The oil & natural gas industry has been engaged in extensive exploration activities to develop a variety of fuel sources and raw materials in a bid to meet the requirements of manufacturers worldwide. Owing to a significant drop in the global oil demand triggered by the rapid adoption of renewables and gas technologies, oil companies have begun to focus on new drilling & extraction technologies lately to produce clean and sustainable energy.
Oilfield chemicals are high-performance chemical components that find pivotal applications in the oil & gas extraction operations. These chemicals specialize in drilling optimization, improved oil recovery, corrosion protection, drilling fluid stabilization in high-pressure and high-temperature environments, and preventing mud loss in different geological formations. These chemicals are extensively used across oilfields for oil and gas exploration and production operations, including drilling, cementing, fracturing, stimulation, and, eventually, production. Oilfield chemicals improve the efficiency of extraction operations in well-drilling and production facilities and enhance petroleum refining processes. Drilling fluids aid in the faster drilling of deep wells in challenging environmental conditions and help control the well pressure and provide buoyancy and cooling during the drilling process. Fibers, polymers, biocides, suspension and rheology chemicals, surface modifiers and fillers, specialty cement, and membrane-sealing solutions are the common examples of drilling fluids. Cementing refers to the preparation of wells for rigorous drilling and oil production. Oilfield chemicals help in circulation control, gas migration control, and prevent fluid loss during the cementing of wells. The practice of fracturing in the oil & gas industry has increased worldwide over recent years. It is an alternative to the traditional completion methods and facilitates oil production in more diverse locations. Specific polymers, breaker technology, crosslinkers, and specialty products like chelating agents and chemical diverters are the common oilfield chemicals used in this process. Furthermore, there are various specialty chemicals mainly designed for enhancing the stimulation process. Stimulation treatments are intended to restore or enhance well productivity.
Several factors are poised to boost the global oilfield chemicals market growth over the following years. A significant spike in crude oil production to meet the burgeoning demand for oil post-COVID-19, the surging need for specialty oilfield chemicals, rising oil & gas exploration activities, discovery of new oilfields, increasing deep-water drilling activities, technological enhancements in oil & gas extraction operations, and escalating expenditure on advancing oilfield chemical properties, such as stabilization, emulsification, and conditioning, are the key drivers for the market expansion. BASF SE, Royal Dutch Shell Plc, Halliburton, Baker Hughes, Schlumberger Limited, Ecolab Inc., Solvay S.A., Newpark Resources Inc., AkzoNobel NV, Lubrizol Corporation, Albemarle Corp., E I Dupont de Nemours and Company, Kemira Oyj, Huntsman Corporation, Clariant AG, Universal Oil Field Chemicals Pvt. Ltd., Champion Technologies, Chemcon Specialty Chemicals Pvt. Ltd., REDA Oilfield, Imperial Oilfield Chemicals Pvt. Ltd., and Stepan Company are among the leading players in this market. Germany-based BASF SE is one of the leading competitors, with the largest chemical site located in Ludwigshafen. In 2019, the company concluded its merger deal with the top American specialty chemicals manufacturer, Solenis. The merger was intended to expand BASF’s product portfolio and provide the oil & gas industry with cost-effective solutions.
Read full press release at: https://www.reportsanddata.com/press-release/global-oilfield-chemicals-market
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