The global oil field chemicals market was estimated to be valued at USD 25.78 billion in 2015 and is expected to grow at a CAGR of 5.84% to reach USD 34.25 billion by 2020.
Oilfield chemicals are an integral part of the oil and gas industry and find extensive usage in various stages of oil exploration. The usual problems that oil fields face include water gushing into the oil well during drilling and exploration and gases like carbon dioxide and hydrogen sulfide causing equipment corrosion. Moreover, the metal scales formed during drilling operations also interfere with the machine operations. Such hindrances are avoided by using oil field chemicals, especially corrosion and scale inhibitor chemicals.
The following types of oil field chemicals were considered in this report: biocides, corrosion and scale inhibitors, demulsifiers, polymers, pour-point depressants, surfactants, and others. In this report, the global oil field chemicals market has been segmented according to its major applications in the various stages of oil exploration and extraction, such as cementing, drilling, enhanced oil recovery, production, well stimulation, work-over & completion, and others.
Market Dynamics of the Global Oilfield Chemicals Market:
The market has also been segmented geographically on the basis of consumption. The regional analysis includes the Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa. North America is the current leader in the world for oil field chemicals. This can be attributed to the increased emphasis on shale gas usage and exploration in the region. The region is expected to grow at a CAGR of 4.94% during the forecast period. The United States accounts the large majority of the consumption in this region.
Technological advances in horizontal drilling and hydraulic fracturing processes, use of nanotechnology in cementing applications, and growing usage of oil field chemicals in the Latin America are expected to offer major growth opportunities for the players in the global market. The market for oil field chemicals is dominated by large multinationals, such as:
Key Deliverables in the Study: