Oil Field Chemicals Market to Perceive a Phenomenal Growth by 2030registering a CAGR of approx. 4.64%

Pune, India, August, 2018 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global Oil Field Chemicals Market Research Report - Forecast to 2022” - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Oil Field Chemicals market are the high value, well stimulation chemicals used to separate the waste and water produced in hydraulic fracturing during oil and gas exploration and energy production (E&P) activities.  These chemicals improve the recovery process and the quality of the product (oil/gas/energy).

These specialty chemicals have proven to be crucial for O&G operations, imparting exclusive capabilities and functionality in the well-drilling, completion services, and intervention while leaving a negligible impact on the environment.

Oilfield chemicals strike a balance between costs and productivity which is benefitting the substances with the increasing market prominence and making them a high-value product to be used in the drilling processes. This is the key driving force propelling the market growth on the global platform.

Market Research Future (MRFR), a leading market research firm, in its recently published market analysis, asserts that the global Oilfield Chemicals Market will register a CAGR of approx. 4.64% throughout the forecast period (2023 - 2030), witnessing enormous growth by the end of 2023 - 2030.

Additional factors substantiating the market growth include the resurging Oil & Gas industry, increased drilling projects that have been triggered with the discoveries of oil & gas reserves in some regions, augmented demand for crude oil, exploring more reservoirs and the trend of rising deepwater production.  Moreover, a renewed interest in shale gas extraction worldwide is expected to provide impetus to the global Oilfield Chemicals Market growth.

Some O&G fields are experiencing the high water-cut period posing challenges to the development process and profitability. This proposes the demand for the more advanced recovery technologies that can improve efficiency, stabilize the production rate & quality of the old oilfields, and provide far-reaching prospects for oil recovery. This further presages the upsurge demand for Oil Field Chemicals that will lead to garnering exponential traction for the market globally.  Also, the supply and demand dynamics are expected to change significantly, increasing the number of wells and the market size of these chemicals.

Global Oil Field Chemicals Market – Segments

The MRFR analysis is segmented into four key dynamics for the convenience of understanding:-

By Material           : Comprises Commodity Vehicles, Polymers and Specialty Chemicals among others.

By Application: Drilling Fluid Chemicals, Production Chemicals, and Stimulation Fluid Additives among others.

By Fluid Type                : Drilling, Completion, and Stimulation among others.

By Region                     :  North America, Europe, APAC and Rest of the World.

Worldwide Oil Field Chemicals Market – Geographical Analysis

North America holds the hegemony of this market owing to the augmented exploration activities in the USA and Canada which are increasing the demand for oilfield chemicals and hence its market value.

The Middle East region despite the ongoing political instability will perceive a substantial growth rate attributing to the unfavorable geological conditions (extreme heat/cold) that demand more advanced & expensive oilfield chemicals.

Whereas in India, government’s support and the decision to auction Govt. owned 69 inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel O&G exploration activities increasing the oilfield Chemicals market growth.

Global Oil Field Chemicals Market – Competitive Analysis

The market appears to be reasonably stable as far as eyes can see however a fierce competition will resurge replacing the stability and prompting to the players operating in the market to take up M&A activities, collaboration, contracts, agreements, and partnerships to churn the market competition.

Key Players:

The Global Oil Field Chemicals Market is driven by some of the leading players operating in the market including BASF SE, AkzoNobel N.V., The Dow Chemical Company (US), Clariant (Switzerland), Kemira Oyj (Finland), Schlumberger (US), Halliburton (US), and Lubrizol Corporation (US).

Industry/ Innovation/ Related News:

January 29, 2018 – Exxon Mobil Corporation (US), a global O&G Company, announced its plans to pump up USD 50 billion’s investments over the next five years, in view with the recent tax deduction by the US governments. The company also mentioned its plans to increase the daily production at the Permian Basin, Southwest USat a rate of 600,000 barrels a day.

January 15, 2018 –Exxon Mobil Corporation (US) announced discovering the Hydrocarbons reserves during an onshore drilling at P’nyang (South-2 well), Western Province of Papua New Guinea. The company expects that; the recent discovery will add value to its growth combining with the InterOil Corporation acquisition, and increased assessed reserves in the existing PNG LNG project.

January 10, 2018 – SNC Lavalin (US) announced that it has been awarded an exclusive agreement for rending its engineering services to a downstream petro-chemical and refining company in the US Gulf Coast. The agreement approximately values USD 100M.

January 05, 2018 – Endress+Hauser (US) partnering with other industry leaders like Angus Measurement Services, Vector Controls and TechnipFMC announced that joining the hands together these automation companies plan to add value to the O&G industry assisting customers with transition to the digital oilfield.

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