Global Oilfield Chemicals Market Overview And Statistics For 2024-2033
Oilfield Chemicals Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Oilfield Chemicals Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, October 4, 2024 /EINPresswire.com/ -- The oilfield chemicals market has experienced robust growth in recent years, expanding from $32.9 billion in 2023 to $35.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to market competition and innovation, geopolitical factors, corrosion and scale prevention, cost efficiency in operations, oil and gas exploration.
What Is The Estimated Market Size Of The Global Oilfield Chemicals Market And Its Annual Growth Rate?
The oilfield chemicals market is projected to continue its strong growth, reaching $45.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to sustainability focus, competition and market dynamics, geopolitical influence, production optimization, complex reservoir extraction.
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Growth Driver of The Oilfield Chemicals Market
The rising demand for crude oil and its by-products is expected to propel the growth of the oilfield chemicals market going forward. Crude oil is a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid under normal pressure despite passing through surface-separating facilities. The by-products are products obtained by the extraction process in a refinery, and these products include gasoline, aviation fuel, diesel, and asphalt. The rising demand for crude oil has led to increased exploration and production activities, which, in turn, has driven the demand for oilfield chemicals. These chemicals are utilized in various petroleum operations such as drilling, well stimulation, production, cementing, enhanced oil recovery, and hydraulic fracturing
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Which Market Players Are Driving The Oilfield Chemicals Market Growth?
Key players in the market include Johnson Controls International plc, Daikin Industries Ltd., Lucky Goldstar Electronics Inc., Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Mitsubishi Electric Corporation, United Technologies Corporation, Addison HVAC LLC, Desert Aire LLC, DRI-Steem Corporation, Carrier Global Corporation, Trane Technologies plc, Price Industries Limited, Munters Corporation, Captive-Aire Systems Inc., JMA Wireless, SOLiD Technologies Inc., Radio Frequency Systems, HUBER+SUHNER AG, Cobham Wireless, Huawei Technologies Co. Ltd., Axell Wireless Ltd., TE Connectivity Ltd., Anritsu Corporation, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Ingersoll Rand, Hitachi Automotive Systems, Curtiss-Wright Corporation, Kongsberg Automotive, Ficosa International S.A.,
What Are The Key Trends That Influence Oilfield Chemicals Market Share Analysis1?
Major companies operating in the market focus on developing innovative products for market growth. For instance, in April 2022, Ingevity Corporation is launching new bio-based oilfield products, EnvaWet UHS 3100 wetting agent and EnvaDry P-FL dual-functional dry additive derived from pine-based tall oil for invert emulsion drilling fluids.
How Is The Global Oilfield Chemicals Market Segmented?
1) By Type: Polymers, Corrosion And Scale Inhibitors, Demulsifiers, Surfactants, Gellants And Viscosifiers, Other Types
2) By Location: Onshore, Offshore
3) By Application: Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover And Completion
Geographical Insights: North America Leading The Oilfield Chemicals Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Oilfield Chemicals Market Definition
Oilfield chemicals refer to chemical compounds of speciality chemicals that are used to improve oil recovery, protect from corrosion, optimize drilling, prevent mud loss in different geological formations, and stabilize drilling fluid in high-temperature and high-pressure environments.
Oilfield Chemicals Global Market Report 20242 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global oilfield chemicals market report covering trends, opportunities, strategies, and more
The Oilfield Chemicals Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oilfield chemicals market size, oilfield chemicals market drivers and trends, oilfield chemicals market major players and oilfield chemicals market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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