The objective to enhance Hydrocarbon recovery by deploying optimized production techniques that require optimal usage in Oil field chemicals from onshore and offshore oil fields is driving the growth in the Global Oil Field Chemicals market in the forecast period, 2024-2028. According to TechSci Research report, “Oil Field Chemicals Market – Global Industry Size, Share, Trends, Competition, Forecast & Opportunities, 2018-2028”, the Global OilField Chemicals market is projected to grow at an impressive CAGR in the forecast period.
The Important Elements of the Global OilField Chemicals Market
With the rise in the difficulties in the extraction of hydrocarbon from unconventional oil fields, Companies have started deploying new techniques that can enhance crude production from the fields that are difficult to exploit by executing an economical plan from the exploration till the abandonment of oil well. With the increasing prospects of finding the avenues that have the potential to generate crude in commercially viable quantity and consumption of oil field chemicals is blooming the growth of the Global OilField Chemical Market.
The COVID-19 effect has been detrimental to organizations operating in the global oil & gas industry, especially oil field chemicals manufacturers, in terms of both top-line and bottom-line growth. To maintain the demand-supply balance in 2020, most upstream firms are projected to reduce their production from 30% to 25%. While the outbreak has an influence on the demand for petroleum products, disruptions in the business cycles of the entire value chain of oil field chemical firms are negatively affecting the supply of the product.
The world’s oil industry has reached a difficult period. The drilling and cementing segment is expected to dominate the market for global oilfield chemicals due to the thousands of drilling rigs present around the world, rising crude oil production each year to meet the rising demand to meet the energy requirement, and the use of both organic and inorganic base chemicals. Oilfield chemicals in the drilling segment maintain temperature and stop contaminated goods from getting into the drilling fluid system.
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The Global OilField Chemical market is segmented into application, oil field type, type competitive landscape, and region.
Based on application, the market is divided into drilling and cementing, production, completion, midstream & downstream, and enhanced oil recovery. The contribution from Enhance Oil Recovery (EOR) market is expected to grow significantly in volume terms during 2024-2028 on account of the increasing application of tertiary methods of oil production in the maturing oilfields. Maturing oilfields in the Middle East holds tremendous potential for the application of EOR processes which would escalate the consumption of Oil field Chemicals in the forecast period, resulting in the impressive growth of the Global Oil field chemicals market.
Going through regional analysis, the Middle East & Africa region dominated the market and is expected to maintain its dominance through the next five years. Due to prospective petroliferous basins located in the middle east region, Low labor costs coupled with abundant availability of crude are the main reason behind the dominance of the Middle East Region in the Global OilField Chemical market.
The E&P companies operating business in Saudi Arabia are implementing cutting-edge production methods like hydraulic fracturing and EOR. The traditional methods of bringing oil and gas to the surface through natural pressure and water injection are becoming less effective, which is driving the use of specialized oilfield chemicals because these methods require a lot of chemical assistance for oil and gas extraction, driving up demand for oil field chemicals.
Major market players operating in the Global Oil Field Chemicals market are:
- Saudi Arabian Oil Company (Saudi Aramco)
- PJSC Rosneft Oil Company
- Kuwait Petroleum Corporation
- National Iranian Oil Company
- China National Petroleum Company
- ExxonMobil Corporation
- Petróleo Brasileiro S.A
- Abu Dhabi National Oil Company
- Chevron Corporation
- Petroleos Mexicanos
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“Pricing of Crude Oil and Natural Gas is a significant concern for the companies that operate in Oil Field Chemicals Market. The upswing in the price is the major cause for the decline and rebound of the Global Oil Field Chemicals Market as a surge in the international prices of crude creates unmeasurable volatility which affects market stability and trade of oil field chemicals suppliers by wider limits. With rising upstream investments in the OPEC region, are anticipated to increase upstream activities, resulting in creating more demand for oilfield chemicals in the region over the course of the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Oil Field Chemicals Market – Global Industry Size, Share, Trends, Competition, Forecast and Opportunities, 2018-2028, Segmented By Application (Drilling & Cementing, Production, Completion, Midstream & Downstream and Enhance Oil Recovery), By Oil Field Type (Onshore, Offshore), By Type (Commodity Oil Field Chemicals, Specialty Oil Field Chemicals), By Region, and Competition,” has evaluated the future growth potential of Global Oil Field Chemicals market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Oil Field Chemicals market.
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