About Oilfield Process Chemicals
Oilfield process chemicals are a class of specialty chemicals that are extensively used in the oil and gas industry. They are used in various phases of oil exploration. Different types of oilfield process chemicals include drilling chemicals, stimulation chemicals, production chemicals, cementing chemicals, workover and completion chemicals, and enhanced oil recovery chemicals. These chemicals, with their use in oilfield operations, help in increasing the overall efficiency and productivity of oil extraction and production processes.
Technavio’s analysts forecast the global oilfield process chemicals market to grow at a CAGR of 5.40% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the Global Oilfield Process Chemicals Market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oilfield Process Chemicals Market 2017-2021
Technavio recognizes the following companies as the key players in the global oilfield process chemicals market: Baker Hughes, BASF, Halliburton, Schlumberger, and The Dow Chemical company.
Other Prominent Vendors in the market are: Akzo Nobel, Albemarle, Ashland, CES Energy Solutions, Chemex, Chevron Phillips Chemical Company, Clariant,Dorf Ketal, DuPont, Ecolab, Gulf Coast Chemical, Huntsman International, Lamberti, Newpark Resources, SICHEM, Solvay, Stepan, and Lubrizol.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising demand for novel chemical products. The oil and gas industry is continuously compelling the oilfield process chemical manufacturers to develop and launch innovative products that meet an extensive range of challenges in terms of quality, pumpability, reliability, deliverability, and environmental compliance along with the required performance standards.”
According to the report, one driver in the market is increased demand for energy. The ever-growing demand for energy has resulted in an increase in onshore and offshore exploration activities. This rise in exploration activities is driving the market for oilfield process chemicals. Crude oil and natural gas play a critical role in the global energy supply chain. In 2016, crude oil emerged to be the largest source of energy around the world accounting for approximately 35% of the global energy demand. The rising oil demand, leading to an increase in exploration and production activity, is enhancing the demand for oilfield process chemicals.
Further, the report states that one challenge in the market is volatile crude oil prices. Persistent price variations of oil pose a major threat to the global oilfield process chemicals market. Owing to the supply-demand variabilities and the unprecedented political situation in the Middle East, which has the major share of world's oil supply, there is an instability in the price of crude oil in the foreign market. This instability has intentionally increased the prices of oilfield process chemicals. Therefore, the manufacturers of oilfield process chemicals are unable to plan and produce accordingly because of the fluctuating crude oil prices.
Baker Hughes, BASF, Halliburton, Schlumberger, The Dow Chemical company, Akzo Nobel, Albemarle, Ashland, CES Energy Solutions, Chemex, Chevron Phillips Chemical Company, Clariant,Dorf Ketal, DuPont, Ecolab, Gulf Coast Chemical, Huntsman International, Lamberti, Newpark Resources, SICHEM, Solvay, Stepan, and Lubrizol.