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Oilfield Chemicals Market

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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, 2016-2024
Oilfield Chemicals Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis, 2016-2024
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.
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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pallavi.reddy
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