Oil field Chemicals Market to be dominated by Middle East & Africa Region
Objective to enhance
Hydrocarbon recovery by deploying optimized production techniques that requires
optimal usage in Oil field chemicals from onshore and offshore oil fields is
driving the growth in Global Oil Field Chemicals market in the forecast period,
2024-2028.
According to TechSci Research
report, “Oil Field Chemicals
Market - Global Industry Size, Share, Trends, Competition, Forecast &
Opportunities, 2018-2028”, the Global Oil Field
Chemicals market is projected to grow at an impressive CAGR in the forecast
period. With the rise in the difficulties in the extraction of hydrocarbon from
unconventional oil fields, Companies have started deploying new techniques that
can enhance crude production from the fields that are difficult to exploit by
executing an economical plan from the exploration till abandonment of oil well.
With the increasing prospects of finding the avenues that has potential to
generate crude in commercially viable quantity and consumption of oil field
chemicals is blooming the growth of Global Oil Field Chemicals Market.
The COVID-19 effect has
been detrimental to organizations operating in the global oil & gas
industry, especially oil field chemicals manufacturers, in terms of both
top-line and bottom-line growth. To maintain the demand-supply balance in 2020,
most upstream firms are projected to reduce their production from 30% to 25%. While
the outbreak has an influence on the
demand for petroleum products, disruptions in the business cycles of the entire
value chain of oil field chemical firms are negatively affecting the supply of
the product. The world's oil industry has reached a difficult period. The
drilling and cementing segment is expected to dominate the market for the
global oilfield chemicals due to the thousands of drilling rigs present around
the world, rising crude oil production each year to meet the rising demand to
meet the energy requirement, and the use of both organic and inorganic base
chemicals. Oilfield chemicals in the drilling segment maintain temperature and
stop contaminated goods from getting into the drilling fluid system.
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Global
Oil Field Chemicals market is segmented into application, oil field type, type
competitive landscape, and region.
Based on application,
the market is divided into drilling and cementing, production, completion,
midstream & downstream, and enhance oil recovery. The contribution from Enhance Oil Recovery (EOR) market is expected to
grow significantly in volume terms during 2024-2028 on account of increasing
application of tertiary methods of oil production in the maturing oilfields.
Maturing oilfields in the Middle East holds tremendous potential for the
application of EOR processes which would escalate the consumption of Oil field
Chemicals in the forecast period, resulting in the impressive growth of Global Oil
field chemicals market.
Going through
regional analysis, the Middle East & Africa region dominated the market and
is expected to maintain its dominance through the next five years. Due to
prospective petroliferous basins located in the middle east region, Low labor
cost coupled with abundant availability of crude are the main reasons behind
the dominance of Middle East Region in the Global Oil Field Chemicals market.
The E&P companies operating business in Saudi Arabia are implementing
cutting-edge production methods like hydraulic fracturing and EOR. The
traditional methods of bringing oil and gas to the surface through natural
pressure and water injection are becoming less effective, which is driving the
use of specialized oilfield chemicals because these methods require a lot of
chemical assistance for oil and gas extraction, driving up demand for oil field
chemicals.
Major
market players operating in the Global Oil Field Chemicals market are:
- Saudi
Arabian Oil Company (Saudi Aramco)
- PJSC
Rosneft Oil Company
- Kuwait
Petroleum Corporation
- National
Iranian Oil Company
- China
National Petroleum Company
- ExxonMobil
Corporation
- Petróleo
Brasileiro S.A
- Abu
Dhabi National Oil Company
- Chevron
Corporation
- Petroleos
Mexicanos
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“Pricing of Crude Oil and
Natural Gas is a significant concern for the companies that operates in Oil
Field Chemicals Market. The upswing in the price is the major cause for decline
and rebound of Global Oil Field Chemicals Market as surge in the international
prices of crude creates unmeasurable volatility which affects market stability
and trade of oil field chemicals suppliers by wider limits. With
rising upstream investments in the OPEC region,
are anticipated to increase upstream activities, resulting in creating
more demand for oilfield chemicals in the region over the course of next five
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Oil Field Chemicals
Market - Global Industry Size, Share, Trends, Competition, Forecast and
Opportunities, 2018-2028, Segmented By Application (Drilling & Cementing,
Production, Completion, Midstream & Downstream and Enhance Oil Recovery),
By Oil Field Type (Onshore, Offshore), By Type (Commodity Oil Field Chemicals,
Specialty Oil Field Chemicals), By Region, and Competition,” has evaluated the future
growth potential of Global Oil Field Chemicals market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Oil Field Chemicals market.
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