of mature wells across the country
• Some of the companies operating in the Canadian oilfield chemicals industry include BASF, Dow Chemical Company, Lubrizol Canada, Ltd., and are integrated across the value chain to provide a number of services
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Canadian Oilfield Chemicals Market Segmentation
Grand View Research has segmented the Canadian oilfield chemicals market on the basis of product, application, and location:
Canadian Oilfield Chemicals Product Outlook (Revenue, USD Million, 2014 – 2025)
• Corrosion & scale inhibitors
Canadian Oilfield Chemicals Application Outlook (Revenue, USD Million, 2014 – 2025)
• Drilling, Production
• Enhanced Oil Recovery
• Water Treatment
• Hydraulic Fracturing
• Workover and Completion
Canadian Oilfield Chemicals Location Outlook (Revenue, USD Million, 2014 – 2025)
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Browse More Related Report:
Oilfield Chemicals Market Size, Share & Trends Analysis Report By Product (Inhibitors, Demulsifiers, Rheology Modifiers, Friction Reducers, Biocides, Surfactants, Foamers), By Application, By Location, And Segment Forecasts, 2018 – 2025
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Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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