Oilfield Chemicals Market is expected to generate a revenue of USD 15.48 Billion by 2028, Globally, at 4.54% CAGR: Verified Market Research®

September 23, 2022

The global industry is anticipated to observe a linear growth trend over the projection period owing to the shift in inclination towards exploiting unconventional hydrocarbon resources. The latest technological advancements in commercial aspects coupled with their application in operations including drilling, production, cementing, and workover & completion are expected to drive the oilfield chemicals demand.

/EIN News/ -- Jersey City, New Jersey, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Oilfield Chemicals Market” By Chemical Type (Biocide, Corrosion And Scale Inhibitor, Demulsifier, Polymer), By Application (Enhanced Oil Recovery, Production, Drilling And Cementing), and By Geography.

According to the extensive research done by Verified Market Research experts, the Oilfield Chemicals Market size was valued at USD 10.94 Billion in 2020 and is projected to reach USD 15.48 Billion by 2028, growing at a CAGR of 4.54% from 2021 to 2028.

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Browse in-depth TOC onOilfield Chemicals Market

202 - Pages

126 – Tables

37 – Figures

Global Oilfield Chemicals Market Overview

The growth of the global market is primarily driven by increasing oil & gas exploration activities across the globe. Oilfield chemicals are used in all the stages of the oil & gas industry, including initial good drilling and production of oil and gas and all the aspects of maintenance of oilfields, including the storage of oil and natural gas in geological conditions. Thus, the increasing crude oil production coupled with increasing offshore and onshore deep drilling activities is the other factor projected to boost the growth of the global Oilfield Chemicals Market.

Another key factor driving the growth of the Oilfield Chemicals Market is the evaluation of shale gas exploration technologies. Furthermore, the increasing expenditure on advanced oilfield chemicals to enhance properties such as thickening, emulsification, stabilization, and conditioning has positively anticipated propelling the growth of the global Oilfield Chemicals Market.

There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as the lack of a skilled workforce and the absence of standards and protocols are limiting the market growth. Also, increasing environmental concerns and price fluctuation of crude oil is estimated to sluggish growth during the forecast period.

Key Developments

Partnerships, Collaborations and Agreements

Mergers and Acquisitions

Product Launches and Product Expansions

Key Players

The major players in the market are Akzo Nobel N.V., Albemarle Corporation, Ashland Inc, Baker Hughes Incorporated, BASF SE, Canadian Energy Services & Technology Corp (CESTC), Clariant AG, Croda International Plc., Drilling Specialties Company (Chevron Philips Chemical Company), and DowDupont.

Verified Market Research has segmented the Global Oilfield Chemicals Market On the basis of Chemical Type, Application, and Geography.

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