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Research analysis on the oilfield process chemicals market identifies that the increased demand for drilling chemicals will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of more than 5% by 2021. There is a rising focus on the exploration of new reserves to cater to the growing energy requirements. This in turn will fuel the need for drilling chemicals. The increasing number of deep-water detections in Pacific and Persian Gulf and the rising number of participants will intensify the energy demand, in turn, increasing the demand for drilling chemicals. Moreover, heavy investments by the key players in onshore and offshore drilling projects and the rise in drilling activities in countries such as Russia and China, and the rise in number of exploration activities in Europe and APAC, will also increase the demand for drilling chemicals. This will in turn, drive the growth of the oilfield process chemicals market during the forecast period.
The increasing demand for novel chemical products is one of the key trends that will gain traction in the oilfield process chemicals market. The oil and gas industry is constantly inducing oilfield chemical manufacturers to come up with new products to cater to a wide range of challenges based on quality, pumpability, reliability, deliverability, and environmental compliance. This compels players in the market to increasingly engage in R&D activities to bring novel products such as water-based drilling fluids. Moreover, the popularity of nanotechnology is also expected to make a significant impact on the development of eco-friendly and biodegradable drilling fluids.
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The oilfield process chemicals market consists of numerous players operating their businesses at both global and regional levels. The established players hold the maximum shares and offer a wide range of oilfield process chemicals that are suitable for different operations such as drilling, cementing, completion, and production.
The leading vendors in the market are -
The other prominent vendors in the market are Akzo Nobel, Albemarle, Ashland, CES Energy Solutions, Chemex, Chevron Phillips Chemical Company, Clariant,Dorf Ketal, DuPont, Ecolab, Gulf Coast Chemical, Huntsman International, Lamberti, Newpark Resources, SICHEM, Solvay, Stepan, and Lubrizol.
During 2016, the drilling chemicals segment accounted for the major shares of the oilfield process chemicals market. Benefits such as the lubrication of drill bit that reduces the friction between the drilling string and borders of the drill hole will contribute to the growth of this industry segment in the coming years.
This market study estimates that in terms of geographic regions, North America will be the major revenue contributor to the oilfield process chemicals market throughout the forecast period. The rising number of aging wells and the availability of a huge market for oilfield process chemicals, will drive the growth of this market in North America.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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