Oilfield Chemicals Market by Product and by Region – Global Opportunities & Forecast, 2020–2027
Oilfield Chemicals Market
Global oilfield
chemicals market is projected to expand at an annual rate of 5.2% from 2017
to 2023. The market is guided by a number of factors, such as growing
production and exploration of shale gas and the increasing demand for
petroleum-based fuel from the transportation sector.
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Oilfield Chemicals Market Dynamics
The surge in upgraded oil recovery activities is a
standalone force proliferating the growth of the global oilfield chemicals
market. Also, the surging demand for crude oil products and the increasing
inclination of producers to develop high-quality oilfield chemicals will
strengthen the market growth. The rising production of oil and natural gas
guided by the growing demand primarily in the emerging countries has elevated
the market size. In parallel, the oilfield
chemicals market research report projects that the intensified research
activities attributed to new oil and natural gas reserves with the augmenting
production of crude oil and a drift towards standby drilling operations are
other factors projected to contribute to market growth. With the surge in
drilling, completion, and production activities, the market has grown
substantially. However, the sudden fall in the oil prices may restrain the oilfield
chemicals market size.
Product Segment Drivers
Based on the product, the biocides are projected to expand
at a noteworthy rate over the forecast period. The surging deployment of this product
across the offshore actions will strengthen the market size. As per the oilfield
chemicals market analysis, the biocides prevent the instruments in the
offshore oil and gas applications and enhance the operational efficiency by restraining
the corrosion induced by microbial.
Application Segment Drivers
By application, the workover & completion segment is likely
to witness a significant surge over the coming years. This is attributed to the
rising application of oilfield chemicals. As per the oilfield chemicals
market research report, the capability to intensify the recovery of oil
& gas and the potency of the reservoir at a cost-efficient price is
strengthening the market growth.
Location Segment Drivers
On the basis of location, the onshore segment is expected to
seize a prominent share in the overall market. This is because of the increasing
usage of oilfield chemicals in this location led by the prevalence of
conventional forms of operations in this location that certifies the ongoing demand
for the products at this location.
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