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Future Market Insights, in its latest report titled ‘Oilfield Chemicals Market: Global Industry Analysis 2014 – 2021 and Forecast 2022 – 2029,’ offers key insights and analysis of the global oilfield chemicals market. The research study conducts an in-depth analysis and provides key market insights on the oilfield chemicals market for the forecast period (2022–2029).

Based on key insights, the oilfield chemicals market is expected to experience significant demand over the forecast period due to an increase in the number of exploration activities worldwide, owing to an increase in the need for energy across the world. The global oilfield chemicals market is estimated to grow at a CAGR of nearly 4% during the forecast period.

Crude Oil Production and Processing Consumes Voluminous Oilfield Chemicals

The increasing number of exploration projects in the countries of Europe and MEA, such as Russia, Kazakhstan, Saudi Arabia, and several others, is estimated to support the demand for oilfield chemicals. These countries have oil reserves, which, in turn, support the demand for oilfield chemicals.

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Furthermore, APAC is a major market owing to the establishment of new refineries to cater to the growing demand for new units in the country. In addition, the increasing demand for refinery and petrochemical products across various end-use industries is an indication for the future demand for efficient crude oil.

To fulfil the demand for crude oil products, vendors have increased their refinery capacities. Attributing to this, manufacturers of crude oil are focusing on expansions as well as on increasing investments on clean fuel. Moreover, a significant volume of oilfield chemicals is utilized in the production and processing of crude oil.

Oilfield chemical act as the backbone of the refinery sector and oil & gas exploration sector across the globe. To meet this cumulative demand, key players of the oilfield chemicals market are expanding their manufacturing and production facilities to emerging regions, such as India & China, with an aim to reduce the operational cost owing to the abundance of economical raw materials and the availability of low-cost labor and in these regions.

‘Inhibitors’ to Remain Preferred Type of Oilfield Chemicals

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Profitability of Asian Markets for Oilfield Chemicals Continues to Rise

North America is a mature and prominent region with significant demand for oilfield chemicals. Asia Pacific is estimated to emerge as a profitable and high-growth region in the oilfield chemicals market. The demand for oilfield chemicals in these regions is also mainly driven by the rising oil & gas exploration activities in the region.

MEA, Eastern Europe, and Latin America are also projected to be above-average growth regions in terms of volume and value, owing to the presence of already established markets in these regions. The market in the Middle East & Africa (MEA) is expected to experience moderate growth over the forecast period as it is an already established market.

Oilfield Chemicals Market by Category

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Global Oilfield Chemicals Market: Vendors Landscape

The oilfield chemicals market is moderately fragmented owing to the presence of a large number of local and established players. The report provides details of some of the key players in the global oilfield chemicals market.

Such as Albemarle Corporation, Akzo Nobel N.V., DowDuPont Inc., Baker Hughes, a GE Company LLC, Halliburton Co., BASF SE, Flotek Industries, Inc., Ashland Inc., Schlumberger Limited, Solvay SA, Clariant AG, GEO Drilling Fluids, Inc. Innospec Incorporated, and Chevron Phillips Chemical Company LLC.

Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain

Esters Market: [295 pages] The global esters market is estimated to be worth around US$ 89.36 Bn in 2022.

Geosynthetics Market: [281 Pages Report] The global geosynthetics market is projected to grow year-on-year by 10.16%, reaching US$ 13.67 Bn in 2022.

Ethylene Dichloride Market: [210 Pages Report] Sales in the global ethylene dichloride market are slated to top US$ 19.2 Bn in 2022. With sales growing at a steady 3.7% CAGR, the market size is projected to total US$ 24.0 Bn by 2028.

Boron Carbide Market: [215 pages Report] Sales in the global boron carbide market are slated to top US$ 141.2 Mn in 2022. Expanding at a healthy 4.2% CAGR, the market size is projected to total US$ 188.8 Mn by 2029.

Coil Coatings Market: [335 pages Report] Sales in the global coil coatings market are slated to top US$ 5.0 Bn in 2022. Expanding at a healthy 4.7% CAGR, the market size is projected to total US$ 6.8 Bn by 2029.

Elastomeric Coatings Market: [259 pages Report] Future Market Insights (FMI) has estimated the market of elastomeric coatings to witness a year over year growth of 7.3% in 2022 reaching a value of about US$ 6,810.5 Mn by the end of 2022. 

Waste-derived Pyrolysis Oil Market: [380 pages Report] Future Market Insights (FMI) has anticipated the demand of waste-derived pyrolysis oil to witness a year over year growth of 4.4% in 2022 reaching a value of about US$ 330.8 Mn by the end of 2022.

Anti-seize Compounds Market: [309 Pages] According to Future Market Insights (FMI), the global anti-seize compounds market registered a year-on-year (YoY) growth of 4.1% in 2021.

Vapour Barrier Market: [418] Future Market Insights (FMI) has anticipated the demand of vapour barrier to witness a year over year growth of 4.4% in 2022 reaching a value of about US$ 25,851.9 Mn by the end of 2029. 

Oilfield Chemicals Market: [265 pages Report] The global oilfield chemicals market is estimated to top US$ 27,383 Mn by 2022-end.

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Oilfield Chemicals Market is expected to Develop at a CAGR of 5.2 % and reaching US$ 127.41 billion by 2029 appeared first on Future Market Insights.

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