According to a new report published by Allied Market Research, titled, Oilfield Chemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the oilfield chemicals market was valued at $41,667 million in 2016, and is estimated to reach $59,925 million by 2023, registering a CAGR of 5.2% from 2017 to 2023. In 2016, the drilling fluid application segment accounted for around one-third share of the total market.

Rise in oil exploration & production activities, demand for advanced drilling fluids, and rapid expansion of shale gas & oil drilling are the major driver for global oilfield chemicals market.

In 2016, North America dominated the global market, owing to the growth in oil gas activities with the advancement in hydraulic fracturing and drilling processes. Moreover, technological advancement and increase in drilling activities are expected to increase the demand for oilfield chemicals in the near future. U.S. dominated the North America oilfield chemicals market in 2016, followed by Canada. LAMEA is the second leading geographical segment, which is expected to register a CAGR of 5.9% from 2017 to 2013.

Get Sample PDF Brochure of Oilfield Chemicals Market Study at:

The key companies profiled in the report include Baker Hughes, Schlumberger Limited, Halliburton, Solvay S.A., Ecolab Inc., Newpark Resources Inc., BASF SE, Lubrizol Corporation, Akzonobel NV, and Albemarle Corp.

The market is driven by the rise in oil exploration & production activities, which in turn increases the need for oilfield chemicals, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production. Moreover, the ongoing activities to meet the global energy demand brought more petroleum crude oil wells to production state globally, which increases the demand for oilfield chemicals. However, crude oil price fluctuations and increase in environmental concerns are expected to hamper the market growth in the near future. The emergence of eco-friendly oilfield chemicals is expected to provide a substantial growth opportunity in the near future.

The global oilfield chemicals market is segmented into type, application, and geography. The report emphasizes on the different application of oilfield chemicals, which include drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover & completion. Based on type, the market is classified into biocides, corrosion & scale inhibitors, demulsifiers, surfactants, polymers, gellants & viscosifiers, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Buy now at:
Key Market Benefits

• This report provides an extensive analysis of the current and emerging market trends & dynamics of the global oilfield chemicals market.
• The oilfield chemicals market trend analysis for all the regions is done by constructing estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
• The report assists to understand the strategies adopted by the leading companies in the industry.
• It evaluates competitive landscape of the oilfield chemicals industry to understand the market scenario globally.
• Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.

Author's Bio: 

I am Srushti Helwande . My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.