The Global Oilfield Chemicals Market Is Expected To Register A Cagr Of 5.5% In Terms Of Revenue Over The Forecast Period (2019 – 2027)

Oilfield Chemicals

 

Oilfield chemicals are chemical components that are commonly used in oil and gas extraction operations. Cementing, enhanced oil recovery, drilling fluids, well stimulation, production chemicals, and workover & completion are just a few of the applications for oilfield chemicals. Oil produced in an oilfield typically contains a significant amount of water, which is mixed in with the oil during the drilling process or naturally, especially in offshore drilling and wells. It's critical to separate the oil from the water in order to purify it and reduce the corrosion of the oil-transporting containers and pipelines. Demulsifiers are used in the oilfield for this purpose, among other things. Demulsifiers are used to reduce the density of the oil, allowing for easier separation of the two chemicals while also reducing pipeline corrosion, which could lead to higher equipment maintenance costs. 

The global Oilfield Chemicals Market was valued at us$ 58,350.2 million in 2018, and is expected to register a cagr of 5.5% in terms of revenue over the forecast period (2019 – 2027) to reach us$ 94,069.7 million by 2027.

The growth in oil exploration and production activities, which in turn increases the demand for oilfield chemicals, demand for advanced drilling fluids, growth in deep-water and ultra-deep-water drilling projects, and rapid expansion of shale oil and gas drilling and production, are all driving the oilfield chemicals market. Furthermore, ongoing activities to meet global energy demand have resulted in the activation of more petroleum crude oil wells around the world, increasing the demand for oilfield chemicals. However, market growth is expected to be hampered in the near future by crude oil price fluctuations and rising environmental concerns. In the near future, the emergence of environmentally friendly oilfield chemicals is expected to provide a significant growth opportunity.

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