Oilfield chemicals are made by combinations of various chemicals component and have various applications such as in the drilling additives, cementing, and in well stimulation and oil recovery. Oilfield chemicals performs a critical service to meet the rising demand for energy and fuel. Also, oilfield chemicals make the oil and natural gas extraction process cost-effective.
Market in Asia Pacific is expected to witness fastest growth in the global oilfield chemicals owing to recent developments in production of chemicals
Rising demand for oilfield chemicals from oil and natural gas industry for obtaining premium crude oil is a key factor fuelling growth of the global oilfield chemicals market. In addition, rising demand for fuel and energy coupled with recent innovation in shale gas are other factors driving growth of the global oilfield chemicals market. Furthermore, increasing use of speciality oilfield chemicals to minimize maintenance cost of oil and natural gas extraction equipment’s is expected to support growth of the global oilfield chemicals market over the forecast period.
However, instability in price of crude oil could prove as a key factor restraining growth of the global oilfield chemicals market. Additionally, increasing environmental concerns regarding pollution is another factor expected to hamper growth of the global oilfield chemicals market over forecast period.
Innovation in production technology of biodegradable and environmentally friendly oilfield chemicals expected to create high potential opportunity to key players for growth and market expansion in the global oilfield chemicals market.
Global oilfield chemicals market report has been segmented on the basis of application, enhanced oil recovery chemicals, and region. On the basis of region, the global oilfield chemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America is accounted for largest share in terms of revenue owing to increasing consumption of oilfield chemicals in the region. The market in Middle East & Africa is accounted for the second highest share in terms of revenue due to being major producer and exporter of oil and gas, increasing demand from petrol refineries, oil and natural gas plants and sludge treatments. Asia Pacific is expected to witness highest CAGR with X.X% over forecast period owing to recent developments in production of chemicals.
The key players in the global oilfield chemical market include BASF SE, AkzoNobel N.V., The Dow Chemical Company, Schlumberger Limited, Halliburton Corporation, The Lubrizol Corporation, Kemira Oyj, Nalco Champion, Clariant International Ltd, and AES Drilling Fluids LLC.