Oil and gas chemicals are used in major oil field activities such as drilling, production, stimulation, enhanced oil recovery, and completion. They are used in various other operations for smooth functioning and improving the productivity of the well. Additionally, oil and gas chemicals have applications in petroleum refining processes. Increase in energy demand, high consumption rate, and growing oilfield activities in deep and ultra-deepwater have led to increasing growth of oil and gas chemicals market.
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Upstream segment of oil and gas chemicals market is projected to be the dominant market and was valued at US$ 37.39 billion in 2016. Oil and gas chemicals are widely used in oilfield activity to extract, repair or enhance the total oil recovery during the life of an oilfield. Stimulation chemicals, which is a sub-segment of upstream oil and gas chemicals, is the dominant market in the oil and gas chemicals, owing to their wide use in oilfield E&P activities. Stimulation chemicals are one of the best-suited measures to enhance the production of a well and were projected at a value of US$ 16.58 billion in 2016. However, workover & completion chemicals are witnessed to attract the upstream oil and gas chemicals market at a fast pace with a CAGR of 6.19% over the forecast period.
The midstream segment is witnessed to grow at a fast pace with a CAGR of 6.41% over the forecast period and was valued at US$ 8.59 billion in oil and gas chemicals market, owing to their wide use in major stages of the petroleum industry, which includes processing, storage, and transportation. Desalting chemicals are projected to have the largest market in midstream oil and gas chemical and was valued at US$ 3.10 billion in 2016, owing to their use in decreasing the content of salt in the treated oil. However, Flow assurance is viewed to gain importance and attract the midstream oil and gas chemicals market over the forecast period with a CAGR of 6.69%.
The downstream segment is accounted to have a significant growth in oil and gas chemicals market due to the rising demand for refined products, such as kerosene, gasoline, jet fuels, lubricants, natural gas, and numerous other products. This segment was valued at US$ 6.55 billion in 2016. Petrochemical additives from the downstream segment are projected to be the dominant market in downstream oil and gas chemicals and are anticipated to continue their dominance over the forecast period.
North America is projected to have a dominant market in oil and gas chemicals in terms of market share and volume, which is anticipated to continue its dominance over the forecast period. However, Asia-Pacific is witnessed to have a fast pace in the oil and gas chemicals market.
Major Players in Oil and Gas Chemicals Market for Upstream, Midstream, and Downstream
Major players operating the global oilfield chemical market include Baker Hughes, Akzo Nobel NV, Elementis Plc., NALCO Champion, Newpak Resources Inc., The Lubrizol Corporation, Halliburton Company, Solvay SA, and others.
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