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) published by . 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. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/oilfield-chemicals-market-332 Browse 1360 market data tables* and 22 figures* on "Oilfield Chemicals Market” - Global forecast to 2027. Key Takeaways of the Market:

  • Among application type, upstream segment held the dominant share in the global oilfield chemicals market in terms of revenue in 2018. Oilfield chemicals help oil and gas producers by providing cost effective solutions to reduce deposition, save energy, control corrosion, curtail downtime, increase productivity, treat produced water for reuse or disposal specifications, and optimize system performance. Owing to these advantages, oilfield chemicals market is expected to record significant upsurge from upstream application in the near future.
  • In 2018, North America accounted for the largest revenue share of around 57.0% in the global oilfield chemicals market. Major factors driving growth of the market in the region include increased emphasis on shale gas production and exploration in the region.
  • Major players operating in the global oilfield chemicals market include, Baker Hughes Inc., Halliburton, Schlumberger Ltd., Weatherford International Ltd, Diamoco Group, Royal Dutch Shell Plc, Solvay S.A, and The Egyptian Mud Engineering & Chemicals Company.
  • Key players in the market are focused on adopting various strategic initiatives in order to maintain their position in the competitive environment. For instance, Royal Dutch Shell Plc, focuses on strengthening its leadership in the oil and gas industry, while positioning the company for growth as the world transitions to a low-carbon energy system. Safety, environmental, and social responsibility underpin the business approach. In February 2016, Royal Dutch Shell Plc, completed the acquisition of BG Group, adding significantly to its activities in liquefied natural gas (LNG) worldwide and deep-water oil and gas production in Brazil.