This report provides exclusive insights into the COVID-19 impact on the Oil Field Chemicals Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Oil Field Chemicals Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Oil Field Chemicals Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on oil field chemicals market provides an in-depth analysis of segments and sub-segments in global as well as regional oil field chemicals market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional oil field chemicals market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global oil field chemicals market. According to the report the global oil field chemicals market is projected to grow at a CAGR of 4.9% over the forecast period of 2018-2024.
Oilfield chemicals are used in the production of oil, well stimulation, drilling fluids, Enhanced Oil Recovery (EOR), and cementing applications in the upstream oil & gas industry. Oil chemicals are used in the drilling and exploration of gas and oil to improve the efficiency and productivity of the oil drilling process. For instance, oil field chemicals are used for protecting the equipment and pipes from corrosion and for separating oil and water from the oil that usually forms an emulsion. Chemicals are used to separate oil and water in the oilfield. Hence, these oilfield chemicals are very important in the oil field since they help to protect the pipelines, containers, and equipment from damage, corrosion, and leaking of the oil. These chemicals include common inorganic salts, transition metal compounds, common organic chemicals and solvents, water-soluble and oil-soluble polymers, and surfactants. As existing fields become depleted, use of chemistry to maintain production via good stimulation, more efficient secondary recovery operations and enhanced oil recovery become ever more important.
Increase in the production of crude oil coupled with increasing demand from enhanced oil recovery applications are the factors driving the growth of the oilfield chemicals market. In addition, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects and rapid expansion of shale oil & gas drilling & production are triggering the growth of the oilfield chemicals market. However, the cost of oil production level and Chemical regulations are dynamic and are constantly changing as per the compliance requirements. Hence, changing rules and regulations are restraining the market growth of the oilfield chemicals market during the forecast period. Furthermore, the occurrence of eco-friendly oil chemicals has opened several doors of opportunity for the oilfield chemicals market over the upcoming years. Discovery of new oilfields has created a positive impact on the key players in the oilfield chemicals market.
Among the geographies, North America dominated the oilfield chemicals market. The growth in the North America region can be attributed to the presence of several oilfield chemical companies in this region. In addition, the expansion of shale oil and gas industries in the U.S is the key factor dominating to drive the oilfield chemicals market in North America. On the other hand, Asia-Pacific is anticipated to witness the fastest growth due to the increased government spending in China to meet energy demands.
The report on global oil field chemicals market covers segments such as chemical types and applications. On the basis of chemical types, the global oil field chemicals market is categorized into the polymer, demulsifier, corrosion & scale inhibitor, biocide, surfactant, and other chemicals. On the basis of applications the global oil field chemicals market is categorized into drilling, cementing, well stimulation, enhanced oil recovery, production, and workover & completion.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global oil field chemicals market such as BASF SE, Lubrizol Corporation, Dow Chemical Co., Stepan Company, Halliburton, Schlumberger, Baker Huges, Canadian Energy Services & Technology Corporation, AES Drilling Fluids LLC, and Akzo Nobel N.V
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global oilfield chemicals market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of oilfield chemicals market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the oil field chemicals market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the oil field chemicals market to understand the present and future trends in this market and formulate their strategies accordingly.