As per the recent study titled ' Oilfield Chemicals Marketto 2027 - Global Analysis and Forecasts by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, Others), Applications (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover and Completion), and Geography' available with Market Study Report LLC, the global oilfield chemicals market is presumed to amass US $43,685.6 million by the year 2027.

Oilfield chemicals are extensively used in drilling processes. During the process, drilling fluids are added to drilling mud for rock stabilization. These fluids contain various chemical additives to ensure that it is not absorbed by rock formation making the drilling process effective. Rising demand for advanced drilling fluids, in consort with the longer shelf life of these chemicals, are the key drivers for the oilfield chemicals market.

According to the report, the global oilfield chemicals market was worth US $29,120 million in 2018 and is anticipated to grow with a CAGR of 4.7% through the year 2027. Expansion of the oil & gas sector, a growing number of exploration & production activities, and advancements in drilling techniques will propel the growth of the oilfield chemicals market over the forecast period. However, uncertainty regarding crude oil prices is impeding market growth.

Based on type, the oilfield chemicals market is categorized as demulsifiers, polymers, surfactants, corrosion & scale inhibitors, gallants & viscosifiers, and others. While considering the application spectrum, the industry is segmented into cementing, drilling, well stimulation, enhanced oil recovery, workover & completion, and production chemicals.

In terms of regional landscapes, the United States oilfield chemicals market is expected to witness accelerated growth over the analysis timeframe. This regional growth can be attributed to the improved economic condition of the country as a result of enhanced oil production. Other factors aiding the regional market outlook are favorable government policies regarding energy independence, in tandem with better accessibility to oil reserves located within federal zones.

The main contenders of the oilfield chemicals market profiled in the report are Solvay, Halliburton, Schlumberger Limited, The Lubrizol Corporation, Ecolab, Inc., Albemarle Corporation, Nouryon, BASF SE, Baker Hughes, and Newpark Resources, Inc.