According to the report analysis, ‘Global Oilfield Chemicals Market Size study, by Type (Biocides, Demulsifies, Surfactants, Corrosion & Scale Inhibitors, Polymers, Gallants & Viscosifier, Other), by Application (Drilling Fluids, Cementing, Well Stimulation, Workover & Completion, Enhanced Oil Recovery, Production Chemicals) and Regional Forecasts 2018-2025’ states that there are several key players which are presently functioning in this sector more actively for registering the fastest market growth and attaining the highest value of market share around the globe with the adoption of effective strategies and policies of doing task after analyzing the related aspects of the market includesBaker Hughes, Schlumberger Ltd., Halliburation, Solvay S.A., Ecolab Inc., Newpark Resources Inc., BASF SE, Lubrizol Corporation, Akzonobel NV, Albemarle Corp and several others. Moreover, many of the focused players in this market are analyzing and studying the strategies and policies of the competitors for knowing their key strength and generating the high amount of revenue across the globe during the forecasted period. Not only has this, with the effective working of the players the market is become more competitive and influence the coming and existing investors for investing the huge amount of money for earning the high amount on the return on investment which further lead the market growth more positively around the globe more enormously.
The term oilfield chemical refers to the chemical components which are functional in oil and gas abstraction operations. The oilfield chemicals enable to rise the extraction operations by developing the efficiency and productivity of oil drilling procedure and petroleum refining with the aim to attain the optimum performance with efficient oil recovery. Furthermore, the players of this market are dominating the market with significant developments in the technology and techniques of doing work which further beneficial for developing the efficiency and increase the demand around the globe more positively. This also leads the market growth more positively with the handsome amount of share during the forecasted period in the coming years.
Global Oilfield Chemicals Market valued approximately USD 20.4 billion in 2017 is estimated to grow with a healthy growth rate of more than 6.2% over the forecast period of 2018-2025. Whereas, the global market of oilfield chemical is segmented into different segments which majorly involves type, application and region. Moreover, on the basis of type, the market is split into biocides, demulsifies, surfactants, corrosion and scale inhibitors, polymers, gallants and viscosifier and several others while, the sector of application is divided into Drilling Fluids, Cementing, Well Stimulation, Workover & Completion, Enhanced Oil Recovery, and Production Chemicals. Nevertheless, on the basis of region, the market is spread across the globe such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
Although, the North America is the leading/significant region around the world in terms of market share due to the existence of huge onshore and offshore shale gas reserves in the region. However, the Europe also underwrites a satisfactory growth in the global oilfield chemicals market. Asia-Pacific is also predicted to exhibit higher growth rate / CAGR over the forecast period of 2018-2025 owing to upsurge in cementing, drilling and stimulation activities. Additionally, The major fueling factor of global Oilfield Chemicals market are increasing the need for advanced drilling fluid and move in inclination towards exploiting the unconventional hydrocarbon resources. Therefore, in the near future, it is anticipated that the market of oilfield chemicals will increase across the globe more positively over the recent few years.
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Ankur Gupta, Head Marketing & Communications