Oilfield Chemicals Enable More Cost-effective Gas & Oil Production

Oilfield chemicals are used for exploring and drilling gas and oil to enhance these operations by boosting productivity and efficiency of drilling process. These chemicals are also used at various stages of gas and oil production as drilling additives, corrosion inhibitors, paraffin dispersants and demulsifiers, and so on. Oilfield chemicals find application in drilling, production, cementing, and workover and completion.

Workover and Completion: Largest Oilfield Chemicals Application

Workover and completion emerged dominant in terms of fastest growing and largest applications of oilfield chemicals in the past. It is likely to grow further in the forthcoming years. This growth is attributed to its ability to improve the recovery of gas and oil while reducing environmental impact. It includes enhancing the productivity of the reservoir by creating favorable flow paths using matrix stimulation and hydraulic fracturing. This factor is anticipated to boost adoption in near future.

Production chemicals have shown tremendous growth potential, especially in the Middle East and Africa region. Various companies dealing in oilfield chemicals focus on product development and technological innovations to explore business opportunities. For example, in 2015, BASF Global Oilfield Solutions introduced a range of new chemical solutions for gas and oil industry. The innovations, for stimulation, cementing, drilling, and enhanced oil recovery, and production applications, include:

·       Eradicake, Pyrolase Cellulase, and Pyrolase HT Cellulase

·       BasoMSA

·       Basolon IN 40

·       Aspiro

·       Polytrol FL 45

Market Insights

The global oilfield chemicals market is predicted to reach at USD 28.48 billion by 2015. It is anticipated to register a CAGR of 4.3% over the forecast period (from 2017 to 2025), says a report by Grand View Research, Inc. Escalating product demand in various petroleum operations such as enhanced oil recovery, well stimulation, drilling, cementing, hydraulic fracturing, and production is estimated to propel market. Rising production of crude oil is also expected to boost overall growth over the next few years. Some of the major companies in this 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