The global Oilfield Chemicals market is expected to reach US$ 43,685.6 Mn in 2027 from US$ 29,120.0 Mn in 2018. The market is estimated to grow with a CAGR of 4.7% from 2019-2027.
Asia Pacific is the highest growing geographic market and is expected to be the most significant revenue contributor throughout the forecast period. The region is witnessing growth owing to the presence of well-established players in this region. The growth is driven by factors such as the government initiatives to promote crude oil exploration activities along with strategic alliances between countries to promote oil exploration. Furthermore, rising demand for petroleum-based fuel from the transportation industry is projected to boost the demand for Oilfield Chemical products in this region.
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Global oilfield chemicals market, based on the type, was segmented as, polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gellants and Viscosifiers, others. In 2018, polymers held the largest share of the market, by type. However, the demulsifiers segment is anticipated to grow at a significant rate during the forecast period. The demulsifiers have properties to treat emulsions under conditions such as short residence times, high turbulence, high solid loadings, low temperature, and high water content these factors are anticipated to lead to the growth of the segment during the forecast period.
The major players operating in the oilfield chemicals market include Akzo Nobel N.V., Albemarle Corporation, Baker Hughes, BASF SE, Ecolab, Halliburton, Newpark Resources Inc., Schlumberger Ltd., Solvay, and The Lubrizol Corporation.
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