The global oilfield chemicals market is expected to reach US$ 43,685.6 Mn in 2027 from US$ 29,120.0 Mn in 2018
NEW YORK, Nov. 21, 2019 /PRNewswire/ -- 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.
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The market is driven by factors such as, growth in oil exploration & production activities, increasing demand for advanced drilling fluids are boosting the oilfield chemicals market. However, crude oil price fluctuations is hindering the market for same in the current scenario.
Drilling fluids, also called as drilling mud, are added to the wellbore to enable the drilling procedure by interrupting cuttings, regulatory pressure, stabilizing exposed rock, giving buoyancy, cooling and lubricating.The important function of drilling fluids is rock stabilization.
Distinct additives are used to ensure that the drilling fluid is not absorbed by the rock formation in the well and that the holes of the rock formation are not blocked. Improved production of the oil in the U.S. made it stronger economically and also better America's security in the globe. Various policies and actions support America's continuous energy progress, not more significant than growing access to oil reserves in federally-controlled zones. Oilfield chemicals are having long shelf life period which makes them suitable for use in the industry.
Global oilfield chemicals market was segmented by type and application.The type was segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, others.
By application the market is segmented into drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, workover and completion.
The overall global oilfield chemicals market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aquaculture market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the oilfield chemicals market.
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