The chemicals utilized in various points of the development of quality products in the oil & gas exploration industry are known as oilfield chemicals. They are used to increase the efficacy of the processes & lower the maintenance of the equipment. These chemicals improve parameters such as temperature stability, performance, and reduce impurity in the drilling fluid system. In the production division, they enable a continuous flow of oil from well, enhance oil production and separation of oil from gas & water. The market is anticipated to grow with a CAGR of 4.22%. The market is anticipated to grow to $30,237 million by 2027. The base year considered for the study is 2018, and the estimated period is between 2019 and 2027. The growth of this market is mainly driven by the following factors:

• Increase in the production of crude oil
• Growth of unconventional hydrocarbon activity
• Growth of eco-friendly oilfield chemicals

The most important driver for market growth has been the increase in the production of crude oil. The increase in exploration and production activities is driving the interests in developing deep reserves, which is expected to sustain the product demand. Specialty oilfield chemicals are used in almost all stages of oil and gas production, including well drilling, exploration, EOR applications, and oil production, and their utilities are expected to register a steady market growth owing to increasing global energy demand.

In 2018, corrosion & scale inhibitors accounted for the largest revenue share of 34.30% of the market by type segment. Corrosion inhibitors applied in the reduction of corrosion of metal pipes of the oil well. The ideal treatment for carbon steel vessels and pipes is inhibition. The benefit of inhibition is that it can be utilized in the ongoing process. The segment for demulsifiers is expected to be the fastest growing type over the forecast period. Demulsifiers are used to separate the emulsion of crude oil into oil and water. The important aspects of crude oil emulsification are the speed of the separation process, the residual amount of water that is not removed from the oil (as 100% separation takes time and is not easy to process) and the quality of the effluent water for meeting disposal requirements or other purposes.

The market growth is restrained by high disposing costs of the chemicals, environmental & concerns during the extraction of oil & gas. Several guidelines need to be followed for the disposal of oilfield chemicals. Also, the cost associated with their disposal is high. Disposal costs are in the range from $XX to $XX per XX-gallon drum with an average cost of $XX per drum. Additional costs of various disposal options include radiological analysis, chemical analysis, transportation, pretreatment washing, volume reduction, permitting and manifesting administrative costs, and non-NORM waste disposal costs.

The report on global oilfield chemicals includes segmentation on the basis of location, application, and type.

Location is sub-segmented into:

• Onshore
• Offshore

Application is sub-segmented into:

• Drilling Fluids
• Cementing
• Enhanced Oil Recovery
• Production Chemicals
• Well Stimulation
• Workover & Completion

Type is sub-segmented into:

• Biocides
• Corrosion & Scale Inhibitors
• Demulsifiers
• Surfactants
• Polymers
• Gellants & Viscosifiers
• Other Chemicals

Geographically, the global oilfield chemicals market has been segmented on the basis of four major regions, which includes:

• North America Oilfield Chemicals Market: the United States & Canada
• Europe Oilfield Chemicals Market: Russia, Norway, the United Kingdom, Denmark, Italy & Rest of Europe
• Asia Pacific Oilfield Chemicals Market: China, India, Japan, Australia, South Korea & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

The largest market for oilfield chemicals belongs to that of North America. It contributed a market share of 34.30% in 2018. The presence of offshore shale reserves is a major driving factor for the oilfield chemicals market in North America. Major restraint is the fluctuating prices of crude oil and natural gas in the United States. While the fastest-growing market in the Asia Pacific market, the major factors driving the growth of the APAC market is the growing exploration of shale gas and rising demand for petroleum-based in the transportation industry. However, increasing green energy initiative & biofuel industry are expected to be major challenges for the growth of the Asia Pacific oilfield chemicals market.

The global oilfield chemicals market segmented into the market by location, application & type. The market by location is further subdivided into onshore & offshore. Market by application is further subdivided into drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover & completion. The market by type is further subdivided into biocides, corrosion & scale inhibitors, demulsifiers, surfactants, polymers, gellants & viscosifiers, and other chemicals.

The major market players of the global oilfield chemicals market are:

• AkzoNobel N.V.
• BASF SE
• Clariant
• Dow Chemical Company
• Schlumberger Limited
• Others

The company profiles section covers the analysis of important players. These companies are using organic and inorganic strategies for growth. For instance, in June 2019, Clariant, launched CATOFIN 311 which is a propane dehydrogenation catalyst. In April 2019, the Lubrizol Corporation launched Carbopol® Style 2.0 polymer which is its newest multifunctional, 2-in-1 rheology modifier. In June 2018, Albemarle’s catalysts business, Petrochemicals (FRIPP), and Sinopec Catalyst Co. Ltd. synergized to cooperate in the field of catalytic hydrocracking.

Key findings of the global oilfield chemicals market are:

• Seasonal changes highly impact the demand and supply of crude oil, which affects the demand for the oilfields chemicals market.
• North America dominated the oilfield chemicals market in 2018.
• The crude oil market is highly politicized. The rise in the territorial and regional disputes among different nation is expected to hinder the market over the forecast period.

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