The Europe oilfield chemicals market is estimated at USD 2,269.23 million in 2016 and is projected to reach USD 3,196.63 million by 2021. The market is expected to grow at a CAGR of 7.09% during the forecast period. The demand for oilfield chemicals in Europe is comparatively higher than that in the other regions, however, this market is expected to stabilize in the near future.
Oilfield chemicals find application in improving hydrocarbon recovery from wells. They are categorized into biocides, corrosion & scale inhibitors, demulsifiers, polymers, pour-point depressants and surfactants, among others. Optimum performance and improved efficacy of oil recovery is attained by adding these chemicals in well drilling, completion, production and workover fluids.
Some of the major factors instrumental in propelling demand for oilfield chemicals include growing production of crude oil, shale gas exploration and production, deep drilling activities and a push towards the development of eco-friendly chemicals. Enhanced oil recovery applications are also driving demand for oilfield chemicals, since these activities are increasing with the aim to enhance crude oil production from mature or declining reserves.
Europe oilfield chemicals market can be segmented by chemical types (Biocides, Corrosion & Scale inhibitors, demulsifiers, polymers, pour-point depressants, surfactants and other chemicals), by their application (Cementing, drilling, enhanced oil discovery, production, Well stimulation, workover and completion) and by their geography (France, Germany, United Kingdom, Nordic Countries and other countries). The key players in this market are Ashland Inc., Stepan Company, Weatherford International and Lamberti Group.