The global oilfield production chemicals market is driven by the increasing demand from the oil and gas industry. The production of crude oil in some regions has reported steady growth in recent years and owing to this, the demand for oilfield production chemicals is expected to remain high in the near future.
According to Future Market Insights analysis, the global sales of oilfield production chemicals are estimated to be valued at US$ 3,021.8 Million by the end of 2022 and are expected to register a 4.0% CAGR over the period of 2022 to 2028. This report divulges the demand for oilfield production chemicals and their break-up on the basis of different types and applications.
The climatic conditions of crude oil-producing regions are also expected to have an impact on the growth of oilfield production chemicals, such as hydrate inhibitors, in the coming years. Offshore oil production practices are expected to register steady growth, which in turn is expected to boost the sales of oilfield production chemicals such as demulsifiers in the coming years.
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Moreover, crude oil manufacturers are focused on the exploration of oil and gas in order to add to the existing production capacities of crude oil. The discovery of new reserves of oil and gas is expected to drive the sales of oilfield production chemicals in the coming years.
Global Oilfield Production Chemicals Market: Segmentation Analysis
The market insights suggest that the global oilfield production chemicals market is dominated by the production methods application segment. Production methods are directly connected to the production of crude oil. Methods such as enhanced oil recovery, water injection, and hydraulic fracturing used in crude oil production witness higher demand for oilfield production chemicals.
Increasing crude oil production is expected to boost production activities in oilfields, which in turn is expected to create a platform for the demand of oilfield production chemicals. The discovery of new reserves of oil is considered to be another factor responsible for the growth of oilfield production chemicals demand in the production methods application segment.
Global Oilfield Production Chemicals Market: Competitive Landscape
Some of the players reported in this study on the global oilfield production chemicals market include
- Arkema S.A
- Clariant AG
- BASF SE
- Halliburton Co.
- Albemarle Corporation Company
- Huntsman Corporation
- ECOLAB Inc.
- Solvay S.A.
- Hexion Inc.
- Baker Hughes
- Akzo Nobel N.V
- Ashland Global Holdings Inc.
- Dow Dupont Inc.
Global Oilfield Production Chemicals Market: Regional Market Projections
On the basis of region/country, the Middle East & Africa region is anticipated to dominate the global oilfield production chemicals market throughout the forecast period. The oilfield production chemicals market in the Middle East & Africa region is expected to expand with a CAGR of 3.9% during the forecast period.
However, the demand in the Middle East and Africa region is met by the oilfield production chemicals manufactured in the domestic as well as the global market, which is expected to provide a lucrative opportunity for the penetration and oilfield production chemicals sales of manufacturers from other regions.
Moreover, Latin America is expected to expand with the highest CAGR in the global oilfield production chemicals market during the forecast period. Oil-producing countries such as Brazil and Venezuela are expected to drive the demand for oilfield production chemicals in Latin America.
North America and Eastern Europe, with their high oil production capacities, are expected to witness steady growth in sales in the coming years. Other regions/countries such as South East Asia, Western Europe, China, and India are expected to grow marginally in terms of oilfield production chemicals demand over the forecast period.
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Oilfield Production Chemicals Market By Category
By Type:
- Demulsifiers
- Corrosion Inhibitors
- Paraffin Inhibitors
- Biocides
- Hydrate Inhibitors
- H2S Scavengers
- Scale Inhibitors
- Others
By Application:
- Production Methods
- Storage & Transportation
- Safe Disposal ges
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