The global oilfield chemicals market was valued at USD XX million in 2016 and is expected to reach USD XX million by 2022, growing at a CAGR of XX% during the forecast period (2016-2022).
Oilfield chemicals are an integral part of the oil & gas industry and find extensive usage in various stages of oil exploration. The problems that oilfields experience include water gushing into the oil well during drilling & exploration and gases like carbon dioxide and hydrogen sulfide causing equipment corrosion. Moreover, metal scales formed during drilling operations also interfere with the machine operations. Such hindrances are avoided by using oilfield chemicals, especially corrosion and scale inhibitor chemicals.
Factors, such as the increased shale gas exploration activities, among others, are driving this market. The growing demand for petroleum-based fuels from the transportation industry is expected to grow the market in the future. However, the concern regarding the current low price of crude oil and the environmental concerns associated with shale gas could act as restraints for the oilfield chemicals market, globally.
In the report, the oilfield chemicals market has been segmented by chemical type and application, which are further segmented as follows:
Well stimulation is the largest segment that accounted for nearly 61% share of the total oilfield chemicals market.
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America and the Middle East & Africa. North America is the largest region, by demand, owing to the shale gas explorations and production from mature fields in the region.
Opportunities and Major Players
The major opportunity for the oilfield chemicals market is the recovering oil & gas industry that could support the growth of the market in the future.
Some of the major players in the global oilfield chemicals market include:
Key Deliverables in the Study