The global oilfield chemicals market, which was worth $19.74 billion in 2019, is expected to reach $32.18 billion by 2027 growing at a CAGR of 6.3% during the forecast period, said a Stratistics MRC report.

 

Growth in oil exploration and production activities and the emergence of eco-friendly oilfield chemicals are the major factors propelling market growth. However, crude oil price fluctuations and an increase in environmental concerns are hampering the market growth, the report said.

 

Oilfield chemicals are chemical components that are applied in oil & gas extraction operations. These are used in good drilling and production facilities to enhance the extraction operations by improving productivity & efficiency of the oil drilling process & petroleum refining and to achieve optimum performance with effective oil recovery. These chemicals facilitate the maintenance of smooth operating oilfield, which result in the reduction of expenses over delays and stoppages during drilling processes. These chemicals impede the formation of the metal scales and reduce the water quantity into the oil well during exploration & drilling, which results in rising demand and applications of oilfield chemicals.

 

Based on the application, the upstream segment is going to have a lucrative growth during the forecast period owing to increasing deep and ultra-deep drilling activities. Moreover, well stimulations & enhanced oil recovery are further expected to witness high gains to the oilfield chemicals market over the forecast period, it said.

 

By geography, North America is going to have a lucrative growth during the forecast period owing to the growth in oil gas activities with the advancement in hydraulic fracturing and drilling processes. Moreover, technological advancement and the rise in drilling activities are expected to increase the demand for oilfield chemicals shortly. 

 

Some of the key players profiled in the oilfield chemicals market include Baker Hughes, Schlumberger Limited, Halliburton, Solvay S.A, Ecolab Inc, Newpark Resources Inc, BASF SE, Lubrizol Corporation, Akzonobel NV, Albemarle Corp, E I Dupont, Clariant AG, and Stepan Company. - TradeArabia News Service