Oilfield chemicals are chemical compounds used to improve the effectiveness and efficiency of operations at an oilfield site. These chemicals are used in a variety of operations such as drilling, production, and completion, among others. These chemicals are used in the purification of equipment, machines, oil, and oil fields.
The rise in oil production and exploration activities is driving up demand for oilfield chemicals. During the forecast period, demand for Oilfield Chemicals Market is expected to rise due to increased oil and gas exploration and production, as well as progress in deep-water drilling projects. According to the India Brand Equity Foundation (IBEF), leading oil and gas players in India such as ONGC, Petronet LNG, and Indian Oil Co. announced expansion plans in the domestic oil and gas industry in February 2021 to meet consumer demand globally. However, rising environmental concerns and volatile crude oil prices are expected to restrain the growth of the oilfield chemicals market.
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