Latest News- Oilfield Chemicals Market: Production is expected to lead the Application segment during 2024-2028

The Oilfield Chemicals Market is being driven by Increased production of crude oil

The Oilfield Chemicals Market is expected to grow at a CAGR of 4.37% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6.75 billion. In the complex deepwater drilling landscape, oilfield chemicals play a pivotal role in safeguarding equipment, pipelines, and infrastructure from the harsh conditions prevalent in these environments. Corrosion inhibitors and scale inhibitors are essential to mitigate the impact of high salinity and hydrogen sulfide (H2S) on drilling assets. Furthermore, hydrate inhibitors are indispensable to prevent the formation of gas hydrates, which can obstruct pipelines and equipment due to low temperatures and high pressures. Additionally, specialized chemicals are required for well stimulation and completion fluids formulation to optimize well productivity, expand reservoir access, and manage downhole conditions effectively. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Production
  • Well stimulation
  • Drilling fluids
  • Enhanced oil recovery
  • Others
• Type
  • Onshore
  • Offshore
• Geography
  • North America
    • Canada
    • US
  • Europe
  • APAC
    • China
    • India
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased production of crude oil
• Growing technological advancements in oilfield industry
• Intensification in shale gas exploration and production source

However, the market also witnesses some limitations, which are as follows:

• Increasing corrosion of materials in oilfield
• Growing environmental regulations in use of oilfield chemicals
• Rising geopolitical issues in oilfield industry of Middle Eastern region

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Market Scope in Oilfield Chemicals Market Research Report

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Research Analysis Overview

The Oilfield Chemicals Market caters to the Oil & Gas industry, supplying essential chemicals for oilfield exploration projects. Rheology modifiers like xanthan gum and microfibrillated cellulose enhance drilling fluids' viscosity, ensuring compliance in deep drilling. Completion chemicals, including corrosion inhibitors, amides, and imidazoline, optimize resource utilization in oil extraction. Well stimulation involves biocides, water clarifiers, and demulsifiers. Hydrogen sulfide, carbon dioxide, and water shut-off agents are crucial for safety and efficiency. Synthetic-based drilling fluids, cementing, and oilfield service activities rely on these chemicals, packaged in plastic containers for clean energy applications. Chemical producers focus on green solutions, such as biodegradable additives and flammability reducers, for resource optimization.

Market Research Overview

The Oilfield Chemicals Market is a significant segment of the Global Specialty Chemicals Market, encompassing companies that produce high-value-added chemicals for various applications in the oil and gas industry. These applications include oilfield waste management, drilling fluid optimization, equipment corrosion inhibition, oilfield production chemicals, reservoir stimulation, workover chemicals, gas exploration chemicals, wellbore stability enhancement, and infrastructure corrosion prevention. According to Technavio, the Global Specialty Chemicals Market's growth will be propelled by the increasing demand for specialty adhesives and sealants, yielding a substantial revenue increase for market participants during the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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Website: www.technavio.com/