Oilfield Chemicals Market Size Worth $47.92 Bn, Globally, by 2028 at 4.8% CAGR – Exclusive Report by The Insight Partners
Oilfield Chemicals Market is driven by surge in gas drilling, deep water, ultra-deep water drilling projects and the rising government investments from several countries to improve the oil & gas infrastructure
New York, Feb. 22, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Oilfield Chemicals Market Size, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Metal, Plastic, Ceramic, and Others), Application (Aerospace & Defense, Automotive, Medical, and Others), and Geography. The oilfield chemicals market is expected to grow from US$ 33.05 billion in 2022 to US$ 47.92 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.
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Global Oilfield Chemicals Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 33.05 Billion in 2022|
|Market Size Value by||USD 47.92 Billion by 2028|
|Growth rate||CAGR of 4.8% from 2022 to 2028|
|No. of Pages||169|
|Historical data available||Yes|
|Segments covered||Type, Application, and Geography|
|Global Oilfield Chemicals Market Forecast to 2028 – Latest COVID-19 Analysis||https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003548/|
Oilfield chemicals are termed as compounds used for enhancing the efficiency and efficacy of oilfield operations such as production, drilling, completion, and other operations. Chemicals provide a variety of advantages such as prevention of metal scaling and minimization of water injected into oil wells during drilling of oil..
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Oilfield Chemicals: Competitive Landscape and Key Developments
SMC Oilfield Chemicals, Clariant AG, Solvay SA, Kraton Corporation, BASF SE, Albemarle Corporation, DowDuPont Inc., Kemira Oyj, Chevron Phillips Chemical Company LLC., and Nouryon Chemicals Holding BV are among the key players in the oilfield chemicals market.
Oilfield Chemicals Market: Segmental Overview
The oilfield chemicals market, by type, is segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. In 2021, the polymers segment dominated the market. A surge in the demand for polymers can be attributed to increased use in oilfield applications including drilling, enhanced oil recovery, and water and gas shut-off.
The oilfield chemicals market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific is the hub to prominent players in oilfield chemicals market. The growth of oilfield chemicals industry in the region is driven by government initiatives in the region coupled with rising oil exploration activities and rising demand for petroleum fuel from the transportation industry. According to the report by Asian Development Bank, the infrastructure requirement and investment in the transport industry in Asia Pacific will account for 32% by 2030. Therefore, the rise in the global transportation industry has increased the demand for crude oil. Thus, boosting demand for petroleum-based fuel for various applications is expected to boost the demand for oilfield chemicals in the region
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Impact of COVID-19 Pandemic on Oilfield Chemicals Market
The COVID-19 pandemic significantly hampered the growth of the oilfield chemicals market due to adverse effects on industries such as transportation, tourism, power, oil & gas. Various oilfield chemicals manufacturers were operating their plants at reduced capacities amid the COVID-19 pandemic. However, the market revived in 2021 with significant measures from governments, including vaccination drives. Moreover, they managed to overcome the challenges associated with disruptions in raw material supply chains.
In 2021, businesses started recovering with relaxation in social restrictions by various governments. A shift in consumer preferences and the successful implementation of mass vaccination drives further favored the resurgence of business activities in 2021. As a result of reviving economies, the oilfield chemicals market is also expected to grow significantly in the coming years as major chemical manufacturers have resumed their operations and normal production capacities.
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The “Oilfield Chemicals Market Analysis to 2028” is a specialized and in-depth study of the chemicals and materials industry, focusing on the oilfield chemicals market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The oilfield chemicals market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. The oilfield chemicals market, by application, is segmented into drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion. In terms of geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2021, Asia Pacific dominated the oilfield chemicals market. Europe is expected to register the highest CAGR in the market during the forecast period.
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