Despite price fluctuation of crude oil and increasing environment concern, oilfield chemicals market is projected to have healthy growth. Oilfield chemicals are used throughout entire process with the prime objective of improving the production capacity and process efficiency. The major driving factor of global Oilfield Chemicals market is the growing demand for advanced drilling fluid and shift in inclination towards exploiting the unconventional hydrocarbon resources. For separating gas from oil or separating oil from gas oilfield process chemicals are used. It is also responsible for the removal of water vapor, acid gas separation, and heavy hydrocarbon separation from the gases.
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Oilfield chemicals market is projected to experience moderate growth in terms of market value. Owing to Availability of a large number of offshore shale reserves, increasing demand for crude oil, and growing product demand in various petroleum operations. These chemicals impede the formation of the metal scales and reduce the water quantity into the oil well throughout exploration & drilling, which results in rising demand and applications of oilfield chemicals. Oilfield chemicals market continues to witness sturdy growth as it led to cost-effective extraction, exploration, and production of oil and natural gas.
Demulsifiers type is the dominating segment of the entire oilfield chemicals market during the forecast period 2019-2025. Demulsifiers are chemicals that are used to separate emulsions. They are mostly used when the substance mixture is stable and thus the substances cannot separate easily. Stable emulsions do not break easily. The choice of the type of demulsifiers depends on the emulsions present. Demulsifiers weaken or cancel out the electrostatic forces of repulsion between water droplets with an effect of causing them to come together.
Geographically, North America is expected to account for the largest market size during the forecast period. The U.S. constituted lion’s share of the oilfield chemicals market in North America, in terms of volume and revenue and projected to continue its dominance during the forecast period 2019-2025. Technological advancement and increase investments in unconventional drilling activities and rapid development of shale gas fields are expected to increase the demand for oilfield chemicals in the near future. China is one of the countries with the highest crude oil production costs in the world. The growing demand for crude oil and petroleum and large investments in the energy sector for the economic developments of nations lead the APAC as the fastest growing region.
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Companies such as BASF SE, Dow Chemical Company, The Lubrizol Corporation, Akzo Nobel N.V., Stepan Company, Schlumberger Limited, Halliburton, Kemira, Clariant, NALCO, Solvay, Baker Hughes, Croda International Plc., Newpark Resources Inc., Albemarle Corporation, Gumpro Drilling Fluids Pvt Ltd, Kao Chemicals, Imperial Oilfield chemicals Pvt Ltd. are the key players in manufacturing oilfield chemicals globally.
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