Market trends and growth of Oilfield Chemicals - WorldOfChemicals

Oilfield Chemicals: Market size and Demand

Category : General Chemicals
Published by : Data Research Analyst, Worldofchemicals.com

Oilfield chemicals are chemical compounds that enables in oil & gas extraction operations. The process begins at various chemicals are used at various stages from drilling the borehole, stimulation and closing the borehole. The oil and petroleum chemicals market can be segmented into:

 

1. Lubricants

2. Refining

3. Petroleum

4. Paraffin Control Chemicals

5. Corrosion Control Chemicals

 

Oilfield chemicals are used to drill and production amenities to enhance the extraction operations by improving productivity & efficiency of the oil drilling process and in petroleum refineries to achieve the most favourable performance with effective oil recovery. Oilfield chemicals assist the maintenance and smooth operations in the oilfield that in return result in decrease of expenses, delays and stoppages of the drilling processes.

 

These chemicals obstruct the formation of the metal scales and helps reduce the water quantity in the oil well during oil exploration & drilling, which results in growing demand and increasing applications for the oilfield chemicals.

 

Market Growth and of Oilfield Chemicals

The market of global Oilfield Chemicals was valued over $41, million in 2016, and is anticipated to grow by the Compound Annual Growth Rate [CAGR] to attain more than $59 million from 2017 to 2023.

 

The market is driven to rise the oil exploration & production activities, which in turn increase the demand for oilfield chemicals, the need for advanced drilling fluids, expansion of deep-water & ultra-deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production. In addition to that, the emerging activity to meet the global energy demand fetches more petroleum crude oil wells to produce more globally.

 

This increases the demand for oilfield chemicals. Conversely, the fluctuations in the price of the crude oil and an increase in environmental concerns are expected to hinder the market growth in the near future. The development and arrival of eco-friendly oilfield chemicals is likely to improve a substantial growth prospect in the near future. In addition, there is a expectations of growth impact of the global market of the oil field chemicals such as key drivers, restraints, and growth opportunities. It presents the quantitative data.

 

Applications of Oilfield Chemicals

Application of oilfield chemicals encompass in drilling fluids, cementing, improved oil recovery, production chemicals, stimulation, and completion. On the basis of the type, the applications are classified as in biocides, corrosion and scale inhibitors, demulsifiers, surfactants, polymers, gellants & viscosifiers, and others.


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