Oilfield
chemicals are specialty chemicals used in the downstream, midstream, and
upstream operations in an oil & gas industry. Oilfield chemicals are used
in well drilling & production facilities to increase the extraction
operations by improving productivity and efficiency of the oil drilling process
& petroleum refining and to succeed optimum performance with effective oil
recovery. These chemicals ease the maintenance of smooth operating oilfield,
which result in decrease of expenses over delays & stoppages during
drilling processes.
According
to study, “Global Oilfield Chemicals Market
Size study, by Type (Biocides, Corrosion & Scale Inhibitors, Demulsifiers,
Surfactants, Polymers, Gellants & Viscosifiers, Other Chemicals), by
Application (Drilling Fluids, Cementing, Enhanced Oil Recovery, Production
Chemicals, Well Stimulation, Workover & Completion) and Regional Forecasts
2018-2025” the key companies operating in the
global oilfield chemicals market are Baker Hughes Inc., Akzo Nobel NV, Ashland,
Inc., Clariant, Albemarle Corp., Ecolab Inc., Evonik Industries AG, Newpark
Resources Inc., Dow Chemical Company, Stepan Company, Solvay S.A., Thermax
Global, Huntsman International LLC, Versalis SpA, Canadian Energy Services
& Technology Corp. (CESTC), Croda International PLC, Halliburton, SMC
Oilfield Chemicals, BASF SE, Schlumberger Ltd., Kraton Corporation, Drilling
Specialties Company (Chevron Phillips Chemical Company), Nalco Champion
Technologies Inc. (ECOLAB), Exxonmobil Corporation, Scomi Energy Services BHD
(Scomi Group BHD), Flotek Industries Inc., Innospec, The Lubrizol Corporation,
Kemira, Zirax Limited.
Based
on type, oilfield chemicals market is segmented into biocides, demulsifiers,
corrosion & scale inhibitors, surfactants, gellants & viscosifiers,
polymers, and others. Biocide segment is anticipated to hold major share in
market owing to rise in utilization in offshore operations during the forecast
period. Based on location, market is segmented into offshore and onshore. Based
on raw material type, market is segmented into natural and synthetic. Synthetic
segment includes hydroxyethyl cellulose, polyanionic cellulose and
carboxymethyl cellulose while natural segment incldes fruits, plants, and
others. In addition, based on application, market is segmented into drilling
fluids, enhanced oil recovery, cementing, production chemicals, workover &
completion and well stimulation. Drilling fluids are used to cool &
lubricate the drill bit, interrupt formation cuttings and control formation
pressure. Drilling fluids is expected as the largest segment due to increase in
deep & ultra-deep drilling activities over the forecast period.
The
oilfield chemicals market is driven by increase in demand for advanced drilling
fluids, followed by rise in oil exploration & production activities,
increase in productivity & optimizing costs, rise in demand for
petroleum-based fuel from transportation industry, increase in shift towards
unconventional drilling operations and rapid expansion of shale oil & gas
drilling & production. However, increase in environmental concerns, rise in
clean energy initiatives and crude oil price fluctuations may impact the
market. Moreover, emergence of eco-friendly oilfield chemicals is a key
opportunity for market.
Based
on geography, the North American region holds major share in oilfield chemicals
market owing to the expansion of shale oil & gas industries in region. The
Asian-Pacific region is expected to witness higher growth rate due to large
investment in the energy sector by China and India countries because of upsurge
in demand for petroleum & crude oil over the forecast period. It is
anticipated that the market will be reached at US $28.59 billion by 2025.
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