Global Oilfield Chemicals Market to See High CAGR Growth of 6.39% by 2026
Posted: Oct 17, 2019
Global oilfield chemicals market is expected to register a substantial CAGR of 6.39% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the reduction in operations of oilfield drilling and oil extractions with the usage of these chemicals.
Competitive Analysis: Global Oilfield Chemicals Market
Global oilfield chemicals market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of oilfield chemicals market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Oilfield Chemicals Market
Few of the major competitors currently working in the global oilfield chemicals market are Akzo Nobel N.V.; Albemarle Corporation; Zirax Limited; BASF SE; Kemira; Solvay; Ashland; Baker Hughes, a GE company LLC; CES Energy Solutions Corp.; Clariant; Chevron Phillips Chemical Company; Flotek Industries, Inc.; Halliburton; Huntsman International LLC; Innospec Oilfield Services; Ecolab; Schlumberger Limited; Scomi Group Bhd; Dow; Stepan Company; Diamoco Group; EMEC; Gumpro Drilling Fluids Pvt. Ltd.; Chemiphase Ltd; Jiaxing Midas Oilfield Chemical Mfg Co., Ltd; Imperial Oilfield Chemicals Private Limited and AES Drilling Fluids.
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Oilfield chemicals are certain chemical compounds that are used in improving the effectiveness and efficiency of operations associated in an oilfield site. The operations under which these chemicals find their application are drilling, production, completion and several other operations. These chemicals are used in the purification of equipment, machines, oil itself and the oil sites.
Market Segmentation: Global Oilfield Chemicals Market
- By Type (Gellants & Viscosifiers, Biocides, Lubricants/Friction Reducers, Rheology Modifiers, Corrosion & Scale Inhibitors, Demulsifiers, Scavengers, Polymers, Fluid Loss Additives, Surfactants, Foamers, Pour Point Depressant, Others)
- By Application (Upstream, Midstream, Downstream)
- By Location (Onshore, Offshore)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
- High demand for petroleum-based products, and a rise of petroleum as a fuel from the automotive industry is one of the major factors driving the growth of the market
- Increasing usage and demand for shale gas from the various industry verticals; this factor is expected to drive the growth of the market
- Rise in the levels of urbanization and population boom globally; the market is expected to be positively affected
- Growth in the adoption of clean and green energy sources; this factor is expected to restrain the growth of the market
- High costs associated with disposal of these chemicals amid concerns and presence of regulations regarding the usage of environmental-harming chemicals; this factor is expected to restrain the growth of the market
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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Data Bridge Market Research
Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.