Resurgence in E&P Activity to Drive Growth in the Global Oilfield Chemicals Market

Resurgence in E&P activity , rise in use of high value chemicals, and growing interest in exploration of unconventional and deepwater resources are poised to drive the global market for Oilfield Chemicals to reach US$37.3 billion by 2024.

Oilfield chemicals are applied in all stages of the oil and gas production process, ranging from well exploration, drilling, cementing, and stimulation to oil production and EOR applications in the oil and natural gas industry. Demand for oilfield chemicals is impacted by the trends in oil and gas sector, as these chemicals find application in exploration and other oil and gas field processing stages. . Consumption of oilfield chemicals for various applications differs by geographic location. This is due to the fact that oil and natural gas resources are not evenly distributed across the globe, and the depths as well as geological characteristics of the reserves vary greatly across different regions. Hence, the growth in demand for oilfield chemicals rests upon the oil and natural gas exploration activities worldwide, drilling, and production activity, but not essentially in proportion to the increase in these activities. The extent of investments made by oil and gas companies, which is influenced by prices of natural gas and oil, also affects industry dynamics. In addition, growing interest in unconventional and offshore fields is expected to augment the demand for oilfield chemicals in forthcoming years.

Oilfield chemicals market reported strong growth in 2017, driven by the increase in rig counts, improving oil prices and rise in oil and gas production. Growth in the market was primarily driven by North America, led by significant surge in drilling and production activity. The market is expected to continue the healthy growth in near term encouraged by stability in oil prices, positive scenario in E&P investments, recovery in the international markets, continued growth in upstream activities in North America and improving global economy. Noteworthy trends in the market comprise growing demand for advanced drilling fluids and production chemicals with capability to improve penetration maximize recovery from the well, and reduce drilling time and yield higher ROI. Companies are investing heavily in innovative solutions to drill into more challenging formations and high temperature high pressure environments. Growth in the market was primarily driven by North America, led by significant surge in drilling and production activity.
As stated by the new market research report on Oilfield Chemicals, the United States represents the largest and fastest growing market worldwide. The US is a key market for these oilfield chemicals, as the country is the center for majority of drilling and exploration activities. Demand for oilfield chemicals is led by higher average crude oil prices and encouraging investments in the shale sector. Hydraulic fracturing continues to maintain its position as the leading application area for oilfield chemicals

Major players in the market include Akzo Nobel NV, Albemarle Corp., Baker Hughes, Elementis Plc, Halliburton Company, The Lubrizol Corporation, NALCO Champion, Newpark Resources, Inc., Schlumberger Limited, and M-I SWACO, Solvay SA, among others.

The research report titled “Oilfield Chemicals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US$ Million for all major geographic markets such as US, Canada, Europe (UK, Russia, Kazakhstan, Norway and Rest of Europe), Asia-Pacific, Middle East and Latin America. Types of Oilfield Chemicals analyzed in the report include Drilling Fluids, Cementing Chemicals, Production Chemicals, EOR Chemicals, Stimulation Chemicals, and Completion & Workover Fluids.


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