Global Oilfield Chemicals Market to Reach US$ 94,069.7 Million by 2027 – Coherent Market Insights
SEATTLE, May 21, 2019 (GLOBE NEWSWIRE) -- The global oilfield chemicals market was valued at US$ 58,350.2 million in 2018 and is projected to exhibit a CAGR of 5.5% over the forecast period (2019 – 2027), in terms of revenue.
Key Trends and Analysis of the Global Oilfield Chemicals Market:
The global oilfield chemicals market is expected to witness significant growth over the forecast period. This is owing to increasing exploration activities to discover untapped oil & gas reserves coupled with growing demand for oil and natural gas worldwide.
According to the Government of India, the country imported 109.09 million tons of crude oil from 10 Middle East nations in the 2015-16 fiscal year, which was 59% of the total oil imports. Due to rise in growth of automobile and petrochemical industries in the region, demand for crude oil has increased significantly. India is looking to diversify its oil imports and plans to cut its dependence on the Middle East by increasing imports from Africa as announced by India’s Oil Minister.
Moreover, various companies and governments are contributing to increasing number of exploration projects. For instance, in November 2016, Exxon Mobil along with its partners announced the discovery of oil in the Owowo-2 and Owowo-3 fields off Nigeria’s shores. The discovery is estimated to be between 500 million to 1 billion barrels of crude oil. The news has renewed optimism of oil companies in Nigeria, which has seen a downfall in oil production due to militant activity in the country. This scenario is anticipated to boost the demand for oilfield chemicals in the near future.
As growth of global oilfield chemicals market is dependent on the oil consumption, long-term consumption security will ensure steady growth of global oilfield chemicals market. Furthermore, rising rate of deep-water drilling operations and fueling demand for petroleum-based fuels from emerging economies is likely to provide impetus expansion opportunities for the industry players over the near future.
Factors such as political instability and low prices of oils is to act as major factor hindering the growth of the global oilfield chemicals market over the forecast period.
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The global oilfield chemicals market is expected to exhibit a CAGR of 5.5% during the forecast period in terms of revenue. The market growth is driven by increasing prominence on non-conventional sources such as shale gas and Coal Bed Methane (CBM). Rising ultra-deep drilling and deep drilling activities supported by growing demand for crude oil is likely to generate higher demand for oilfield chemicals in the near future.
In 2018, drilling and stimulation chemicals under upstream segment held dominant share in the market and contributed for about 75.0% of revenue share in the global upstream oilfield chemicals market
Among regions, Asia Pacific is predicted to record fastest growth over the forecast period in the global oilfield chemicals market. Increasing demand for petroleum-based fuels from transportation industry is anticipated to boost the demand for oilfield chemicals in the region.
Some of the major players operating in the global oilfield chemicals market include, Baker Hughes Inc., Halliburton, Schlumberger Ltd., Weatherford International Ltd, Diamoco Group, Royal Dutch Shell Plc, Solvay S.A, and The Egyptian Mud Engineering & Chemicals Company
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Source: GlobeNewswire PR
(May 21, 2019 - 8:40 AM EDT)
