Oil Field Chemicals Market is expected to grow with the CAGR of about 5% from 2016 to 2022. Being an essential for the drilling and exploration activities the Oilfields Chemicals market is heavily dependent on the Oil and Gas industry. Increasing demand for oil and gas is expected to result in a rise in demand for the Oil Field Chemicals market. In recent times the oil and gas has been experiencing a significant downturn due to the continuous fall in the prices.
Oilfield chemicals play a key role in the oil & gas industry and are used in various stages during oil exploration. Various types of oilfield chemicals used are drilling fluids, production chemicals, and completion fluids. The growing demand for advanced drilling fluid and production chemicals with capability to improve penetration and maximum recovery from the well, is fuelling the demand of the market. However, declining price of crude oils may hamper the growth of the market.
Drilling Chemicals held the major share within the Global Oil Field Chemicals Market
The changes in the supply and demand dynamics is expected to induce a rise in the number of oil wells thus resulting in boosting the Oil Field Chemicals market. Increasing demand for oil and gas is also expected to fuel the demand in the Oil Field Chemicals market. Considering the oil and gas industry is recovering from the recent price crisis, the growth in the oil and gas industry is imminent which would result in a complimentary increase in the demand in the Oilfield Services Market.
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Some of the key players in the Oil Field Chemicals market are
- BASF SE (Germany),
- Lubrizol Corporation (U.S.),
- AkzoNobel N.V. (Netherlands),
- The Dow Chemical Company (U.S.),
- Halliburton (U.S.),
- Kemira Oyj (Finland)
- Clariant (Switzerland)
Oilfield chemicals are important in the oil & gas industry and are used in various stages of oil exploration. Various types of oilfield chemicals used are drilling fluids, production chemicals, and completion fluids. Growing interest in deep water & ultra-deep-water activities and rising exploration of unconventional resources are driving the growth of the oilfield chemical market. However, growing environmental concern may hamper the growth of the market.
Market Research Analysis:
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.
List Of Tables
Table 1 Global Oilfield Chemicals Market Snapshot
Table 2 Drivers For The Market
Table 3 Restraints For The Market
Table 4 Global Oilfield Chemicals Market , By Material
Table 5 Specialty Chemicals Market, By Region
Table 6 Polymers Market, By Region
Table 7 Global Oilfield Chemicals Market, By Fluid Material
Table 8 Residential Market, By Region
Table 9 Commercial Market, By Region
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List Of Figures
Figure 1 Research Methodology
Figure 2 Impact Analysis: Drivers And Restraints
Figure 3 Global Oilfield Chemicals Market , By Material
Figure 4 Global Oilfield Chemicals Market , By Fluid Material
Figure 5 Global Oilfield Chemicals Market , By Region
Figure 6 North America Oilfield Chemicals Market , By Country
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