The worldwide oilfield chemicals market is anticipated to reach at $ 28.48 bn. growing at a CAGR of 4.3 % during the forecast period i.e., from 2017 to 2025; predict the findings of a report published by Grand View Research, Inc. These chemicals are used in exploring and drilling of oil and gas to boost these operations by enhancing the yield and efficiency of the drilling methods.
Many companies in this industry aim at new product and technological development. For example, BASF Global Oilfield Solutions introduced a range of new chemicals solutions in 2015 for the gas and oil industry. The innovations, for the cementing, stimulation, enhanced oil recovery, production, and drilling applications, include Eradicake, Pyrolase HT Cellulase, and Pyrolase Cellulase; BasoMSA; Aspiro; Polytrol FL 45; and Basolon IN 40.
The new Eradicake, Pyrolase HT Cellulase, and Pyrolase Cellulase are high temperature performance enzymes and eco-friendly solutions for drilling and stimulation operations. The BasoMSA is a stable acid with excellent performance at high temperatures. Aspiro combines expertise in surfactants and polymers under one brand, thereby improving cost-effectiveness of enhanced recovery operations in various field conditions such as untapped and more challenging reservoirs. The Polytrol FL 45 is a fluid loss additive, which offers excellent flexibility develop slurry compositions to suit all wellbore conditions. The Basolon IN 40 is a non-amine-based and non-scaling substitute fort H2S scavenging.
A rise in product application and demand in a variety of petroleum operations such as well stimulation, enhanced oil recovery, cementing, hydraulic fracturing, production, and drilling is expected to boost the growth of the global oilfield chemicals market. In addition, the rapidly growing production of crude oil is also predicted to fuel the global market development during the next eight years.
Furthermore, different government bodies of different countries are offering great financial support to small-sized and medium-sized firms to encourage the development of new technologies. This factor is also projected to escalate the global market growth over the next few years. Some of the major companies in the global market are Dow Chemical Co.; Schlumberger Ltd.; Baker Hughes; BASF SE; and Stepan Co.
In-Depth Research Report On Oilfield Chemicals Market:
https://www.grandviewresearch.com/industry-analysis/oilfield-chemicals-market
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