Global Oilfield Chemicals Market is estimated to amass around US $35.08 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the latest report, the current moderate increase, as well as the expected hike in the prices of crude oil, would elevate the demand for oilfield chemicals used in hydraulic fracturing, well drilling & completion, and EOR operations. The revival of well drilling operations in existing wells due to the augmented crude oil prices, and increased drilling of unconventional wells for pilot projects and production in the North Sea and North American regions are likely to enhance the demand for these products.
The advanced technologies that are presently deployed for the development of shale gas & tight oil resources have emerged as a significant trend over the recent years. This includes the current trend of fracturing fluids for slick water and high-performance drilling mud chemicals.
The development of various chemical formulations addressing environmental concerns are likely to significantly impact the global market, augmenting the demand for high-quality, environment-friendly chemicals, including the less toxic biocides and biodegradable shale inhibitors. Offshore operations are expected to contribute to the market growth, and the need for environmentally compatible chemicals & fluids would dominate the offshore environments.
According to the market researchers, polymers and acids that are used in stimulation chemicals would record higher growth as a result of the continuous expansion of the well stimulation technologies. Clays and other commodities utilized in drilling fluids are however predicted to decline moderately over the forecast timeline.
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The surging concerns for groundwater and environment pollution are some of the fundamental concerns for the industry players. Companies operating in this business space have invested heavily in research & development operations, in a bid to upgrade their products and offer new chemicals to the upstream sector, which meet every aspect of the environmental norms and enhance the required parameters of operations.
The product spectrum of the global oilfield chemicals market is segmented into drilling fluids, completion & work over fluids, simulation fluids, and cement slurries. While, based on the application landscape, the global market is bifurcated into production chemicals, drilling fluid additives, simulation fluid additives, completion & work over fluid additives, cement additives, and EOR products.
Analysts speculate that North America would be the biggest market by the end of the estimated period. The US market is foreseen to grow at about 4 percent CAGR over 2018-2026. Following a short-term decline in the demand for these products within the country, the rising exploration and production from the unconventional wells have again boosted the demand.
As per the report, hydraulic fracturing would be a leading application segment worldwide. Moreover, rise in the average volume of chemicals used per well in the year 2017 happened to be an important factor supporting market growth.
The global oilfield chemicals market is endowed with a highly competitive market scenario, and the distinguished players operating in this industry include Dow Chemical Company, BASF SE, NALCO, Stepan Company, Halliburton, Croda International Plc, Schlumberger Limited, Akzo Nobel N.V., Clariant, Baker Hughes, Kemira, Solvay, and The Lubrizol Corporation.
The report also entails a comprehensive analysis of the leading market drivers, challenges, and opportunities, besides the current market scenario & future trends. A brief synopsis of the prevailing industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas has also been included in the report.