What will the Global Oil Field Chemicals Market size be in 2024 and what will the growth rate be?

Infinium Global Research added Latest Research Report titled “Oil Field Chemicals Market by Manufacturers, Regions, Product Type and Application, Forecast to 2024” to its Large Report database.

The main objective of this report is to define, describe, and forecast the global “Oil Field Chemicals” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.

Use of chemistry to maintain production to promote growth in the Oil Field Chemicals Market

Increase in the production of crude oil coupled with increasing demand from enhanced oil recovery applications are the factors driving the growth of the oilfield chemicals market. In addition, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production are triggering the growth of the oilfield chemicals market. However, cost of oil production level and Chemical regulations are dynamic and are constantly changing as per the compliance requirements. Hence, changing rules and regulations are restraining the market growth of the oilfield chemicals market during the forecast period. Furthermore, the occurrence of eco-friendly oil chemicals has opened several doors of opportunity for the oilfield chemicals market over the upcoming years. Discovery of new oilfields has created a positive impact on the key players in the oilfield chemicals market.

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North America region to contribute to growth in the global Oil Field Chemicals market

North America dominated the oilfield chemicals market. The growth in the North America region can be attributed presence of several oilfield chemical companies in this region. In addition, expansion of shale oil and gas industries in the U.S is the key factor dominating to drive oilfield chemicals market in North America. On the other hand, Asia Pacific is anticipated to witness the fastest growth due to the increased government spending in China to meet energy demands.

ExxonMobil Announced Seventh Oil Discovery Offshore in Guyana

Exxon Mobil Corporation (NYSE:XOM) announced its seventh oil discovery offshore in Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil is the largest publicly traded international energy company that uses technology and innovation to help meet the worlds growing energy needs.Further upstream process will require the use of oilfield chemicals for drilling, completing, and producing oil and gas wells.

GE Announceds Completion of GE Oil & Gas and Baker Hughes Merger

In July 2017- GE (NYSE: GE) announced the completion of the previously announced combination of GE’s oil and gas business with Baker Hughes. Baker Hughes, a GE company (NYSE:BHGE) was the first and only company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.

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GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive, and predictive. BHGE provides differentiated services for customers by combining digital solutions and technology from the GE Store with the domain expertise of Baker Hughes and its culture of innovation in the oilfield services sector. Under the terms of the transaction agreement, which was previously announced on October 31, 2016, the transaction resulted in a partnership structure, pursuant to which Baker Hughes was converted to a partnership and GE contributed its Oil & Gas business into that partnership.

Report Highlights:

The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global oil field chemicals market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of oil field chemicals market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the oil field chemicals market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the oil field chemicals market to understand the present and future trends in this market and formulate their strategies accordingly.

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