Production chemicals are used for cementing, drilling fluids, improved oil recovery, stimulation, and others. There are various types of production chemicals such as demulsifiers, scale inhibitors, corrosion inhibitors, asphaltene inhibitors, biocides, scavengers, surfactants, and others. Increasing demand from emerging economies for highly developed drilling fluids is driving the market. Additionally, increasing production of crude oil and rising demand for the high quality of extraction are the factors for growing the market. However, stringent government regulation in many geographical areas and falling crude oil prices results in falling production of oil are the major factors that have been limiting the overall growth of the market. But, increasing drilling activities across the world can create an opportunity for the market in the coming years.According to AMA, the market for Production Chemicals is expected to register a CAGR of 5.8% during the forecast period to 2024. This growth is primarily driven by Increasing Requirement and Production of Crude Oil and Rising Demand for Highly Developed Drilling Fluids.
Globally, a noticeable market trend is evident Rising Trend of Circular Economy and Sustainability. Major Vendors, such as AkzoNobel NV (Netherlands), BASF SE (Germany), Croda PLC (United States), DuPont (United States), Baker Hughes (United States), Schlumberger Limited (United States), Clariant AG (Switzerland), Ecolab Inc. (United States), Halliburton Company (United States) and Schlumberger Limited (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
There are various regulation related to the chemical as chemicals involved in various hazardous or toxic substance. For instance, Toxic Substances Control Act of 1976 (TSCA), Frank R. Lautenberg Chemical Safety for the 21st Century Act (S. 697), TSCA Modernization Act of 2015 (H.R. 2576), S. 697 and the TSCA Modernization Act of 2015 is the regulation for chemicals.
- Increasing Requirement and Production of Crude Oil
- Rising Demand for Highly Developed Drilling Fluids
- Rising Trend of Circular Economy and Sustainability
- Stringent Government Regulation in Many Geographical Areas
Increasing Drilling Activities across the World and Rising Demand for High Quality of extraction
Falling Crude Oil Prices Results in Falling Production of Oil
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