The Global Oilfield Process Chemicals Market is estimated to be $7.72 billion in 2014 and is expected to reach $11.34 billion by 2022 growing at a CAGR of 4.9% during forecast period 2014 to 2022. The demand for oilfield chemicals market grows due to technological advancements and increasing global energy demand for oil and gas exploration and increase in need for higher value chemicals. The factors that are favouring the market are increase in demand for stimulation products whereas factors such as increase in competition hampers the market growth. The market trend of oilfield chemicals is growing demand for Eco-friendly products.
Oilfield Process Chemicals Market is segmented by technology, by product and by geography. Depending on the various products, market is categorized into Cementing chemicals, Drilling fluids, Enhanced oil recovery chemicals, Completion & work over Fluids, Production chemicals and Stimulation chemicals. Based on technology, market is classified as Enhanced Oil Recovery, Well Drilling, Well Stimulation and Unconventional Oil & Gas. Based on geography, market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Significant mergers and acquisitions, collaborations, and joint ventures are the industry trends that are playing a major role for the market growth.
The key players in the Oilfield Process Chemicals Market include Air Products and Chemicals Inc, Chemex Inc, Cytec Industries Inc, DuPont, Global Drilling Fluids & Chemicals Ltd, National Chemical and Petroleum Industries, Oil Chem Technologies LLC, SMC Technologies Inc, Unitop Chemicals Pvt. Ltd and Well Flow International LLC.
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