As per the GMI Research forecasts, the strong growth for oil and gas demand has created enormous opportunities for well drilling activities across the globe, thereby positively impacting the oilfield chemicals market. The market was estimated to be USD 10,300 Million in 2020, while growing at a CAGR of 6.1% during the forecast period (2021-2028).

The oil field chemicals are the products used in the oil and gas industry, enhancing the efficiencies and effectiveness of the operations exploration and production on the oilfield site. The chemical compounds are majorly used in drilling, production, well stimulation, cementing, and enhanced oil recovery activities. These products help in the purification of the equipment, oil, and oil field sites. The rising demand for petroleum as a fuel in the automotive industry is a significant factor influencing the growth of the oilfield chemicals market. Moreover, the rising production of oil and gas production globally is another factor driving the oilfield chemicals market size. The increasing emphasis on exploration and production of shale gas in North America makes it the dominant region, followed by the Middle East and Africa. The shale gas production has been rising exceptionally over the years, and the surging demand for natural gas from the major developing nations of North America is contributing to the market’s growth.

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The significant factors proliferating the market in North America and Middle East regions are the presence of huge onshttps://www.gmiresearch.com/report/oilfield-chemicals-market/sample-requesthore and offshore reserves. For instance, offshore explorations have been carried out for many years in the UAE, with projects like the Upper Zakum oilfield, which has significant production volumes and contains nearly 50 billion barrels, economically viable reserves. The surge in several exploration activities in these regions is expected to drive the specialty oilfield chemical market. As per the oilfield chemicals market analysis, the factor elevating the market trajectory in this segment includes the increasing deployment of hydraulic fracturing technology in the exploration process, which boosts the demand for biocides globally.

Based on the application, drilling fluids is expected to dominate the market over the forecast period. The rising exploration and drilling activities due to the increasing demand for petroleum products has fuelled the segment’s growth. In addition, the oilfield chemicals market research report projects that drilling fluids provide well control of subsurface pressures via a combination of any additional pressure acting on the fluid column and density.

Key Developments:

• In 2021, Clariant AG introduced a full range of innovative oil production solutions in the 2021 SPE International Conference on Oilfield Chemistry in The Woodlands, Texas, United States. The presentations featured the latest research and developments in the fields of corrosion inhibition, anti-agglomerates, demulsifier formulations, and more.

• In 2020, Chevron introduced Tribex ERD, a specialized dry lubricant designed for the demanding environment oil and gas operating companies face in extended-reach drilling. TribexTM ERD, unlike most liquid or dry lubricants, can be used in oil- or water-based fluid systems. The multifunctional additive reduces static and dynamic friction and high temperature/high-pressure fluid loss.

The global oilfield chemicals market has been segmented based on products, applications, and regions. Based on products, the market is segmented into biocides, inhibitors, demulsifiers, water clarifiers, and others. Based on application, the market is segmented into drilling fluids, cementing, well stimulation, production, and others.