A recent report published by
Infinium Global Research on the oil field chemicals market provides an in-depth
analysis of segments and sub-segments in the global and 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, forecasts, and dollar values of the global oil field
chemicals market. According to the report, the global oil field chemicals
market is projected to grow at a CAGR of nearly 4% over the forecast period of
2022-2028.
The global oil field chemicals
market was valued at around USD about 25 billion in 2022 and is expected to
reach nearly USD over 30 billion in 2028, with a CAGR of nearly 4% during the
forecast period. The oil field chemicals are utilized to enhance the efficiency
and effectiveness of operations at an oil field site. Drilling, machining,
production, completion, and several other industries make use of chemicals.
Chemicals for oil fields are also used to clean oil sites, oil, machinery, and
equipment. These chemicals help to maintain an oil field at a lower cost and
efficiently to avoid delays and stoppages in the drilling process. These
chemicals reduce the quantity of water injected into oil wells during
exploration and drilling and prevent the formation of metal scales, which
increases the need for the use of oil field chemicals.
Due to increased oil production
and exploration activities, oil field chemicals are in great demand. The
expansion of shale oil and gas drilling and production as well as deep-water
and ultra-deep-water drilling projects is expected to increase demand for oil field
chemicals. According to India Brand Equity Foundation, Oil and Natural Gas
Corporation (ONGC) would spend an estimated US$2.73 billion drilling oil and
gas wells in 2019. (IBEF). The method of treating water uses chemicals from the
oil field. As the population expands, the current water supply must keep up
with the expanding demand. The chemical industry uses cutting-edge water
treatment methods as a result to make water appropriate for end uses like
industrial, cooking, irrigation, and drinking. The expanding global population
as well as the growing investments made by various governments to upgrade the
overall oil and gas infrastructure will further fuel the growth rate of the
market for oil field chemicals. The market's expansion is also anticipated to
be supported by the research and development operations carried out by several
leading players. A variety of chemicals are utilized in the processing of the
water, gas, and oil extracted from reservoirs. There are several compounds in
this treated water that, if released, might endanger the flora and fauna.
During the projection period, these environmental worries are expected to
constrain demand for oil field chemicals globally. This factor is expected to
hamper the growth of the oil field chemicals industry. In the market, crude oil
is used as a raw resource. As a result, the market for oil field chemicals will
suffer from variations in the price of crude oil's basic ingredients. This will
therefore present a challenge to the market for oil field chemicals.
The market for oil field chemicals
was negatively impacted by the coronavirus epidemic. The market for transformer
oils was decimated in many areas, but it flourished in the healthcare and
emergency clinic sectors to maintain a constant flow of administrations to
treat sick patients. Many manufacturing and production processes depend on oils
to function properly. They help maintain power's advancement so that market
needs and considerations are not interfered with. As the world fights the pandemic
with joined efforts, other contemporary locations are likely to reclaim their
status and significance. Since industrial factories were shut down and locked
down as a result of the outbreak, this had a negative impact on market demand.
Due to delays in vendor operations and supply chains, the COVID-19 outbreak
caused turmoil in the oil and gas industry, leading to a lockdown that had an
effect on a variety of end-use industries. The ability to produce has been
severely constrained. Raw material costs and supplies have fluctuated as a
result of border closures and export restrictions.
During the projected period, the
North American market is expected to hold a significant market share of the
global market. This is linked to an increase in oil and gas operations due to
the advancement of drilling and hydraulic fracturing techniques. During the
predicted period, it is also anticipated that technology advancements and an
increase in drilling activity will accelerate regional growth. Oil-based
chemicals are anticipated to rise as shale gas exploration and production
increase in the United States. During the anticipated period, the market in the
Asia Pacific may experience the fastest growth rate in terms of value. Industry
expansion is responsible for the region's rapid urbanization, rise in
population, and rise in consumption and demand for shale gas from diverse
companies. Rising exploration operations in India, Mainland China, the South
China Sea, and Southeast Asian nations are primarily responsible for the
regional market expansion. The Asia Pacific area is leading due to the rising
global demand for crude oil and petroleum as well as massive investments made
in the energy sector to build the economy.
The report on the global oil field
chemicals market covers segments such as product, and application. On the basis
of product, the sub-markets include corrosion & scale inhibitors,
demulsifier, surfactants, and others. On the basis of application, the
sub-markets include drilling, cement, stimulation, and production.
The report provides profiles of
the companies in the market such as Halliburton, BASF SE, Ecolab Inc.,
Clariant, The Dow Chemical Company, Solvay, Croda International Plc, Geo
Specialty Chemicals, Stepan Company, and Thermax.
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 growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings 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 the oil field chemicals market. Moreover, the study highlights current
market trends and provides forecast from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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