Global Oilfield Chemicals Market Trends and Forecasts, by Product Type
Oilfield Chemicals Market Chemical compounds used to improve the efficacy and efficiency of activities at an oilfield site are known as oilfield chemicals. Chemicals are used in a range of oilfield processes, including production, drilling, and completion. Chemicals are also used in the oilfield to clean equipment, machinery, the oil itself, and oil sites. These chemicals aid in the maintenance of a well-running oilfield, resulting in fewer expenses due to drilling delays and stoppages. These chemicals reduce the amount of water injected into oil wells during exploration and drilling, resulting in a rise in demand for and use of oilfield chemicals. The global Oilfield Chemicals Market was valued at US$ 58,350.2 million in 2018, and is expected to register a CAGR of 5.5% in terms of revenue over the forecast period (2019 – 2027) to reach US$ 94,069.7 million by 2027. Oilfield chemicals are in high demand as oil production and exploration operations rise. Due to increased...