According to India Brand Equity Foundation (IBEF), ONGC will invest USD 2.73 Billion in oil and gas wells in 2019.
According to a recently published report by Research Nester on “Global Oil Field Chemicals Market: Global Demand Analysis & Opportunity Outlook 2027″ delivers detailed overview of the global oil field chemicals market in terms of market segmentation by product, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Technological changes and innovations have been taking place in the global oil field chemicals market in order to keep pace with the rising demand and applications of the oilfield chemicals. Flourishing demand for oil across the globe is propelling the demand for oilfield chemicals and enhancing the process carried out in the oil and gas plant. Stringent health, safety and environmental regulations are opening new opportunities for the participants in the market. High investments from multinational corporations in the oilfield chemicals market is taking place, thus boosting the market growth. On account of these factors, the market is anticipated to record a CAGR of around 5.26% over the forecast period i.e. 2019-2027.
The market is segmented by product into biocides, corrosion & scale inhibitors, demulsifiers, polymers, lubricants, surfactants & specialty chemicals out of which, the specialty chemicals segment is anticipated to have significant growth on account of increasing application in the crude oil and petro refinery activities.
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The market is further segmented by application into production chemicals, drilling fluids, well stimulation fluids, cementing fluids, enhanced oil recovery and work over & completion out of which, drilling fluids segment is expected to have leading shares on account of increased deep and ultra-deep drilling activities.
North America is expected to have significant growth owing to the expansion of shale oil and gas industries in this region. There are vast potentials in the shale oil and gas exploration and enhanced oil recovery which is estimated to drive the growth of the market in the region. Asia Pacific is anticipated to have highest growth rate owing to increased drilling, stimulation and cementing activities. Middle East and Africa region region is witnessing increased oil-based power plants, petro refineries and oil treatments, presence of old oil wells for reconstruction, deep water reserves, and corrosive offshore fields which are expected to spur the growth of the oilfield chemicals market.
Oil and Natural Gas: A rising Production and Exploration
It has been notified that there is an increase in the production of oil and natural which is projected to expand the production processes in different regions. India is looking to cut their dependence on oil imports, so it is expected that foreign investors will have the opportunities to invest in petroleum projects by 2022. Therefore, this will further boost the demand for oilfield chemicals thus leading to the growth of the market during the forecast period.
Fluctuation in Prices and Rising Prevalence of Renewable Sources of Energy
The crude oil prices have seen many turns in the past years. OPEC is one organization that has affected the fluctuation in the prices and this fluctuation has a negative impact on the exploration activities. Moreover, the preference of renewable energy sources is increasing which is hampering the demand for oil and natural gas. These factors are expected to hinder the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global oil field chemicals market which includes company profiling of Baker Hughes, Schlumberger Limited, Halliburton, Newpark Resources Inc., Albemarle Corporation, and Jiaxing Midas Oilfield Chemical Mfg. Ltd, Imperial Oilfield chemicals Pvt. Ltd., Gumpro Drilling Fluids Pvt Ltd., and Solvay.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oil field chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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