JERSEY CITY, NJ, Sept. 23, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently published a report: “Oilfield Chemicals MarketBy 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 by Verified Market Research experts, the Oilfield Chemicals market size was estimated at US$10.94 billion in 2020 and is projected to reach US$15.48 billion by 2028, growing at a CAGR of 4.54% from 2021-2028 .
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37 – Numbers
Overview of the global oilfield chemicals market
The growth of the global market is mainly driven by increasing oil and gas exploration activities around the world. Oilfield chemicals are used in all phases of the oil and gas industry, including the first good wells and production of oil and gas and all aspects of oilfield maintenance, including the storage of oil and natural gas in geological conditions. Therefore, increasing crude oil production coupled with increasing offshore and onshore deep drilling activity is the other factor expected to drive the growth of the global oilfield chemicals market.
Another key factor driving the growth of the oilfield chemicals market is the valuation of shale gas exploration technologies. In addition, the rising spending on advanced oilfield chemicals to improve properties such as thickening, emulsification, stabilization and conditioning have positively anticipated to propel the growth of the global oilfield chemicals market.
There are certain limitations and challenges that will hamper the overall market growth. Factors such as lack of skilled workforce and lack of standards and protocols limit market growth. Increasing environmental concerns and volatility in crude oil prices are also estimated to slow growth over the forecast period.
Partnerships, collaborations and agreements
- In June 2021, Baker Hughes Company announced it had signed an agreement with PJSC Lukoil to deepen their global collaboration. The agreement will leverage Baker Hughes’ diversified technologies and Lukoil’s extensive industry expertise and extensive international manufacturing chain to increase efficiency, reduce emissions and increase productivity for the oil and gas industry and support the energy transition.
mergers and acquisitions
- In September 2021, Albemarle Corporation, a global leader in specialty chemicals, announced that its subsidiary Albemarle Lithium UK Limited had entered into a definitive agreement to acquire Guangxi Tianyuan New Energy Materials Co., Ltd. has signed. The acquisition of Tianyuan, which owns and operates a newly constructed lithium processing facility, is in line with our strategy of pursuing profitable growth in line with customer demand.
Product launches and product enhancements
- As of February 2021, Croda International Plc, the company that uses innovative science to create powerful ingredients and technologies that improve life, is the third major chemical company in the world to commit to Net Zero and has a verified 1, 5°C science has According to Target, 95% of the products manufactured are based on ingredients and technologies from the chemical sector.
The main players in the market are Akzo Nobel NV, 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 based on chemical type, application, and geography.
- Oilfield Chemicals Market by Chemical Type
- Corrosion and scale inhibitor
- other chemicals
- Oilfield Chemicals Market by Application
- Improved oil recovery
- Drilling & Cementing
- Well stimulation
- Refurbishment & Completion
- Oilfield Chemicals Market by Geography
- North America
- United Kingdom
- rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- THE LINE
- Middle East & Africa
- Latin America
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