September 23, 2022 12:15 ET | Source: Verified Market Research Verified Market Research
Boonton, New Jersey, UNITED STATES
Jersey City, New Jersey, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Oilfield Chemicals Market” By Chemical Type (Biocide, Corrosion And Scale Inhibitor, Demulsifier, Polymer), By Application (Enhanced Oil Recovery, Production, Drilling And Cementing), and By Geography.
According to the extensive research done by Verified Market Research experts, the Oilfield Chemicals Market size was valued at USD 10.94 Billion in 2020 and is projected to reach USD 15.48 Billion by 2028, growing at a CAGR of 4.54% from 2021 to 2028.
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Browse in-depth TOC on “Oilfield Chemicals Market”
Global Oilfield Chemicals Market Overview
The growth of the global market is primarily driven by increasing oil & gas exploration activities across the globe. Oilfield chemicals are used in all the stages of the oil & gas industry, including initial good drilling and production of oil and gas and all the aspects of maintenance of oilfields, including the storage of oil and natural gas in geological conditions. Thus, the increasing crude oil production coupled with increasing offshore and onshore deep drilling activities is the other factor projected to boost the growth of the global Oilfield Chemicals Market.
Another key factor driving the growth of the Oilfield Chemicals Market is the evaluation of shale gas exploration technologies. Furthermore, the increasing expenditure on advanced oilfield chemicals to enhance properties such as thickening, emulsification, stabilization, and conditioning has positively anticipated propelling the growth of the global Oilfield Chemicals Market.
There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as the lack of a skilled workforce and the absence of standards and protocols are limiting the market growth. Also, increasing environmental concerns and price fluctuation of crude oil is estimated to sluggish growth during the forecast period.
Product Launches and Product Expansions
The major players in the market are Akzo Nobel N.V., Albemarle Corporation, Ashland Inc, Baker Hughes Incorporated, BASF SE, Canadian Energy Services & Technology Corp (CESTC), Clariant AG, Croda International Plc., Drilling Specialties Company (Chevron Philips Chemical Company), and DowDupont.
Verified Market Research has segmented the Global Oilfield Chemicals Market On the basis of Chemical Type, Application, and Geography.
Digital Oilfield Market By Application (Onshore, Offshore), By Solution (Hardware Solution, Software & Service Solution), By Process (Safety Management, Reservoir Optimization), By Geography, And Forecast
Oilfield Stimulation Chemicals Market By Product (Friction Reducers, Gelling Agents, Surfactants), By Application (Acid Fracking, Hydraulic Fracturing, Matrix Acidization), By Geography, And Forecast
Specialty Oilfield Chemicals Market By Product Type (Demulsifiers, Inhibitors & Scavengers, Rheology Modifiers, And Others), By Application (Production, Well Stimulation, Drilling Fluids, Enhanced Oil Recovery, And Others), By Geography, And Forecast
Oilfield Corrosion Inhibitor Market By Type (Organic Corrosion Inhibitor, Inorganic Corrosion Inhibitors), By Application (Oilfield Drilling System, Oilfield Gathering and Transportation Systems), By Geography, And Forecast
Top 7 Oilfield Services Companies serving as phoenix birds of the oil industry
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