According to a new market report published by Credence Research Global Oilfield Chemicals Market – Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global Oilfield Chemicals Market is expected to reach US$ 34.9 Bn by 2025, expanding at a CAGR of 6.1% during the forecast period 2017 – 2025.
Browse the full Global Oilfield Chemicals Market by Chemical Type, Application and Geography – Growth, Future Prospects & Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/oilfield-chemicals-market
Oilfield chemical consumption is expected to spur with increasing supply of oil & gas and growing international oil & gas trade. According to EIA, the global oil consumption was observed to be 96.92 million barrels per day in 2016 and anticipated to surpass 100 million barrels per day by 2018. Further, increasing exploration of new oil reserves raised the world oil production to 97.17 million barrels per day which is projected to reach 100 million barrels per day by 2018. Increasing exploration of shale reserves in North America and growing oil output of OPEC resulted in over supply of oil & gas which has adversely effected the oil prices. Thus, decline in crude oil prices offsetting the profitability margins of oil producers which in turn is negatively impacting the demand for oil field chemicals. However, the growth in number of matured reserves, softening of oil prices, and development in technologies such as hydraulic fracturing, pressure pumping shifting the focus of the oil producers to improve the yield from existing reserves which is subsequently increasing the demand for oilfield chemicals. Further, increasing complexity in exploration of new reserves with growing technological challenges such as exploration in ultra deep water or exploration in high-pressure and temperature and corrosive conditions propelling the demand for oilfield chemicals. Therefore, oil field chemicals market is projected to witness moderate growth till 2018 and is expected to witness robust growth during the period of 2018-2025.
Global oilfield chemicals market is segmented on the basis of chemical type, application and geography. By chemical type, organic corrosion & scale inhibitors segment was the most dominant segment in global oilfield chemicals market in 2016 and anticipated to continue its dominance over the forecast period. Increasing complexity in drilling operations due to growing challenges to counter corrosion promoting the use of corrosion inhibitors which is subsequently driving the growth of the segment during the forecast period. Based on application, well simulation application segment accounted for the largest share in global oilfield chemicals market owing Increasing use of the well simulation chemicals to improve the oil & gas production from the reservoir. On the basis of geography, North America was estimated to be the largest market for oilfield chemicals in 2016 and projected to maintain its dominance during the forecast period. Increasing exploration of shale gas reserves in the region is anticipated to drive the growth of the segment during the forecast period. Major players in global oilfield chemicals market are investing in research and development, merger and acquisition with focus on increasing market penetration.
Overall, global oilfield chemicals market is anticipated to register significant growth over the forecast period (2017-2025).
– Merger & Acquisition
– Investment in R&D