Global Oilfield Chemicals Market is projected to grow during the 2018-2023 period
The recent study titled “Global Oilfield Chemicals Market – Forecasts from 2018 to 2023” covers an in-depth analysis of the market on the basis of type, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. The report has segmented the Oilfield chemicals market by type (corrosion inhibitor, surfactant, demulsifiers, biocides, paraffin dispersants, others), application (production, drilling, refining, stimulation, others), and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific).
Oilfield chemicals are used in drilling and exploration of gas and oil so as to improve these operations by improving the efficiency and productivity of the oil drilling processes. High-volatile drilling activity, steady growth in oil production volumes, and cost saving are the major drivers that are driving the demand for oilfield chemicals. Rapidly growing population across the globe is boosting the oil and gas demand which in turn is supporting the oilfield chemicals market growth. Therefore, manufacturers are increasingly involved in collaboration and partnership so as to gain a competitive edge in the market. For instance, in November 2018, Versalis, Petrochem, and Mazrui Energy form JV for the commercialization of oilfield chemicals in the Middle East.
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Corrosion inhibitor holds a significant share in the market
Corrosion inhibitor holds a significant share in the market as it is widely used in the production of oil due to its ability to reduce corrosion of metals when applied properly into the fluids. It is estimated that corrosion process cost the American industry 280 billion dollars per year.
Production is expected to increase at a good rate owing to the growing population.
The demand for oilfield chemicals is expected to grow in the production application owing to the burgeoning need for oil and gas across the globe. According to International Energy Statistics, the annual production of total petroleum and other liquids in North America has increased from 21,912 thousand bbl/d in 2016 to 22,866 thousand bbl/d in 2017. Chemicals such as scale inhibitor, biocides, emulsion breakers, antifoam agents, etc. are used in the production of crude oil.
The Asia Pacific holds a significant share in the market.
The Asia Pacific oilfield chemicals market holds a significant share owing to the growing oil and gas industry in the region. Rising population is leading to an increased demand for oil and gas and is therefore driving the demand for oilfield chemicals.
The major players discussed in the reports are Huntsman International LLC, Stepan Company, BASF SE, Halliburton, Ashland, Gulf Coast Chemical LLC, Chemex Inc., The Dow Chemical Company, and Solvay.
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