Global Oilfield Chemicals Market to Reach Around US$ 57 Bn by 2026; Rise in Development of Unconventional Oil and Gas Fields and Surge in Crude Oil Prices to Propel Market

TMR

ALBANY, New York, July 25, 2018 /PRNewswire/ --

The global oilfield chemicals market is projected to expand at a CAGR of 7.1% during the forecast period, according to a new research report titled 'Oilfield Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026' published by Transparency Market Research (TMR). According to the report, in terms of volume, the global oilfield chemicals market is expected to surpass around 41 million tons by 2026. The global oilfield chemicals market is driven by rise in the development of unconventional oil and gas fields, increase in the demand for crude oil, and surge in crude oil prices. North America is estimated to hold a major share of the global oilfield chemicals market during the forecast period, owing to the development of fields for shale gas, tight oil, and CBM in the region. The drilling fluids application segment held a major share of the global market in 2017 and the trend is likely to continue throughout the forecast period.

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Rise in demand for surfactants for upstream, midstream and downstream operations in the oilfield sector 

Based on product, the oilfield chemicals market has been segmented into biocides, corrosion and scale inhibitors, demulsifiers, surfactants, polymers, lubricants, hydrogen sulfide scavengers, fluid loss additives, and others. Surfactants are surface-active agents used for lowering the surface tension of liquid molecules, thereby aiding in the separation of a liquid and a solid or that of two liquids. Surfactants provide dispersing, foaming, and reduction in viscosity. They increase inhibitive properties of the fluid and also improve their tolerance. Surfactants have a wide range of applications in the oilfield sector. They are used throughout the lifecycle of an oil field right from exploration, drilling, cementing, production, and well stimulation to work over and completion. The surfactants segment is projected to hold a major share of the global oilfield chemicals market, in terms of both value and volume, during the forecast period and the trend is expected to continue throughout the forecast period.