The global oilfield chemicals market was valued at US$ 58,350.2 million in 2018, according to Oilfield Chemicals Market Report, by Application (Upstream, Midstream, and Downstream) and by Region (North America, South America, Asia Pacific, Europe, Middle East, and Africa).
The global oilfield chemicals market is projected to reach US$ 94,069.7 million by 2027, exhibiting a CAGR of 5.5% during the forecast period (2019-2027). Increasing demand for oil and natural gas coupled with rising exploration activities, in order to discover untapped oil & gas reserves is expected to boost growth of the global oilfield chemicals market over the forecast period. According to OPEC, the global oil consumption increased from 104 mboe/d (Thousand Barrels of Oil Equivalent per day) to 268 mboe/d, an increase of 157%. This rapid increase has been attributed to increased consumption in emerging economies such as India, China, and ASEAN. Furthermore, OPEC forecasts the oil consumption to increase by 49% from 268 mboe/d to 399 mboe/d by 2040.
Moreover, two largest populations of the world i.e. India and China are energy deficient and are reliant on imports. The Middle East and Africa are expected to be major players in meeting this demand. Currently, the Middle East caters to around 50% of China’s imports. The scenario is expected to sustain, as China struggles to diversify its imports. Political instability in African countries and low price of oil is predicted to be major restraining factors for the global oilfield chemicals market. Algeria, Libya, and Egypt were victim to the Arab Spring Revolution and have encountered political chaos since then. The oil production as a result has fallen in all three countries.
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