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Albany, New York, May 07, 2019 (GLOBE NEWSWIRE) -- The global oilfield chemicals market exhibits an immensely competitive landscape with the presence of a myriad of market players, notes Transparency Market Research (TMR). Renowned players in the global oilfield chemicals market are majorly focusing on adopting several strategies to strengthen their root. Moreover, they are highly relying on mergers and acquisitions to topmost vendors in order to broaden their geographical boundaries.
The global oilfield chemicals market is encountering various technological innovations as well as changes to keep up with the increasing applications and demand of the oilfield chemicals. For instance, one of the topmost companies, Blue Gentoo has invented a unique product named as the intelligent hydrate platform, which facilitates the oilfield’s digital transformation trough offering a real-time management of gas hydrates. However, numerous companies in the global oilfield chemicals market are deploying advanced technologies in the form of robotics which can be easily operated by humans to mitigate all the risks associated with oil industry. A few well-established companies in the global oilfield chemicals market include Halliburton, Baker Hughes (A GE Company), Solvay S.A, Newpark Resources Inc., and BASF SE.
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TMR’s analysts’ estimation reveals that the growth of the global oilfield chemicals market is to occur at a promising CAGR of 7.0% during the assessment period 2018-2026.
From the perspective of revenue, the drilling fluids segment is projected to lead in the global oilfield chemicals market, due to the rapid growth in several drilling activities. With respect to geography, North America is dominating the global oilfield chemicals market with rapid development of shale gas fields and increasing investments in unconventional drilling activities.
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Rising Oil Exploration and Production Activities to Foster Market’s Growth
Oilfield chemicals find their major application at numerous levels of oil and gas production process and in the exploration of natural gas. This oilfield chemicals are majorly used as emulsion breakers, corrosion inhibitors, cementing super plasticizers, and drilling additives. Such oilfields chemicals helps in cost-effective exploration, extraction, and production of natural oil and gas. Such USPs are fueling growth in the global oilfield chemicals market. Along with this, oilfield chemicals are also regarded as the essential fossil fuel elements, since it helps in drilling gas and oil reservoirs in several terrains along with the hassle-free extraction of fossil fuels. Increasing domestic oil consumption, rising attention towards building deep ocean oil reserves, and up surging vehicle prices are also propelling expansion in the global oilfield chemicals market.
Furthermore, rising prominence on non-conventional sources such as shale gas and coal-bed methane and increasing drilling activities owing to the raised demand for crude oil are augmenting demand in the global oilfield chemicals market. Along with these, enhancing productivity and optimizing costs are further providing impetus to the growth of the global oilfield chemicals market. However, above all, stringent safety, health, and environment regulations are contributing demand in the global oilfield chemicals market as well as providing new opportunities for the industry participants.
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Unprecedented Drop in Oil Prices may Obstruct Market’s Growth
The oil and gas production and exploration has slowed down in various regions due to the sudden drop in oil prices worldwide. Such price dropping has also brought down the drilling activities’ rate. Therefore, such factors appear as the major roadblocks to the growth of the global oilfield chemicals market. Nonetheless, soaring demand for advanced drilling fluids is believed to underpin growth momentum in the global oilfield chemicals market.
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The review is based on a market research report by TMR, titled, “Oilfield Chemicals Market (Product - Biocides, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Lubricants, Hydrogen Sulfide Scavengers, Fluid Loss Additives; Application - Production Chemicals, Drilling Fluids, Well Stimulation Fluids, Cementing Fluids, Enhanced Oil Recovery, Workover and Completion) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
The segmentation of global oilfield chemicals market is based on:
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