The global oilfield chemicals market is expected to rise during the forecast period due to the rising use of eco-friendly oilfield chemicals to reduce toxicity and benefit the environment. Fortune Business Insights™ publishes this information in a report titled, "Oilfield Chemicals Market, 2022-2029". As per the report, the oilfield chemicals market size was USD 16.95 billion in 2021. The market size is expected to rise from USD 18 billion in 2022 to USD 29.27 billion by 2029 at a CAGR of 7.2% during the projected period.
The oilfield industry acquires various chemicals used in exploration and production with drilling fluids and production chemicals. These chemicals are used to separate and purify crude oil and gas, where corrosion inhibitors are considered an important element. Increasing demand for eco-friendly chemicals is expected to drive the market during the forecast period.
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List of Key Players Profiled in Oilfield Chemicals Market:
- Halliburton (U.S.)
- Solvay (Belgium)
- NALCO (U.K.)
- BASF SE (Germany)
- The Lubrizol Corporation (U.S.)
- Albemarle Corporation (U.S.)
- Kemira (Finland)
- Clariant (Switzerland)
- Dow (U.S.)
- Stepan Company (U.S.)
- Croda International Plc (U.K.)
- Pon Pure Chemicals Group (India)
Report Coverage:
The report provides factual information regarding market trends and recent advancements in the industry. Also, the report sheds light on the latest key developments in the industry and new products and strategies introduced by the key market players. Furthermore, the impact of COVID-19 pandemic on market growth is highlighted in the report. Drivers and restraints affecting the market growth are elaborated further in this report. The report delivers factual and statistical data regarding potential market growth.
Competitive Landscape:
Innovative Product Development to Encourage Key Players
The key market players implement various business development and expansion strategies, including strategic alliances, mergers, partnerships, and brand acquisitions. Also, the companies focus on developing and designing innovative products to enhance their product portfolio. Also, these strategies allow companies to expand their business globally.
