Global oilfield chemicals market to exceed $43 billion by 2027
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Last Update: 2019-12-05
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Source: Internet
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Author: User
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According to the MENAFN News Agency on December 3rd, according to the market research company's 2027 oilfield chemicals market - by type (polymers, corrosion and scale inhibitors, emulsions, surfactants, additives and adhesives, etc.), applications (drilling, cementing, increased recovery, production of chemicals, increased production, completion of wells) and terrain of the global oil field market by 2027, the global market is expected to reach the global market of 866.66 billion U.Sdollarsoil field chemicals will be widely used in drilling processesDuring this process, the drilling fluid is added to the drilling mud to stabilize the rockThese liquids contain a variety of chemical additives to ensure that they are not absorbed by the rock formations, making the drilling process effectiveThe growing demand for advanced drilling fluids, coupled with the increasing shelf life of these chemicals, is a key driver of the oilfield chemicals marketaccording to the report, the global oilfield chemicals market is valued at $29.12 billion in 2018 and is expected to grow at a CAGR of 4.7% by 2027Expansion of the oil and gas industry, increased exploration and production activities and advances in drilling technology will drive growth in the oilfield chemicals market during the forecast periodHowever, uncertainty over crude oil prices is hampering market growthThe oil field chemicals market is divided into emulsions, polymers, surfactants, corrosion and scale inhibitors, additives and adhesives, depending on the typeConsidering the scope of application, the industry can be divided into cementing, drilling, increasing production, increasing recovery rate, repair well completion and production of chemicalsin the regional environment, the U.Soilfield chemicals market is expected to accelerate during the analysis periodThis regional growth can be attributed to the improved economic conditions in the country as a result of increased oil productionOther factors contributing to the regional market's prospects include the government's favourable policies on energy independence and better access to oil reserves located in the federal regionreport describes major competitors in the oilfield chemicals market as Solvay, Halliburton, Schlumberger, Luborun, Yikang, Yabo, Noreon, BASF, Baker Hughes, New Park Resources, etc
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