Oilfield Chemicals Market to Reach $59.92 Bn at a CAGR of 5.2%: Allied Market Research
The high demand for top-end drilling fluids has escalated the growth of the market in more than one way, while the rise in oil exploration and several production activities has also been a dominating factor.
PORTLAND, Oregon, Feb. 13, 2019 /PRNewswire/ -- Allied Market Research published a report, titled "Oilfield Chemicals Market by Type (Biocides, Corrosion & Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Gellants & Viscosifiers, and Others) and Application (Drilling Fluids, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, and Workover & Completion): Global Opportunity Analysis and Industry Forecast, 2017-2023." The report cites a detailed analysis of market size & forecast, market dynamics, drivers & opportunities, research methodology and key market segment. As per the report, the global oilfield chemicals market generated $44.27 billion in 2017 and is anticipated to reach $59.92 billion by 2023, rolling a CAGR of 5.2% from 2017 to 2023.
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The high demand for top-end drilling fluids has escalated the growth of the market in more than one way, while the rise in oil exploration and several production activities has also been a dominating factor. At the same time, the rapid expansion of shale oil production is expected to cox the growth to a great height. Nevertheless, price fluctuations in crude oil and the awareness of environmental concerns might work as a barrier against the growth of the market. On the other hand, the advent of various eco-friendly oil-field chemicals creates new opportunities in the market.
North America to contribute the highest share by 2023
North America held the largest share in the market in terms of revenue in the year 2017, contributing more than two-third of the total revenue. The dynamic domestic shale gas production and the huge expansion in horizontal drilling & hydraulic fracturing has helped North America continue the legacy to remain the traditional leader in oilfield chemicals market. Simultaneously, Asia-Pacific region is presumed to grow at the CAGR of 6.7% during 2017-2023. This figure has been attainable due to heavy investment by India and China in energy sectors.
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Corrosion and Score inhibitors contributes three-tenth of the total market share in 2017
Corrosion and Score inhibitors contributed to three-tenth of the total market share in 2017 and is expected to maintain the same ratio by 2023. Application of corrosion inhibitors as anti-corrosion has now become quite common in drilling activities. On the other hand, the Demulsifiers segment is expected to grow at the highest CAGR of 6.1% during 2017-2023. Using demulsifiers as emulsion breaker has become a common practice during production processes in oilfield.
Drilling Fluid contributed to more than one third of the total market share
The segment of Drilling Fluids contributed to more than one third of the total market share in 2017 and will dominate in terms of revenue during the forecast period. The high demand for lubricator in chemical production and the increase in the number of oilfield drilling activities has spurred the growth of this particular segment. The Well Stimulation segment, on the other hand, is assumed to grow at the highest CAGR of 6% during 2017-2023.
Spearheads in the market
The leading front-runners analyzed in the market include Schlumberger Limited, Halliburton, Ecolab Inc, BASF SE, Lubrizol Corporation, Solvay S.A., Halliburton, Akzonobel NV, Newpark Resources Inc, Albemarle Corp and Baker Hughes,.
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