Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Oil Field Chemicals Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028 Segmented By Application, By Oil Field Type, By Type, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Oil Field Chemicals Market is poised to undergo substantial expansion in the forthcoming years, driven by the adoption of advanced unconventional oil recovery methods.
The oil and gas industry has long been recognized for its inherent volatility, tracing back to the initial discovery of hydrocarbons in Pennsylvania. Given the highly volatile nature of crude oil, this industry's fluctuations are readily evident. However, the sector's potential remains immense, serving as a foundational raw material for an extensive array of chemicals utilized across diverse applications in our daily lives.
Diving into the oil and gas industry reveals two primary segments: Upstream and Downstream. The Upstream segment encompasses processes spanning from the discovery of hydrocarbon-rich reserves to the successful extraction of crude oil from subterranean reservoirs. On the other hand, the Downstream sector focuses on refining raw crude oil into consumable products for various end-user industries.
From an investor's perspective, optimizing cash flow within the intricate operations of the upstream and downstream segments becomes paramount. Industry players channel substantial capital investments to sustain the cash flow throughout the hydrocarbon value chain.
Key to generating substantial profits are production tools, recovery techniques, drilling technologies, and oil field chemicals, essential components consumed to their fullest potential. Oil field chemicals, in particular, wield considerable influence on oil fields and refineries, facilitating production while maintaining the integrity of adjacent processes - from drilling wells to refining undertaken by downstream entities.
Their specialized application in drilling, production, workover, cementing, completion, enhanced oil recovery (EOR), and more has rendered the market increasingly attractive for investments.
Paradigm Shift Towards Local Manufacturing
Countries across the globe are witnessing rapid development in the local manufacturing of oil field chemicals, linked with the incentivized schemes framed by the government and the setup of new manufacturing plants by major oil field chemical companies. Increased production of Oil field chemicals would aid in reducing the cost associated with the supply chain and maintenance, thereby ensuring ease accessibility of oil field chemicals in various onshore and offshore oil and gas developmental activities.
With rising upstream investments in the OPEC region, upstream activities are anticipated to increase, resulting in creating more demand for oilfield chemicals in the region over the course of the next five years.
The rise of Oil Exploration and Production Activities Will Drive Market Growth
The market is driven by the increase in oil exploration and production activities, which in turn fuels demand for sophisticated drilling fluids, oilfield chemicals, deep-water and ultra-deep-water drilling projects, and the rapid development of shale oil and gas drilling and production.
The drilling and cementing segment is expected to dominate the market for 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.
Incorporating Unconventional Techniques to Extract Oil from Tight Fields
Conventional methods to produce oil might work normally in a field where the natural energy of the reservoir is sufficient to pull out oil from the earth against high temperature and pressure conditions. However, those methods are obsolete and need improvisation as most of the fields are profitable. Oil and gas assets demand advanced techniques to be deployed to have most of the recoverable oil for further sale to oil refiners.
The E&P companies operating in Oil producing countries are switching to new and emerging production techniques, such as hydraulic fracturing, EOR, etc., which is pushing the use of specialty oilfield chemicals as a lot of chemical assistance is required for oil and gas extraction through these techniques, thus resulting in boosting demand for oil filed chemicals and driving the growth of Global Oil Field Chemicals.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Global Oil Field Chemicals Market.
- Saudi Arabian Oil Company (Saudi Aramco)
- PJSC Rosneft Oil Company
- Kuwait Petroleum Corporation
- National Iranian Oil Company
- China National Petroleum Company
- ExxonMobil Corporation
- Petroleo Brasileiro S.A
- Abu Dhabi National Oil Company
- Chevron Corporation
- Petroleos Mexicanos
Report Scope:
Oil Field Chemicals Market, By Application:
- Drilling and Cementing
- Production
- Completion
- Midstream & Downstream
- Enhance Oil Recovery
- Others
Oil Field Chemicals Market, By Oil Field Type:
- Onshore
- Offshore
Oil Field Chemicals Market, By Type:
- Commodity Oil Field Chemicals
- Specialty Oil Field Chemicals
Oil Field Chemicals Market, By Region:
- Middle East & Africa
- Saudi Arabia
- Iraq
- United Arab Emirates
- Kuwait
- Iran
- North America
- USA
- Canada
- Mexico
- Europe
- Russia
- Norway
- United Kingdom
- South America
- Brazil
- Colombia
- Venezuela
- Argentina
- Asia-Pacific
- China
- Indonesia
- India
- Malaysia
For more information about this report visit https://www.researchandmarkets.com/r/4lhx9n
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