Oilfield Chemicals Market

Oilfield Chemicals Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
2018-2026
Oilfield chemicals find major application in the exploration of natural gas and at
various levels of oil & gas production process. Oilfield chemicals are used as
corrosion inhibitors, emulsion breakers, cementing super plasticizers, paraffin
dispersants, and drilling additives, among others. Oilfield chemicals market
continues to witness strong growth as it has led to cost-effective extraction,
exploration, and production of oil and natural gas. Oilfield chemicals are regarded as
the essential fossil fuel elements as it helps in a feasible way of drilling reservoirs of
gas or oil in various terrains along with the easy extraction of abundant fossil fuels
until the amount of recovered fuel becomes too expensive to continue.
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With the increase in dependency on oil & gas industries, owing to increased
domestic oil consumption, upsurge in vehicle parc, growing attention towards
building deep sea oil reserves, increased usage of diesel for irrigation purposes due
to the weather fluctuations and irregularities of monsoon along with rising air traffic
are expected to fuel growth of the global oilfield chemicals market. Oilfield chemicals
find major application in drilling activities, owing to increasing need to improve and
enhance the efficiency and productivity of drilling operations. For instance, oilfield
chemicals are highly used in ensuring protection of the drilling equipment and pipes
from corrosion by segregating the oil and water from oil which usually blend together.
Owing to the unprecedented drop in oil prices globally, the oil and gas exploration
and production has slowed down in several regions. This has in turn brought down
the rate of drilling activities thereby posing a major restraint for the growth of global
oilfield chemicals market. Hence, the supply demand imbalance wherein the supply
of oil is expected to continue whereas, the demand for oil is expected to slow down
would inhibit growth of the global oilfield chemicals market.
However, drilling fluids is expected to continue to remain the dominant source of
demand for global oilfield chemicals market owing to the increasing demand for
advanced water-based and high value drilling fluids. Rising exploration of
unconventional resources such as shale gas and coalbed methane along with
growing interest in deep sea and ultra-deep water projects such as in Western
Australia, in 2017, some 200 kilometres off the west coast, the largest floating
off-shore production facility is about to begin its operations in Browse LNG Basin, are
expected to provide the global oilfield chemicals market to grow in the near future.
Most of the oil produced in oilfields has excessive amount of water, which blends in
with oil which can lead to corrosion. With an aim to reduce corrosion of pipelines, oil
is separated from water through the usage of demulsifiers. Pipeline corrosion in
oilfield lead to inefficiency of the oil production. Therefore, corrosion inhibitors are
used which work in reaction with corrosion agents such as oxygen to inactivate
them. Demulsifiers and corrosion inhibitors are very essential in oilfields as they
protect the drilling equipment, containers and pipelines from damages, leakages,
and corrosions.
Oilfield Chemicals Market Outlook - North America is expected to be the most
lucrative region for key players
The regional coverage for global oilfield chemicals market include North America,
Europe, Asia Pacific and Rest of the World. Rapid growth in the gas and oil
production activities in North America represents the highest market share for oilfield
chemicals industry. Exploration and production activity has surged 12% and as
reported by The North Dakota Industrial Commission since OPEC's agreement, oil
and gas operators will be shifting from running minimum number of rigs to
incremental increases throughout 2017, so long as oil prices remain above US$ 50
per barrel.
Major players operating in the global oilfield chemical market include Baker Hughes,
Akzo Nobel NV, Elementis Plc., NALCO Champion, Newpak Resources Inc., The
Lubrizol Corporation, Halliburton Company, Solvay SA and others.
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Oilfield Chemicals Market report categorizes global market by Type of Oilfield Chemicals, and method of Application - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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