The global oilfield chemicals market has a myriad of market players and displays an immensely competitive market, reports Transparency Market Research (TMR). Prominent players in the global oilfield chemicals market are increasingly adopting strategies such as mergers and acquisitions to strengthen their ground in the market says TMR. Some of the key players in the global oilfield chemicals market are Baker Hughes (A GE Company), Halliburton, Solvay S.A., BASF SE, Schlumberger Limited, and Newpark Resources Inc.
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The global oilfield chemicals market is encountering major technological changes and innovations in order to keep up with the rising demand and applications of the oilfield chemicals. Blue Gentoo has developed a new product called the intelligent hydrate platform. This product facilitates the digital transformation of oilfield by providing a real-time management of gas hydrates. One of the biggest challenges of the oilfield industry is the mitigating the risks. To tackle this issue, numerous companies are deploying advanced robotics than can be operated by humans. The new robotic P100 snake arm built by OC Robotics operates in confined spaces thereby, improving the inspection outputs.
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The global oilfield chemicals market is expected to register a CAGR of 7.0% from 2018 to 2016. In terms of revenue, drilling fluids segment is expected to dominate the market owing to the growth in drilling activities. In terms of value and volume, the well stimulation fluids segment is expected to grow at the highest CAGR during the forecast period, on account of increasing applications.
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Regions with Declining Oil Production to Present Key Growth Opportunities
Regions with declining oil production present a major growth opportunity for oilfield chemicals market as they highly rely on oilfield chemicals for their production activities. For example, the producers in the U.S. are increasingly using oilfield chemicals to keep up with the growing demand. In addition to this, a huge investment in the energy sector by India has also presented significant growth opportunities for the market.
The global demand for unconventional energy sources has led to a large scale production of crude oil, thereby creating many opportunities for the global oilfield chemicals market. The Middle East is one of the largest producers of crude oil and the market in this region is expected to grow exponentially during the forecast period. Additionally, an increase in horizontal drilling activities has strengthened the growth ground for the oilfield chemicals market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Oilfield Chemicals Market (Product - Biocides, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Lubricants, Hydrogen Sulfide Scavengers, Fluid Loss Additives; Application - Production Chemicals, Drilling Fluids, Well Stimulation Fluids, Cementing Fluids, Enhanced Oil Recovery, Workover and Completion) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
The global oilfield chemicals market is segmented based on:
Product
- Biocides
- Corrosion & Scale Inhibitors
- Demulsifiers
- Surfactants
- Polymers
- Lubricants
- Hydrogen Sulfide Scavengers
- Fluid Loss Additives
- Others (Clay Stabilizer etc.)
Application
- Production Chemicals
- Drilling Fluids
- Well Stimulation Fluids
- Cementing Fluids
- Enhanced Oil Recovery
- Workover and Completion
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