Increasing Demand for Advanced Drilling Fluids, Stimulates the Growth of Oilfield Chemicals
The global oilfield chemicals market is expected to reach US$ 43,685.6 Mn in 2027 from US$ 29,120.0 Mn in 2018. The market is estimated to grow with a CAGR of 4.7% from 2019-2027.
Asia Pacific is the highest growing geographic market and is expected to be the most significant revenue contributor throughout the forecast period. The region is witnessing growth owing to the presence of well-established players in this region. The growth is driven by factors such as the government initiatives to promote crude oil exploration activities along with strategic alliances between countries to promote oil exploration. Furthermore, rising demand for petroleum-based fuel from the transportation industry is projected to boost the demand for Oilfield Chemical products in this region.
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Drilling fluids, also called as drilling mud, are added to the wellbore to enable the drilling procedure by interrupting cuttings, regulatory pressure, stabilizing exposed rock, giving buoyancy, cooling and lubricating. The important function of drilling fluids is rock stabilization. Distinct additives are used to ensure that the drilling fluid is not absorbed by the rock formation in the well and that the holes of the rock formation are not blocked. Recentally, drilling fluids have advanced into high technology, with industry and university investing significant capital and resources per year to develop new component interactions and engineered structures. The drilling fluids technology is advancing with latest innovation, and the kinds of fluid methods available include water-based muds (WBMs), polymer muds, drill-in fluids, saltwater mud, and reservoir drilling fluids, high-performance water-based mud (HPWBMs), high-pressure and high-temperature fluids, oil-based muds (OBMs), synthetic oil-based muds, invert emulsion muds, synthetic-based mud, and non-aqueous drilling fluids
Company Profiles
- Akzo Nobel N.V.
- Albemarle Corporation
- Baker Hughes
- BASF SE
- Ecolab
- Halliburton
- Newpark Resources Inc.
- Schlumberger Limited
- Solvay
- The Lubrizol Corporation
The global oilfield chemicals market by type was led by polymers. In 2018, the segment held the largest market share in the global oilfield chemicals. However, the demulsifiers segment is also expected to witness growth at a significant rate during the forecast period as the process maintains the physical structure of the food product and preserves it for rehydration, these products can be reconstituted quickly and easily by adding water.